DeANGELO, HARRY; ROLL, RICHARD - In: Journal of Finance 70 (2015) 1, pp. 373-418
type="main" <title type="main">ABSTRACT</title> <p>Leverage cross-sections more than a few years apart differ markedly, with similarities evaporating as the time between them lengthens. Many firms have high and low leverage at different times, but few keep debt-to-assets ratios consistently above 0.500. Capital structure...</p>