Arthur Korteweg is from the Graduate School of Business, Stanford University. This paper is based on my dissertation entitled “The Costs of Financial Distress across Industries,” completed at the University of Chicago. I thank my committee—Monika Piazzesi, Nick Polson, Morten Sørensen, and Pietro Veronesi—for their guidance and support. This paper has benefited greatly from suggestions by an anonymous referee, an associate editor, and Editor Campbell Harvey. I also thank Mike Barclay, Alan Bester, Hui Chen, Peter DeMarzo, John Heaton, Dirk Jenter, Anil Kashyap, Paul Pfleiderer, Michael Roberts, Jay Shanken, Robert Stambaugh, Ilya Strebulaev, Amir Sufi, Michael Weisbach, Jeff Zwiebel, and seminar participants at Boston College, Emory, the University of Chicago, Georgia, London Business School, Notre Dame, Rochester, Stanford, Wharton, and the Board of Governors of the Federal Reserve for helpful discussions, comments, and suggestions. All errors remain my own.
The Net Benefits to Leverage
Version of Record online: 9 NOV 2010
© 2010 the American Finance Association
The Journal of Finance
Volume 65, Issue 6, pages 2137–2170, December 2010
How to Cite
KORTEWEG, A. (2010), The Net Benefits to Leverage. The Journal of Finance, 65: 2137–2170. doi: 10.1111/j.1540-6261.2010.01612.x
- Issue online: 9 NOV 2010
- Version of Record online: 9 NOV 2010
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