Fier, Stephen G.; McCullough, Kathleen A.; Carson, James M. - In: Journal of Banking & Finance 37 (2013) 3, pp. 1029-1039
Prior literature provides support both for the existence of target capital structures and internal capital markets (ICM). The issue of whether firms use internal capital markets to reduce deviations from target capital structures, however, has yet to be examined. We provide the first empirical...