book ultimately explores the ways in which both management and men might be changed, even transformed …

zero debt and almost 22% have less than 5% book leverage ratio. Zero-leverage behavior is a persistent phenomenon. Dividend …-paying zero-leverage firms pay substantially higher dividends, are more profitable, pay higher taxes, issue less equity, and have …

Shareholder Services (ISS). The empirical evidence reveals a robust inverse association between leverage and governance quality …. Firms with poor governance are significantly more leveraged. It appears that leverage substitutes for corporate governance … governance quality likely brings about, and does not merely reflect, higher leverage. Our results are important as they show that …

What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on … collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor … leverage in the Amsterdam stock market declined as a result. …