.png){kind=icon}
返回
Leverage and the Beta Anomaly
.png){kind=icon}
PRE
AI
DOI：10.1017/S0022109019000322.png)
.png){kind=icon}
原文求助.png){kind=icon}
分享.png){kind=icon}
收藏
摘要
En 中文
The well-known weak empirical relationship between beta risk and the cost of equity (the beta anomaly) generates a simple tradeoff theory: As firms lever up, the overall cost of capital falls as leverage increases equity beta, but as debt becomes riskier the marginal benefit of increasing equity beta declines. As a simple theoretical framework predicts, we find that leverage is inversely related to asset beta, including upside asset beta, which is hard to explain by the traditional leverage tradeoff with financial distress that emphasizes downside risk. The results are robust to a variety of specification choices and control variables.
Keyword:
CAPITAL STRUCTURE
RISK
STOCK
DEBT
DETERMINANTS
DECISIONS
COST
AI总结
对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。
期刊
IF:
2.8
论文数:
2.3K
被引数:
1.0W
机构
引用论文
分享收藏Do Strict Capital Requirements Raise the Cost of Capital? Bank Regulation, Capital Structure, and the Low-Risk Anomaly.png)
AMERICAN ECONOMIC REVIEW
OAAI
AMERICAN ECONOMIC REVIEWIF11.6
OAAI分享收藏Aggregate Risk and the Choice between Cash and Lines of Credit总风险与现金和信贷额度的选择JOURNAL OF FINANCE
OAAI
JOURNAL OF FINANCEIF9.5
OAAI分享收藏
查看更多内容