{"id":"https://openalex.org/W2007086328","doi":"https://doi.org/10.1111/j.1467-6281.2007.00222.x","title":"The Distributional Properties of the Debt to Equity Ratio: Some Implications for Empirical Research","display_name":"The Distributional Properties of the Debt to Equity Ratio: Some Implications for Empirical Research","publication_year":2007,"publication_date":"2007-05-23","ids":{"openalex":"https://openalex.org/W2007086328","doi":"https://doi.org/10.1111/j.1467-6281.2007.00222.x","mag":"2007086328"},"language":"en","primary_location":{"id":"doi:10.1111/j.1467-6281.2007.00222.x","doi":"https://doi.org/10.1111/j.1467-6281.2007.00222.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1467-6281.2007.00222.x","pdf_url":null,"source":{"id":"https://openalex.org/S161221442","display_name":"Abacus","issn_l":"0001-3072","issn":["0001-3072","1467-6281"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-1","norway-1","poland-70","russia-white-list-1"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Abacus","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5059937266","display_name":"Ali Ataullah","orcid":"https://orcid.org/0000-0003-1670-6318","observed_orcids":["https://orcid.org/0000-0003-1670-6318"]},"institutions":[{"id":"https://openalex.org/I143804889","display_name":"Loughborough University","ror":"https://ror.org/04vg4w365","country_code":"GB","type":"education","lineage":["https://openalex.org/I143804889"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Ali Ataullah","raw_affiliation_strings":["Business School at Lougborough University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Business School at Lougborough University","institution_ids":["https://openalex.org/I143804889"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5029539628","display_name":"Andrew W. Higson","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I143804889","display_name":"Loughborough University","ror":"https://ror.org/04vg4w365","country_code":"GB","type":"education","lineage":["https://openalex.org/I143804889"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Andrew Higson","raw_affiliation_strings":["Business School at Lougborough University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Business School at Lougborough University","institution_ids":["https://openalex.org/I143804889"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5023128179","display_name":"Mark J. Tippett","orcid":"https://orcid.org/0000-0003-4900-5198","observed_orcids":["https://orcid.org/0000-0003-4900-5198"]},"institutions":[{"id":"https://openalex.org/I143804889","display_name":"Loughborough University","ror":"https://ror.org/04vg4w365","country_code":"GB","type":"education","lineage":["https://openalex.org/I143804889"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Mark Tippett","raw_affiliation_strings":["Business School at Lougborough University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Business School at Lougborough University","institution_ids":["https://openalex.org/I143804889"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I143804889"],"apc_list":{"value":3400,"currency":"USD","value_usd":3400},"apc_paid":null,"fwci":2.1655,"has_fulltext":false,"cited_by_count":14,"citation_normalized_percentile":{"value":0.90196846,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":87,"max":97},"biblio":{"volume":"43","issue":"2","first_page":"111","last_page":"135"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9653000235557556,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9653000235557556,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.01510000042617321,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.0035000001080334187,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/debt-equity-ratio","display_name":"debt to equity ratio","score":0.9980000257492065},{"id":"https://openalex.org/keywords/heavy-tailed-distributions","display_name":"heavy-tailed distributions","score":0.7540000081062317},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.5299999713897705},{"id":"https://openalex.org/keywords/uk-firms","display_name":"UK firms","score":0.5519999861717224},{"id":"https://openalex.org/keywords/nonparametric-density-estimation","display_name":"nonparametric density estimation","score":0.7689999938011169}],"concepts":[{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.662372350692749},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.655904233455658},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.6434299349784851},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6295775771141052},{"id":"https://openalex.org/C121426499","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Gearing ratio","level":5,"score":0.5959723591804504},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5802542567253113},{"id":"https://openalex.org/C124972522","wikidata":"https://www.wikidata.org/wiki/Q1303176","display_name":"Equity ratio","level":4,"score":0.5144005417823792},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.4890754818916321},{"id":"https://openalex.org/C117251300","wikidata":"https://www.wikidata.org/wiki/Q1849855","display_name":"Parametric statistics","level":2,"score":0.4510773718357086},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.4374721348285675},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3638353943824768},{"id":"https://openalex.org/C106210156","wikidata":"https://www.wikidata.org/wiki/Q1559695","display_name":"Debt-to-GDP ratio","level":4,"score":0.25219911336898804},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.2498774528503418},{"id":"https://openalex.org/C44171179","wikidata":"https://www.wikidata.org/wiki/Q461319","display_name":"External debt","level":3,"score":0.21348267793655396},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.19234848022460938},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.14757004380226135},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.12519127130508423},{"id":"https://openalex.org/C149923435","wikidata":"https://www.wikidata.org/wiki/Q37732","display_name":"Demography","level":1,"score":0.0},{"id":"https://openalex.org/C2908647359","wikidata":"https://www.wikidata.org/wiki/Q2625603","display_name":"Population","level":2,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C100363876","wikidata":"https://www.wikidata.org/wiki/Q690661","display_name":"Nonprobability sampling","level":3,"score":0.0},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1111/j.1467-6281.2007.00222.x","doi":"https://doi.org/10.1111/j.1467-6281.2007.00222.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1467-6281.2007.00222.x","pdf_url":null,"source":{"id":"https://openalex.org/S161221442","display_name":"Abacus","issn_l":"0001-3072","issn":["0001-3072","1467-6281"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-1","norway-1","poland-70","russia-white-list-1"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Abacus","raw_type":"journal-article"},{"id":"pmh:oai:oro.open.ac.uk:50867","doi":null,"is_oa":false,"landing_page_url":"https://oro.open.ac.uk/50867/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401187","display_name":"Open Research Online (The Open University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I204136569","host_organization_name":"The Open University","host_organization_lineage":["https://openalex.org/I204136569"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"PeerReviewed"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":46,"referenced_works":["https://openalex.org/W130779046","https://openalex.org/W1546993880","https://openalex.org/W1594375356","https://openalex.org/W1973429805","https://openalex.org/W1975994995","https://openalex.org/W1985672722","https://openalex.org/W1988587749","https://openalex.org/W1996485629","https://openalex.org/W1997632024","https://openalex.org/W2010487264","https://openalex.org/W2016370156","https://openalex.org/W2021675656","https://openalex.org/W2025655973","https://openalex.org/W2027671672","https://openalex.org/W2028995298","https://openalex.org/W2029859891","https://openalex.org/W2035935841","https://openalex.org/W2043078728","https://openalex.org/W2043086997","https://openalex.org/W2062980103","https://openalex.org/W2069353545","https://openalex.org/W2074928461","https://openalex.org/W2077942070","https://openalex.org/W2085523987","https://openalex.org/W2089908718","https://openalex.org/W2097711897","https://openalex.org/W2124532504","https://openalex.org/W2124597406","https://openalex.org/W2131191857","https://openalex.org/W2132895646","https://openalex.org/W2140798519","https://openalex.org/W2143437037","https://openalex.org/W2167351159","https://openalex.org/W2327117606","https://openalex.org/W2796529750","https://openalex.org/W2905060314","https://openalex.org/W3122051430","https://openalex.org/W3123132134","https://openalex.org/W3124114405","https://openalex.org/W3125805905","https://openalex.org/W4205356934","https://openalex.org/W4241115065","https://openalex.org/W4241766744","https://openalex.org/W4254233555","https://openalex.org/W4289254315","https://openalex.org/W4298267330"],"related_works":["https://openalex.org/W3124223064","https://openalex.org/W2097623354","https://openalex.org/W2740766300","https://openalex.org/W1887323816","https://openalex.org/W2920791580","https://openalex.org/W2081113003","https://openalex.org/W2003343000","https://openalex.org/W2384182667","https://openalex.org/W2573379263","https://openalex.org/W3122987529"],"abstract_inverted_index":{"The":[0],"purpose":[1],"here":[2],"is":[3,95,114],"to":[4,38,66,85,111],"assess":[5],"empirically":[6],"the":[7,12,16,26,29,32,64,83,99,106,109,129,138,161],"quasi\u2010supply":[8],"side":[9],"model":[10,30],"of":[11,28,34,63,71,91,101,108,160],"firm":[13],"developed":[14],"in":[15,89,146],"paper":[17],"by":[18,24,133],"Ashton":[19],"et":[20],"al.":[21],"(2004":[22],")":[23],"testing":[25],"prediction":[27],"that":[31,82,137],"evolution":[33,107],"a":[35,45,60,77,92,117,166],"firm's":[36],"debt":[37,65,84,110],"equity":[39,67,86,112],"ratio":[40,68,87,113],"will":[41,149,153],"be":[42,150],"compatible":[43,115],"with":[44,98,116,123],"non\u2010linear":[46],"(target":[47],"adjustment)":[48],"process":[49,93,164],"whose":[50],"underlying":[51],"probability":[52],"density":[53,121],"function":[54,122],"possesses":[55],"no":[56,124],"convergent":[57,125],"moments.":[58,126],"Using":[59],"thirty\u2010two\u2010year":[61],"history":[62],"for":[69],"each":[70],"ninety":[72],"\u2018mature\u2019":[73],"United":[74],"Kingdom":[75],"firms,":[76],"non\u2010parametric":[78],"estimation":[79],"procedure":[80],"shows":[81],"evolves":[88],"terms":[90],"which":[94,142],"largely":[96],"consistent":[97],"predictions":[100],"this":[102,147],"model.":[103],"In":[104],"particular,":[105],"\u2018long":[118],"(fat)":[119],"tailed\u2019":[120],"This":[127],"has":[128],"important":[130],"implication,":[131],"supported":[132],"our":[134],"empirical":[135,144],"analysis,":[136],"linear":[139],"dynamic":[140],"models":[141],"characterize":[143],"work":[145],"area":[148],"mis\u2010specified":[151],"and":[152,156],"return":[154],"inconsistent":[155],"temporally":[157],"unstable":[158],"estimates":[159],"target":[162],"adjustment":[163],"as":[165],"consequence.":[167]},"counts_by_year":[{"year":2025,"cited_by_count":3},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}
