INFORMATION CONTENT OF FINANCIAL LEVERAGE: A COMMENT
评论了Kim、Chen和Nance在1992年发表的一篇文章，指出其根据股价变化与财务杠杆关系分类样本公司的方法存在固有缺陷，在严重混淆事件下对最优杠杆存在性的检验结果可能产生误导。
Kim, Chen and Nance in a previous article in this journal (January 1992) classified sample firms into two groups based on the relationship between change in stock prices and financial leverage to test the existence of optimal financial leverage. The inherent weakness of this methodology is that interpretation of test results on the existence of optimal financial leverage can be misleading in the case of serious confounding events.