Transcription of Financial Statement Analysis of Leverage and How …
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Financial Statement Analysis of Leverage and How …
Review of Accounting Studies, 8, 531 560, 2003#2003 Kluwer Academic Publishers. Manufactured in The Statement Analysis of Leverage and How ItInforms About Profitability and Price-to-Book RatiosDORON School of Business, Columbia University, 3022 Broadway, Uris Hall 604, New York, NY 10027 STEPHEN H. School of Business, Columbia University, 3022 Broadway, Uris Hall 612, New York, NY paper presents a Financial Statement Analysis that distinguishes Leverage that arises infinancing activities from Leverage that arises in operations. The Analysis yields two leveraging equations,one for borrowing to finance operations and one for borrowing in the course of operations. Theseleveraging equations describe how the two types of Leverage affect book rates of return on equity.
Review of Accounting Studies, 8, 531–560, 2003 # 2003 Kluwer Academic Publishers. Manufactured in The Netherlands. Financial Statement Analysis of Leverage …
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