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Leveraged Buyouts and Financial Distress

SSRN Electronic Journal, 2019
Abstract 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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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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Evidence of Financial Leverage Clienteles

The Journal of Finance, 1983
estimates 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, Roenfeldt, Rodney L, Cooley, Philip L   +2 more
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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, Nhut H. Nguyen, Quan M.P. Nguyen   +2 more
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Financial intermediary leverage spillovers

Research in International Business and Finance, 2017
Abstract Using quarterly data for the United States (over the period from 1983 to 2014) and state-of-the-art financial econometrics, we explore for spillovers and interactions among the leverage levels of broker-dealers, commercial banks, and shadow banks and their volatilities. The key contribution to the literature is the estimation of a trivariate
Apostolos Serletis, Khandokar Istiak
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