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Financial Leverage and Stock Return Comovement
SSRN Electronic Journal, 2020 We find that leverage-initiating stocks experience an increase in return comovement with existing leveraged stocks and a decrease in return comovement with existing zero-leverage stocks in the year after the leverage initiation event. In contrast, stocks that fully deleverage comove more with their new peers of zero-leverage stocks and less with their ...
Hung X. Do +2 more
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NONPARAMETRIC MODELS OF FINANCIAL LEVERAGE DECISIONS [PDF]
Bulletin of Economic Research, 2015 ABSTRACTThis paper applies nonparametric decision tree models to the analysis of financial leverage decisions. This approach presents three appealing features: (i) the relationship between leverage and explanatory variables is not predetermined but is derived from information provided by the data, (ii) the models respect the fractional nature of ...
Joao A. Bastos, Joaquim J. S. Ramalho
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Leveraged Buyouts and Financial Distress
SSRN Electronic Journal, 2019Abstract Do leveraged buyout transactions increase the chance of bankruptcy? While corporate finance theory predicts that such sharp changes in capital structure increase financial distress costs by raising the probability of bankruptcy, previous studies fail to measure the effect.
Brian Ayash, Mahdi Rastad
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The Puzzle of Financial Leverage Clienteles
The Journal of Finance, 1985ABSTRACTEmpirically, it appears that common stock of publicly traded corporations with high‐debt ratios tends to be held by investors with relatively low marginal taxes while the stock in companies with little debt is held by investors in high‐tax brackets. A number of authors have argued that in an equilibrium similar to the one described by Miller [8]
Sarig, Oded, Scott, James
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Evidence of Financial Leverage Clienteles
The Journal of Finance, 1983estimates of the marginal, ordinary tax rates of investors, obtained from responses to a survey about their incomes, were found to be only slightly (negatively) correlated with the debt ratios of the firms whose stock they held. KLM's failure to observe a strong negative correlation raises doubts concerning the existence of financial leverage ...
Harris, John M, Jr +2 more
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