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- W3124259038 abstract "Recent theoretical models (Carlson, Fisher, and Giammarino, 2004) predict an association between the book-to-market equity ratio (BE/ME) and operating leverage in the cross-section. Consistent with these models, we find a positive association between BE/ME and the degree of operating leverage (DOL), between DOL and stock returns, and between DOL and systematic risk. Overall, our findings provide support for a risk-based explanation for the value premium that is consistent with existing theoretical models. The evolution of systematic risk associated with firm-level investment activity, rather than financial distress, seems to be the main determinant of the value premium." @default.
- W3124259038 created "2021-02-01" @default.
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- W3124259038 date "2010-09-16" @default.
- W3124259038 modified "2023-10-02" @default.
- W3124259038 title "Can Operating Leverage Be the Cause of the Value Premium?" @default.
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- W3124259038 doi "https://doi.org/10.1111/j.1755-053x.2010.01106.x" @default.
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