Jong, Abe de; Verbeek, Marno; Verwijmeren, Patrick - In: Financial Management 39 (2010) 2, pp. 733-756
"This paper extends the basic pecking order model of Shyam-Sunder and Myers by separating the effects of financing surpluses, normal deficits, and large deficits. Using a panel of US firms over the period 1971-2005, we find that the estimated pecking order coefficient is highest for surpluses...
