{"id":"https://openalex.org/W2188310185","doi":null,"title":"Do the pecking-order's predictions follow from its premises? \u2044","display_name":"Do the pecking-order's predictions follow from its premises? \u2044","publication_year":2006,"publication_date":"2006-01-01","ids":{"openalex":"https://openalex.org/W2188310185","mag":"2188310185"},"language":"en","primary_location":{"id":"mag:2188310185","doi":null,"is_oa":false,"landing_page_url":"http://w4.stern.nyu.edu/finance/docs/pdfs/Seminars/061w-hennessy.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"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/A5004759151","display_name":"Christopher A. Hennessy","orcid":"https://orcid.org/0000-0001-5112-874X","observed_orcids":["https://orcid.org/0000-0001-5112-874X"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Christopher A. Hennessy","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5045667825","display_name":"Dmitry Livdan","orcid":"https://orcid.org/0000-0001-7014-8754","observed_orcids":["https://orcid.org/0000-0001-7014-8754"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Dmitry Livdan","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0001-7014-8754","affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5024924675","display_name":"Bruno Varella Miranda","orcid":"https://orcid.org/0000-0003-0885-0424","observed_orcids":["https://orcid.org/0000-0003-0885-0424"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Bruno Varella Miranda","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0003-0885-0424","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.5278,"has_fulltext":false,"cited_by_count":2,"citation_normalized_percentile":{"value":0.79415185,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":93},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9980000257492065,"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":0.9980000257492065,"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":0.0005000000237487257,"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/T12509","display_name":"Corporate Insolvency and Governance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/3308","display_name":"Law"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/pecking-order-theory","display_name":"pecking order theory","score":0.8949999809265137},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.9539999961853027},{"id":"https://openalex.org/keywords/corporate-investment","display_name":"corporate investment","score":0.9010000228881836},{"id":"https://openalex.org/keywords/corporate-financing","display_name":"corporate financing","score":0.9039999842643738},{"id":"https://openalex.org/keywords/overinvestment","display_name":"overinvestment","score":0.7149999737739563},{"id":"https://openalex.org/keywords/private-information","display_name":"private information","score":0.6549999713897705},{"id":"https://openalex.org/keywords/stock-issuance","display_name":"share issuance","score":0.7919999957084656},{"id":"https://openalex.org/keywords/dividend-policy","display_name":"dividend policy","score":0.6489999890327454},{"id":"https://openalex.org/keywords/market-timing","display_name":"market timing","score":0.7099999785423279},{"id":"https://openalex.org/keywords/dynamic-structural-model","display_name":"dynamic structural model","score":0.5720000267028809}],"concepts":[{"id":"https://openalex.org/C172983313","wikidata":"https://www.wikidata.org/wiki/Q1567268","display_name":"Pecking order theory","level":4,"score":0.7874773144721985},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5899934768676758},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.588923990726471},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5794636011123657},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.5729101896286011},{"id":"https://openalex.org/C175647561","wikidata":"https://www.wikidata.org/wiki/Q1347876","display_name":"Equity value","level":5,"score":0.5284687876701355},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.48517662286758423},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.4695105254650116},{"id":"https://openalex.org/C118315980","wikidata":"https://www.wikidata.org/wiki/Q375350","display_name":"Market timing","level":3,"score":0.4443872272968292},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.4404871165752411},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4326780438423157},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.42951327562332153},{"id":"https://openalex.org/C2780334105","wikidata":"https://www.wikidata.org/wiki/Q9297784","display_name":"Free cash flow","level":3,"score":0.41979289054870605},{"id":"https://openalex.org/C99221444","wikidata":"https://www.wikidata.org/wiki/Q1532069","display_name":"Private information retrieval","level":2,"score":0.4172123670578003},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.332558274269104},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.327463299036026},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2817094326019287},{"id":"https://openalex.org/C44171179","wikidata":"https://www.wikidata.org/wiki/Q461319","display_name":"External debt","level":3,"score":0.12710189819335938},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.09246706962585449},{"id":"https://openalex.org/C22270272","wikidata":"https://www.wikidata.org/wiki/Q5248601","display_name":"Debt levels and flows","level":4,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"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/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:2188310185","doi":null,"is_oa":false,"landing_page_url":"http://w4.stern.nyu.edu/finance/docs/pdfs/Seminars/061w-hennessy.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":25,"referenced_works":["https://openalex.org/W1500688562","https://openalex.org/W1554018098","https://openalex.org/W1584950101","https://openalex.org/W2000578291","https://openalex.org/W2024569236","https://openalex.org/W2026648205","https://openalex.org/W2027605407","https://openalex.org/W2056674732","https://openalex.org/W2081523315","https://openalex.org/W2084310832","https://openalex.org/W2090681977","https://openalex.org/W2129881428","https://openalex.org/W2135334498","https://openalex.org/W2142856961","https://openalex.org/W2146880834","https://openalex.org/W2167351159","https://openalex.org/W2170790204","https://openalex.org/W2256890647","https://openalex.org/W2645835341","https://openalex.org/W2891651322","https://openalex.org/W3123677744","https://openalex.org/W3124114405","https://openalex.org/W3124450204","https://openalex.org/W3125087107","https://openalex.org/W3172883420"],"related_works":["https://openalex.org/W7097160876","https://openalex.org/W2183717200","https://openalex.org/W3125250552","https://openalex.org/W2801472631","https://openalex.org/W2214960235","https://openalex.org/W7097813327","https://openalex.org/W2108260412","https://openalex.org/W1976630014","https://openalex.org/W3122206384","https://openalex.org/W1679358313"],"abstract_inverted_index":{"We":[0,22],"examine":[1],"the":[2,8,44,79,92,100,119,125,134,148,186,205],"efiect":[3],"of":[4,10,127,137,207],"asymmetric":[5,122],"information":[6,41,67,123],"on":[7],"evolution":[9],"corporate":[11],"investment":[12,34,132,211],"and":[13,53,133,154,212],"flnancing":[14,63,213],"using":[15],"an":[16],"empirically":[17],"testable":[18],"dynamic":[19],"structural":[20],"model.":[21],"do":[23],"so":[24],"by":[25],"embedding":[26],"a":[27,32,72,155],"privately":[28],"informed":[29],"manager":[30,45],"in":[31,76,106],"neoclassical":[33],"framework":[35],"with":[36,141,145,171],"costly":[37],"default.":[38],"When":[39,65,161],"private":[40,66],"is":[42,68,173],"bad,":[43],"overinvests":[46],"(relative":[47],"to":[48,60,87,116,176,191,203],"flrst-best),":[49],"has":[50],"negative":[51,156],"leverage,":[52],"uses":[54],"dividend":[55],"cuts":[56],"or":[57],"equity":[58,83],"\u221eotations":[59],"flll":[61],"any":[62],"gaps.":[64],"good,":[69],"debt":[70,142],"provides":[71],"positive":[73],"signal.":[74],"However,":[75],"many":[77],"states":[78],"good":[80,93],"type":[81,94],"issues":[82],"despite":[84,185],"having":[85],"access":[86],"default-free":[88],"debt.":[89],"In":[90,179],"addition,":[91,180],"may":[95],"overinvest.":[96],"These":[97,194],"predictions":[98],"contradict":[99],"pecking-order":[101],"folk":[102],"wisdom.":[103],"The":[104],"efiects":[105],"our":[107],"model":[108],"are":[109,169,183],"absent":[110],"from":[111,131],"static":[112],"models":[113],"which":[114],"fail":[115],"account":[117],"for":[118,210],"fact":[120,187],"that":[121,188],"raises":[124],"value":[126],"future":[128],"cash":[129,138,158],"in\u221eows":[130],"shadow":[135],"cost":[136],"out\u221eows":[139],"associated":[140],"service.":[143],"Consistent":[144],"empirical":[146],"observation,":[147],"simulated":[149],"flrm":[150],"exhibits":[151],"meanreverting":[152],"leverage":[153],"leverage-lagged":[157],"\u221eow":[159],"relationship.":[160],"we":[162],"mimic":[163],"traditional":[164],"reduced-form":[165,200],"regressions,":[166],"coe\u2010cient":[167],"values":[168],"inconsistent":[170],"what":[172],"commonly":[174],"imputed":[175],"peckingorder":[177],"theory.":[178],"\\market-timing":[181],"proxies":[182],"insigniflcant":[184],"managers":[189],"want":[190],"exploit":[192],"mispricing.":[193],"results":[195],"call":[196],"into":[197],"question":[198],"standard":[199],"regressions":[201],"used":[202],"test":[204],"signiflcance":[206],"informational":[208],"asymmetry":[209],"behavior.":[214]},"counts_by_year":[{"year":2015,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}