DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - 2017
Most firms deleverage from their historical peak market-leverage (ML) ratios to near-zero ML, while also markedly ….543 at the peak and 0.026 at the later trough, with a six-year median time from peak to trough and with debt repayment and … positive leverage targets …