Market leverage, debt heterogeneity, and equity returns
研究发现债务异质性会增强市场杠杆与股票收益之间的正向关系，因为高债务异质性的公司面临更高的财务困境或约束，从而放大了杠杆对收益的影响。
Abstract We explore the effect of debt heterogeneity on the cross‐sectional relationship between market leverage and equity returns. Specifically, we discover that firms with high debt heterogeneity exhibit a stronger, positive association between leverage and equity returns. Any alternative economic rationale cannot explain this anomaly. We also find that leverage interacts with debt heterogeneity, making firms with heterogeneous debt structure more financially distressed or constrained. Therefore, this analysis suggests that leverage exerts more pronounced effect on equity returns among firms with heterogeneous debt composition because those firms experience higher financial distress or constraint due to the compounding interaction effect with leverage.