Notice of RetractionStudy of the relationship between IPO market timing and capital structure of Real Estate companies Econometric evidence from the Panel Data of Hong Kong Main Board Stock Market

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

Based on the observations of IPO Panel Data of listed firms in Hong Kong Main Board Stock Market during the year of 1992 to 2009, the paper tests the influence of IPO market timing of real estate companies to the capital structure. In this paper, the market timing index is measured by market-to-book ratio and we choose the non-debt tax shields, company growth, company size and the liquidity of assets as control variables. The study finds that market timing does not have a short run impact on the capital structure of real estate companies of Hong Kong Main Board stock market, but there is a weak negative correlation between the historical evaluation and the capital structure of a firm. With every unit the historical evaluation of a firm goes up, the book leverage would go down for 0.02 units. Further investigation shows that the influence of market timing to listed firms in the Main Board Stock Market of Hong Kong last for 2 year, and disappear in the third year of IPO.