Percorrer por autor "Lopes, David Ferreira"
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- Equity market timing, how long does it last?Publication . Lopes, David Ferreira; Bonfim, Diana Carina Ribeiro GuimarãesMarket timing is a very well-known investment strategy, albeit a difficult one to execute properly. Equity market timing is a type of market timing investment plan whereby a company issues equity when their market price is high and repurchases equity when the price is low. The cost of equity for a firm can be lowered by taking advantage of such fluctuations. This analysis documents the importance of market equity timing as a facet of real financial policy, with very persistent effects when observing present capital structures. Results indicate that subsequent capital structures are derived from the incremental outcome of managers’ historical attempts to time the equity market.