There is extensive research addressing questions of optimal capital structure. Studies typically focus on estimating the appropriate level of debt and the factors associated with financial leverage. This paper addresses a slightly different question: how does a company's choice of leverage affect its performance through an economic downturn and ensuing recovery?

中文翻译：

---

从低迷中杠杆的从业者指南

有广泛的研究针对最优资本结构的问题。研究通常着重于估计适当的债务水平以及与财务杠杆相关的因素。本文提出了一个稍有不同的问题：公司的杠杆选择如何通过经济衰退和随之而来的复苏来影响其绩效？