Levered Returns
重新审视了财务杠杆与股票收益之间的理论关系，发现杠杆与收益的联系比教科书更复杂，取决于企业的投资机会，并匹配了杠杆与收益的几个典型事实。
ABSTRACT This paper revisits the theoretical relation between financial leverage and stock returns in a dynamic world where both corporate investment and financing decisions are endogenous. We find that the link between leverage and stock returns is more complex than static textbook examples suggest, and depends on the investment opportunities available to the firm. In the presence of financial market imperfections, leverage and investment are generally correlated so that highly levered firms are also mature firms with relatively more (safe) book assets and fewer (risky) growth opportunities. A quantitative version of our model matches several stylized facts about leverage and returns.