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The Relevance of Financial Leverage for Equity Returns of Restaurant Firms—An Empirical Examination
16 references·0 citing·31 second hop
The Relevance of Financial Leverage for Equity Returns of Restaurant Firms—An Empirical Examination (1998)The Relevance of Financial Leverage for E…The journal of financial economics (1993)The journal of financial econ…The January Anomaly: Effects of Low Share Price, Transaction Costs, and Bid-Ask Bias (1992)The January Anomaly: Effects …The Theory of Capital Structure (1991)The Theory of Capital Structu…Debt/Equity Ratio and Expected Common Stock Returns: Empirical Evidence (1988)Debt/Equity Ratio and Expecte…Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations (1986)Capital and Ownership Structu…Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…On the Existence of an Optimal Capital Structure: Theory and Evidence (1984)On the Existence of an Optima…Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…Size-related anomalies and stock return seasonality (1983)Size-related anomalies and st…The relationship between return and market value of common stocks (1981)The relationship between retu…The Determination of Financial Structure: The Incentive-Signalling Approach (1977)The Determination of Financia…INVESTMENT PERFORMANCE OF COMMON STOCKS IN RELATION TO THEIR PRICE‐EARNINGS RATIOS: A TEST OF THE EFFICIENT MARKET HYPOTHESIS (1977)INVESTMENT PERFORMANCE OF COM…DEBT AND TAXES* (1977)DEBT AND TAXES*Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Capital Asset Pricing Model: Theory and Evidence (2004)… and the Cross-Section of Expected Returns (2015)Capital Market Equilibrium with Restricted Borrowing (1972)A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory (1977)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)Law and Finance (1998)Dividend Policy, Growth, and the Valuation of Shares (1961)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The Capital Structure Puzzle (1984)Asset pricing and the bid-ask spread (1986)Theory of Financial Decision Making. (1988)The cost of capital, corporation finance and the theory of investment (2008)The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States (2013)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)Determinants of corporate borrowing (1977)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Firms, Contracts, and Financial Structure (1995)What Do We Know about Capital Structure? Some Evidence from International Data (1995)A Survey of Corporate Governance (1997)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
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  • 1981The relationship between return and market value of common stocks5,928 cited
  • 1991The Theory of Capital Structure4,371 cited
  • 1977The Determination of Financial Structure: The Incentive-Signalling Approach4,163 cited
  • 1977DEBT AND TAXES*2,896 cited
  • 1977INVESTMENT PERFORMANCE OF COMMON STOCKS IN RELATION TO THEIR PRICE‐EARNINGS RATIOS: A TEST OF THE EFFICIENT MARKET HYPOTHESIS2,562 cited
  • 1993The journal of financial economics2,544 cited
  • 1984On the Existence of an Optimal Capital Structure: Theory and Evidence2,477 cited
  • 1983Size-related anomalies and stock return seasonality1,800 cited
  • 1988Debt/Equity Ratio and Expected Common Stock Returns: Empirical Evidence1,336 cited
  • 1986Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations

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661 cited
  • 1992The January Anomaly: Effects of Low Share Price, Transaction Costs, and Bid-Ask Bias328 cited
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