Variance of deviation from optimal leverage
研究发现公司实际杠杆偏离目标杠杆的程度与未来股票收益呈非线性凹形关系，该关系在经济扩张期显著，衰退期消失，并提出了一个被文献忽略的风险因子VDOL。
Abstract We show that deviations from the firm's target leverage are priced in the cross‐section of stock returns and that the relation between these quantities is nonlinear. The concave nonlinear relation between deviation from the target leverage and next‐period return is strong during economic expansions and vanishes during recessions. Our portfolio analysis provides support for the concave relation between deviation from the target leverage and next‐period returns as well. We develop a factor named variance of deviation from optimal leverage (VDOL) and show that it is an important risk factor that has been omitted in the literature.