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OUR VALUE COMES FROM AN ANALYTICAL UNDERSTANDING OF THE FORCES AT WORK IN FINANCIAL MARKETS
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Feb 2, 2024
Do firms with higher leverage deliver higher returns?
We review a classic question on the relation between financial risk and equity returns, and discover that the evidence defies the theory...
Feb 2, 2024
What is the relation between asset risk and leverage?
We discuss how financial risk and asset risk are co-determined, and how this is reflected in the beta of assets and in the beta of equity...
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