ABSTRACT We document time-varying interrelations between aggregate funding conditions and the impact of operating leverage (OL) on stock returns. OL represents a primitive source of risk, which helps explain the well established unconditional relation between OL and future returns. However, the outperformance of firms with high OL occurs exclusively during periods of unconstrained funding. Although high OL represents operational inflexibility, when the Fed eases funding constraints, improved capital availability mitigates this inflexibility. Consequently, investors bid up the prices of stocks with high OL when aggregate funding constraints are loosened to reflect their lower risk and greater expected performance in unconstrained periods. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: E22; E44; E52; G11; G12; G14.

中文翻译：

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不同总融资条件下的经营杠杆和股票收益


摘要我们记录了总融资状况与运营杠杆 (OL) 对股票回报的影响之间随时间变化的相互关系。 OL 代表风险的原始来源，这有助于解释 OL 与未来收益之间已建立的无条件关系。然而，具有高 OL 的公司的优异表现只发生在资金不受限制的时期。尽管高 OL 代表操作不灵活性，但当美联储放松融资限制时，资本可用性的改善会缓解这种不灵活性。因此，当总融资限制放松时，投资者会抬高 OL 较高的股票价格，以反映其较低的风险和在不受限制的时期内较高的预期表现。数据可用性：数据可从文中引用的公共来源获得。 JEL 分类：E22； E44； E52； G11； G12； G14。