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Financialleveragepuzzle-preliminaryconclusionsfromliteraturereview
31
long-term
(37%)
marketvalue
(20%)
bookvalue
(20%)
nomention
(57%)
Rajgopal,Venkatachalam[2011],Amir,Guan,Oswald[2010],Lisowsky[2010],Ahmed,Duell-
man[2007],Ortiz-Molina[2007],Dhaliwal,Heitzman,Zhenli[2006],Ball,Shivakumar[2005],
Millsand,Newberry[2005],Gramlich,McAnally,Thomasi[2001],Calegari[2000],D’Souza
[2000].
Amir,Guan,Oswald[2010],Ortiz-Molina[2007],Penman,Richardson,Tuna[2007],Dhaliwal,
Heitzman,Zhenli[2006],Calegari[2000],D’Souza[2000].
Rajgopal,Venkatachalam[2011],Lui,Markov,Tamayo[2007],Ortiz-Molina[2007],Penman,
Richardson,Tuna[2007],Dhaliwal,Heitzman,Zhenli[2006],Calegari[2000].
Lisowsky[2010],Dechow,Shakespeare[2009],Johnston,Markov,Ramnath[2009],Hughes,
JingLiu,JunLiu[2009],Ahmed,Duellman[2007],Demersand,Joos[2007],Hong,Sarkar
[2007],Hay,Knechel,Wong[2006],Ball,Shivakumar[2005],Barton[2005],Millsand,New-
berry[2005],Gordon,Joos[2004],Hribar,Jenkins[2004],Dichev,Skinner[2002],Gramlich,
McAnally,Thomasi[2001],Rosett[2001]Wong,Wong[2001].
Source:ownwork.
Alongandshort-termdebt,groupedtogether,isusedbymoreauthors(57%)
thanlong-termdebtonly(37%),althoughthegapbetweenthetwoisnotthatbig
asitisinthefinancepaperscase(70%vs.22%).Understandably,farlessfocusis
placedonmarketvalues(20%).Althoughthemajorityofpapers(57%)saylittle
aboutwhethermarketorbookvalueischosen,onewouldexpectthelatterdominates
accountingresearch(Table4).
4.Conclusions
Therearemanydifferentwaysleverageisunderstoodinfinanceliteraturewithtypi-
caldifferencesrevolvingaroundthecharacteristicsofdebt.Variousopinionsare
voicedbybooksandarticlesauthorsonissuessuchasdebtmaturity(longvs.short
term),valuation(bookvs.marketvalue),interestbearingvs.noninterestbearing
natureofdebtetc.Theseandsimilarissuessuchas,say,leveragecredentialsofpre-
ferredstockordeferredtaxesareallratherminorpointsinouropinion.Whatcomes
asreallyimportantfromourliteraturereviewispresentedbelow:
Conclusion1.Therearetwodistinctwaysleverageisdefinedandmeasuredin
literature:itisassociatedwitheithertheverypresenceofdebtinafirm’scapital
structureorwiththemagnificationeffectsthisdebtcauses.Tosomeleveragemeans
thesourceofthemagnification,toothers-magnificationitself.Ifweusethetwo
perspectivesinonesentencei.e.“leveragecausesleverage”thenthisseeminglyme-
aningless,oratleasttautologicalstatement,istrueifproperlyunderstood.Thefirst
leverageisusedtomeandebtordebtpresence,whiletheotherleverageisusedto
meanthemagnificationofriskand/orreturnoranythingelse.
Conclusion2.Viewedasthecollectionofthemagnificationeffects,leverageis
usuallyassociatedwithsimpleleveredeffects,e.g.theincreaseinthevarianceand
beta,thechangeinreturnsetc.Theseeffects,deducibledirectlyfromtheoretical
modelsused,arethedomainofmanualsandtextbooks.Theothereffects,usually
muchmoresophisticatedandnotdirectlyderivablefromtheoreticalmodels,verified
