On Black’s Leverage Effect in Firms with No Leverage
One of the most enduring empirical regularities in equity markets is the inverse relationship between stock prices and volatility. Also known as the leverage effect, this relationship was first documented by Black, who attributed it to the effects of financial or operating leverage. This article doc...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Portfolio Management Research
2019
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| Online Access: | View Fulltext in Publisher |