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- W2097410432 abstract "This paper 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 shows analytically that tax-deductibility of interest payments increases effective investment irreversibility and that investment irreversibility weakens the relationship between book-to-market values and returns. This provides a clear and novel mechanism showing how financial leverage affects stock returns beyond the standard Modigliani-Miller paradigm. The paper argues that operating leverage or investment irreversibility alone cannot generate the cross-sectional stock return patterns, and that market leverage is the main source of the value premium." @default.
- W2097410432 created "2016-06-24" @default.
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- W2097410432 date "2010-01-01" @default.
- W2097410432 modified "2023-10-16" @default.
- W2097410432 title "Financial Leverage, Corporate Investment and Stock Returns" @default.
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- W2097410432 doi "https://doi.org/10.2139/ssrn.1713434" @default.
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