Profitability and Financial Leverage: Evidence from a Quasi-Natural Experiment
Published Online:21 Dec 2021https://doi.org/10.1287/mnsc.2021.4235
Supplemental Material
The replication files for this article are available HERE.
- Cited by
- 5 November 2025 | Journal of Financial and Quantitative Analysis, Vol. 61, No. 3
- 10 February 2026 | International Journal of Managerial Finance, Vol. 22, No. 2
- 22 September 2025 | Accounting & Finance, Vol. 66, No. 1
- Journal of Empirical Finance, Vol. 85
- 23 September 2025 | Risk Management, Vol. 27, No. 4
- Borsa Istanbul Review, Vol. 25, No. 6
Volume 68, Issue 11
November 2022
Pages 7793-8514, iii-iv
Article Information
Supplemental Material
Metrics
Information
- Received:July 15, 2020
- Accepted:August 26, 2021
- Published Online:December 21, 2021
Copyright © 2021, INFORMS
Cite as
Davidson Heath, Giorgo Sertsios (2021) Profitability and Financial Leverage: Evidence from a Quasi-Natural Experiment. Management Science 68(11):8386-8410.
https://doi.org/10.1287/mnsc.2021.4235
Keywords
The authors thank Felipe Cabezón, Murillo Campello, Mike Cooper, Igor Cuhna, Harry DeAngelo, Brandon Julio, Michael Kisser, Borja Larrain, Danmo Lin, Steve McKeon, Ana Elisa Pereira, Jim Schallheim, Al Sheen, Juan Sotes-Paladino, Shawn Thomas, Sheridan Titman, Steven Xiao, Alminas Zaldokas, and Feng Zhang for valuable comments. The authors are also indebted to participants at the 2018 FMA meeting, the 2018 MFA conference, the 2018 Lubrafin conference, and the 2018 European FMA conference as well as seminar participants at the University of Oregon, University of Nebraska, Warwick University, Universidad de Chile, Universidad Católica (PUC- Chile), and the University of Utah.
