Financial Leverage, Corporate Investment, and Stock Returns

This article rationalizes empirical patterns of market leverage, book leverage, book-to-market ratios, and stock returns across different book-to-market portfolios, using a model of firm financing and investment. The model analytically shows that tax deductibility of interest payments increases effe...

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Veröffentlicht in:	The Review of financial studies 2012-04, Vol.25 (4), p.1033-1069
1. Verfasser:	Ozdagli, Ali K.
Format:	Artikel
Sprache:	eng
Schlagworte:	Book value Book-to-market ratios Business investment Capital investments Debt Empirical research Equity Financial investments Financial leverage Financial models Investment policy Investment risk Investment value Investments Irreversibility Market value Mathematical models Modigliani-Miller paradigm Operating leverage Portfolio analysis Rates of return Stock prices Stock returns Studies Tax deductions
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