The Net Benefits to Leverage
利用1994至2004年面板数据，通过公司债务和权益的市场价值与贝塔值，估计市场对杠杆净收益的估值。中位公司净收益达公司价值的5.5%，小公司和高利润公司最优杠杆率较高，但公司平均略低于最优杠杆。
ABSTRACT I estimate the market's valuation of the net benefits to leverage using panel data from 1994 to 2004, identified from market values and betas of a company's debt and equity. The median firm captures net benefits of up to 5.5% of firm value. Small and profitable firms have high optimal leverage ratios, as predicted by theory, but in contrast to existing empirical evidence. Companies are on average slightly underlevered relative to the optimal leverage ratio at refinancing. This result is mainly due to zero leverage firms. I also look at implications for financial policy.