We extend Easton's (2007) review of the literature on accounting‐based estimates of the
expected rate of return on equity capital, which we refer to as the ERR. We begin by …

In this paper, we analyze the impact of leverage deviation (ie, actual minus target optimal
leverage) on the implied cost of equity capital. Our special focus is on whether (and to what …

The theoretical literature suggests a positive relation between financial leverage and asset
returns, but the empirical evidence on this effect is mixed. We examine leverage effects in …

We provide a framework for identifying accounting numbers that indicate risk and expected
return. Under specified accounting conditions for measuring earnings and book value, book …

This article examines US REIT leverage decisions and their effects on risk and return. We
find that the speed at which REITs close the gap between current debt levels and target …

Purpose We explore the impact of equity liquidity on a firm's dynamic leverage adjustments
and the moderating impacts of leverage deviation and target instability on the link between …

Purpose: This study investigates the impact of leverage deviation on the cost of equity under
the specifically mentioned condition in ASEAN-5 considering the global financial crisis and …

This paper examines US REIT leverage decisions and their effects on risk and return. We
find that REITs are highly levered relative to industrial firms, with an average market …

The purpose of this research is to analyse the Malaysian Real Estate Investment Trusts (M-
REITs) performance based on Financial Factors and Property Characteristics. M-REITs is a …

We show that deviations from the firm's target leverage are priced in the cross‐section of
stock returns and that the relation between these quantities is nonlinear. The concave …