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Financialleveragepuzzle-preliminaryconclusionsfromliteraturereview
27
bythemodel.Wedonotattempttoappraisetherationalityofthemodels,nordowe
intendtojudgeifthedefinitionsand/ormeasureusedareadequategiventhenature
ofresearchundertaken.Ouronlyobjectiveistoregisterfrequencywithwhichvario-
usleveragemeasuresareused.Thecountsmaynotadduptothetotalnumberof
papersstudied,norpercentagesto100%,asanypapercouldusemorethanoneform
ofleveragemeasureorthecriteriauseddonotallowanunambiguouscategoryal-
location.Wehavenotdetectedanymodelinthesamplethatwouldfortheoretical
reasonsimplyanygivenformofleveragedefinition.Weassumethereforethatthe
formofleverageusedisthearbitrarychoiceoftheresearcher.
3.1.Financejournals
Wehavemanagedtoidentify92financearticlespublishedsince2000intopthree
financejournalsaccordingtotheFinancialTimes:theJournalofFinance,theJour-
nalofFinancialEconomicsandtheJournalofFinancialandQuantitativeAnalysis.1
Thefirstfindingisthatempiricalresearchtendstoidentifyleveragewithcapital
structure:withdebtratioD/(D+E),usedin74%ofpapers,dominatingthesample;
14%ofarticlesusedebt-to-equityD/Ewithotherformulassuchas(D+E)/EorE/D
hardlyrepresentedinthesample.Everytenthpaperusesadummyvariabletoindi-
catethepresenceofdebt.Insomepapers,thenominalvalueofdebtisalsoused
(Table1).
Table1.Leveragemeasureusedinfinancepapers
(D+E)/E
(74%)
Measure
Bae,Kang,Wang[2011]DeAngelo,DeAngelo,Whited[2011],He[2011],Chava,
Purnanandam[2010],Francis,Hasan,John,Waisman[2010],Gao[2010],George,
Hwang[2010],Ovtchinnikov[2010],Atanassov,Kim[2009],Avramov,Chordia,Jo-
stova,Philipov[2009],Berkman,Dimitrov,Jain,Koch,Tice[2009],Chang,Dasgup-
ta[2009],Chemmanur,Paeglis,Simonyan[2009],Harford,Klasa,Walcott[2009],
Kisgen[2009],Leary[2009],Ovtchinnikov,McConnell[2009],Qiu,Yu[2009],Si-
bilkov[2009],Banerjee,Dasgupta,Kim[2008],Desai,Foley,Hines[2008],Francis,
Hasan,Hunter[2008],Huizinga,Laeven,Nicodeme[2008],Lemmon,Roberts,Zen-
der[2008],Morellec,Zhdanov[2008],Purnanandam[2008],Tserlukevich[2008],
Tsyplakov[2008],Billett,DollyKing,Mauer[2007],Busaba,Benveniste,Strebulaev
[2007],Hennessy,Whited[2007],Kale,Shahrur[2007],Marosi,Massoud[2007],
Wald,Long[2007],Zhdanov[2007],Ahn,Denis,Denis[2006],Alti[2006],Cam-
pello[2006],Coles,Daniel,Naveen[2006],Flannery,Rangan[2006],Hackbarth,
Miao,Morellec[2006],Hovakimian[2006],Lerner[2006],Lewellen[2006],Mit-
ton[2006],Bates[2005],Childs,Mauer,Ott[2005],Datta,Iskandar-Datta,Raman
[2005],Hennessy,Whited[2005],Ju,Parrino,Poteshman,Weisbach[2005],Kah-
le,Shastri[2005],Leary,Roberts[2005],Miao[2005],Molina[2005],Billett,Dolly
King,Mauer[2004],Chan,Ikenberry,Lee[2004],Hovakimian,Hovakimian,Teh-
ranian[2004],Frank,Goyal[2003],Giannetti[2003],Korajczyk,Levy[2003],Mao
Paper
1Initsresearchrankings,theFinancialTimesuses45journalsofwhich4aredevotedtofinance,
6toaccounting,(thelastupdateasofDecember31st,2010).
