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TomaszBerent,SebastianJasinowski
incomesecurities(debtandpreferred-stock)areusedinafirm’scapitalstructure”
[EhrhardtandBrigham2011,p.779];“Theuseofdebtfinancingtocomplement
equityfinancing”[HawawiniandViallet,2011,p.621];“Theuseofdebtinafirm’s
capitalstructure”[Moles,ParrinoandKidwell2011,p.906];“Theamountofdebt
heldinaportfolioorissuedbyafirm”[BerkandDeMarzo2007,p.G-9];“Thepro-
portionofdebtcapitalintheoverallcapitalstructure”[Arnold2002,p.1046];
“Extenttowhichafirmreliesondebt”[Ross,WesterfieldandJaffe,1999,p.859].
Dictionarydefinitionsarealmostidentical:“Theratioofthelongtermfundswitha
fixedinterestcharge,suchasdebenturesandpreferenceshares,makingupacompa-
ny’scapitaltoitsordinarysharecapital”[Butler1997,p.152];“Therelationship
betweenthefundsprovidedtoacompanybyordinaryshareholdersandthelong-
termfundswithafixedinterestcharge”[Hussey1999,p.176].
Inalmostallcaseswhereleverageistreatedasdebtorindebtedness,itismeasu-
redbyacapitalstructureratio.However,therearethreeareasofpotentialdisagre-
ementinidentifyingleveragewiththecapitalstructure:i.e.thewaydebtisdefined,
valuedandmeasured.
Almostallbooksofferthespecificformofthecapitalstructureratiotheybelie-
vemostsuitable.DebtratioD/(D+E)[EhrhardtandBrigham2011;Hawawiniand
Viallet2011;Moles,ParrinoandKidwell2011;Brealey,MyersandAllen2008;
Hillier,GrinblattandTitman2008;BerkandDeMarzo2007;Dębski2005;Arnold
2002;BrighamandGapenski2000;Ross,WesterfieldandJordan1999]isthemost
popular,amongforeignauthorsinparticular,followedbydebt-to-equityratioD/E
[EhrhardtandBrigham2011;HawawiniandViallet2011;Moles,ParrinoandKi-
dwell2011;Brealey,MyersandAllen2008;Grzywacz2008;Duliniec2007;Karpuś
2006;SzyszkoiSzczepański2003;Arnold2002;Damodaran2001;Duliniec2001;
Davies1993].Anequitymultiplier(D+E)/Eislessfrequentlyused[Hawawiniand
Viallet2011;Moles,ParrinoandKidwell2011;Grzywacz2008;Duliniec2007;
Dębski2005].Theproposalsarenotmutuallyexclusivesotwoormoredifferent
approachesmaybeusedinonebook.
Mostauthorsbelieveleverageisaboutinterestbearingliabilities[Hawawiniand
Viallet2011;Brealey,MyersandAllen2008;Duliniec2007;Karpuś2006;Dębski
2005;Keown,Martin,PettyandScott2005;SzyszkoandSzczepański2003;Gajdka
2002;Duliniec2001;Wypych1999;Davies1993].Onlyfewallownon-interestbe-
aringliabilitytoplayapartintheleveragestory[EhrhardtandBrigham2011;Bre-
aley,MyersandAllen2008].Inmostcases,however,interestbearingornon-interest
bearingquestionisnevermentioned.
Whatconcernsthebookvs.marketvalueofdebtissue,manyauthorsaccept
bothforms[EhrhardtandBrigham2011;Brealey,MyersandAllen2008;Hillier,
GrinblattandTitman2008;Arnold2002;Duliniec2001],althoughtheymayvaryin
thewaytheyviewtheimportanceofthetwo.Somebooksdonotaddressthisissue
atall.
