What Does the CAPM Say About Operating Leverage?

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dc.contributor.authorLinnenluecke, Martina K
dc.contributor.authorShen, Yun
dc.contributor.authorSmith, Tom
dc.contributor.authorZhu, Yushu
dc.contributor.authorLiang, Zixin
dc.date.accessioned2022-07-13T22:52:47Z
dc.date.issued2020
dc.date.updated2021-08-01T08:22:33Z
dc.description.abstractWe examine the issue of operating leverage and firm value. Johnstone(2020), in this issue, questions existing results which indicate that higheroperating leverage results in lower firm value. We agree with Johnstone(2020) that this result is to be questioned and present a number ofarguments which indicate that operating leverage is irrelevant to thevaluation of the firm in the context of the CAPM model.en_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn0001-3072en_AU
dc.identifier.urihttp://hdl.handle.net/1885/268838
dc.language.isoen_AUen_AU
dc.publisherUniversity of Sydney Pressen_AU
dc.rights© 2020 Accounting Foundation, The University of Sydneyen_AU
dc.sourceAbacusen_AU
dc.subjectCAPMen_AU
dc.subjectOperating leverageen_AU
dc.subjectValue irrelevanceen_AU
dc.subjectReal optionsen_AU
dc.titleWhat Does the CAPM Say About Operating Leverage?en_AU
dc.typeJournal articleen_AU
local.bibliographicCitation.issue2en_AU
local.bibliographicCitation.lastpage291en_AU
local.bibliographicCitation.startpage288en_AU
local.contributor.affiliationLinnenluecke, Martina K, Macquarie Universityen_AU
local.contributor.affiliationShen, Yun, Macquarie Universityen_AU
local.contributor.affiliationSmith, Tom, Macquarie Universityen_AU
local.contributor.affiliationZhu, Yushu, University of Queenslanden_AU
local.contributor.affiliationLiang, Zixin, College of Science, ANUen_AU
local.contributor.authoremailu5927621@anu.edu.auen_AU
local.contributor.authoruidLiang, Zixin, u5927621en_AU
local.description.embargo2099-12-31
local.description.notesImported from ARIESen_AU
local.identifier.absfor510203 - Nonlinear optics and spectroscopyen_AU
local.identifier.ariespublicationa383154xPUB13474en_AU
local.identifier.citationvolume56en_AU
local.identifier.doi10.1111/abac.12198en_AU
local.identifier.uidSubmittedBya383154en_AU
local.publisher.urlhttps://www.wiley.com/en-gben_AU
local.type.statusPublished Versionen_AU

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