Kaya, Halil D. - In: Managerial Finance 37 (2011) 8, pp. 697-714
, this is the first study that links debt market conditions to the leverage ratios of firms that borrow in the syndicated … structure. Design/methodology/approach – The paper uses a sample of 6,903 syndicated bank loans in the USA, covering the period … borrowers' leverage ratios. Findings – On the whole, the results reject the market timing theory of capital structure for …