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Using Firm‐Level Leverage as an Investment Strategy
16 references·1 citing·21 second hop
Using Firm‐Level Leverage as an Investment Strategy (2011)Using Firm‐Level Leverage as an Investmen…The cost of capital, corporation finance and the theory of investment (2008)The cost of capital, corporat…Market Timing and Capital Structure (2002)Market Timing and Capital Str…What Do We Know about Capital Structure? Some Evidence from International Data (1995)What Do We Know about Capital…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Managerial discretion and optimal financing policies (1990)Managerial discretion and opt…Dividend yields and expected stock returns (1988)Dividend yields and expected …Expected stock returns and volatility (1987)Expected stock returns and vo…The Capital Structure Puzzle (1984)The Capital Structure PuzzleCorporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…The relationship between return and market value of common stocks (1981)The relationship between retu…Measuring security price performance (1980)Measuring security price perf…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…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)CAPITAL ASSET PRICES: A THEOR…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…Green financial regulation and shale gas resources management (2023)Green financial regulation an…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)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)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Determinants of corporate borrowing (1977)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)On Persistence in Mutual Fund Performance (1997)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)The Capital Structure Puzzle (1984)A Survey of Corporate Governance (1997)Corporate Ownership Around the World (1999)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
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  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008The cost of capital, corporation finance and the theory of investment8,614 cited
  • 1995What Do We Know about Capital Structure? Some Evidence from International Data6,527 cited
  • 1981The relationship between return and market value of common stocks5,928 cited
  • 1987Expected stock returns and volatility4,147 cited
  • 2002Market Timing and Capital Structure3,804 cited
  • 1990Managerial discretion and optimal financing policies3,679 cited
  • 1988Dividend yields and expected stock returns3,574 cited
  • 1980Measuring security price performance3,330 cited

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  • 1984The Capital Structure Puzzle3,151 cited
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    • 2023Green financial regulation and shale gas resources management29 cited