International evidence on the association of leverage with stock returns and the value premium
利用跨国样本检验经营杠杆和财务杠杆与股票收益及价值溢价的关系，发现两者在样本国家中显著相关，且结果在北美和欧洲更强。
Abstract We use an international sample to test theories predicting an association between operating and financial leverage with stock returns and the value premium. We find evidence that operating and financial leverage are related to stock returns and the value premium across the sampled countries. Results hold after considering the trade‐off between financial and operating leverage and are stronger in North American and European subsamples. Consistent with theory, we find that a country's labor share is positively associated with the value premium. Overall, we present evidence suggesting the value premium reflects compensation for exposure to systematic operating and financing risk.