Moon, Gisung; Lee, Hongbok; Waggle, Doug - In: Applied Economics 47 (2015) 4, pp. 333-345
This article examines the long-term stock market performance of debt-free firms with high and low levels of debt capacity to see whether they are different. We use Fama and French's (1993) three-factor and Carhart's (1997) four-factor models to examine the subsequent 1, 2, 3, 4 and 5-year stock...
