Decomposing industry leverage: The special cases of real estate investment trusts and technology & hardware companies
研究了美国房地产投资信托基金（杠杆率约50%）和科技硬件公司（约17%）杠杆率极端差异的原因，通过分解为三个渠道发现行业特定渠道解释了约67%-68%的差异，价值渠道解释剩余部分。
Abstract Different industries exhibit significantly different leverage; companies in the real estate investment trust (REIT) and technology/hardware sectors are extreme examples. In the United States, the leverage ratio is twice as high for REITs (50%) as compared to non‐real‐estate firms (around 25%), and the technology/hardware sector has the lowest ratio (around 17%). We theoretically and empirically analyze their differences. By decomposing the difference into three channels, we find that the industry‐specific channel explains around 67% for REITs and 68% for technology/hardware firms; the value‐based channel is mostly responsible for the remaining portion. Taking the nonlinear influences of extreme values into account, the relevance of the industry‐specific channel is considerably reduced.