๐”– Bobbio Scriptorium
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Firm leverage and investment decisions in an emerging market

โœ Scribed by Mehmet Umutlu


Book ID
106509405
Publisher
Springer Netherlands
Year
2009
Tongue
English
Weight
136 KB
Volume
44
Category
Article
ISSN
0033-5177

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Using Firm-Level Leverage as an Investme
โœ Yaz Gลฑlnur MuradoฤŸlu; Sheeja Sivaprasad ๐Ÿ“‚ Article ๐Ÿ“… 2011 ๐Ÿ› John Wiley and Sons ๐ŸŒ English โš– 215 KB

## ABSTRACT We use an investment strategy based on firmโ€level capital structures. Investing in lowโ€leverage firms yields abnormal returns of 4.43% per annum. If an investor holds a portfolio of lowโ€leverage and lowโ€marketโ€toโ€bookโ€ratio firms, abnormal returns increase to 16.18% per annum. A portfol