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1、AccesstoCapital,CapitalStructure,andtheFundingoftheFirm*OMERBRAVABSTRACTBaseduponalargedatasetofpublicandprivatefirmsintheU.K.,Ifindthatcomparedtotheirpubliccounterparts,privatefirmsrelyalmostexclusivelyondebtfinancing,havehigherleverageratios,andtendtoavoidexternalcapitalmarkets,leadingtoagreaters
2、ensitivityoftheircapitalstructurestofluctuationsinperformance.Iarguethatthesedifferencesareduetoprivateequitybeingmorecostlythanpublicequity.Ifurtherexaminetheprivatefirmssubsampletoshowthatprivateequityismorecostlythanitspubliccounterpartduetoinformationasymmetryandthedesiretomaintaincontrol.*Omer
3、BravisatLehmanBrothersInc.Anearlierdraftofthispaperwascirculatedunderthetitle"HowDoesAccesstothePublicCapitalMarketAffectFirms’CapitalStructure?"ThispaperisbasedonmyPhDdissertationattheWhartonBusinessSchool.Iwanttothankmyadvisor,AndrewMetrick,andthedissertationcommitteemembersBrianBushee,RichardHer
4、ring,DavidMusto,andAyakoYasudafortheirguidanceandsupport.Iowespecialthankstotwoanonymousreferees,whoseinsightfulcommentshelpedmeimprovethepapergreatly.IalsowanttothankAlonBrav,YingjinGan,MichaelRoberts,OdedSarig,andRobertStambaugh(theeditor)forvaluablefeedback.Commentsandsuggestionsfromseminarparti
5、cipantsatCornellUniversity,EmoryUniversity,andWhartonSchoolaregratefullyacknowledged.IthankMitchGoussforprovidingmetheFAMEDVD-ROM.Allremainingerrorsaremine.Theoriesofcorporatecapitalstructureofferanumberofpredictionsconcerningthecompositionandcharacteristicsofthesecuritiesthatfirmsissue.Todate,empi
6、ricalstudiesexaminingthesepredictionsfocusalmostexclusivelyontheirvalidityinthecontextofpubliclytradedfirms,inlargepartduetodataavailability.Asaresult,relativelylittleisknownaboutthefinancingbehaviorofprivatelyheldfirms.Indeed,anumberoffundamentalquestionsconcerningprivatefirmsremainunanswered:What
7、characterizesthecapitalstructuresandfundingbehaviorofprivatefirms?Doexistingtheoriesofcapitalstructureprovideanappropriatedescriptionofthefinancingbehaviorofprivatefirms?Dothecapitalstructuresandcorrespondi
