The Leverage Factor by James Ardell - HTML preview
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21. - Probability and Capital Structure 518
TABLE OF CONTENTS ixThe Efficient Markets Hypothesis, 519
Screens, 519
The Return on Capital, 520
Leverage States, 521
Industry Averages: Lemmings vs. Leaders, 522
The Leverage State Ratios, 523
Combinations, 524
The Mechanism of Leverage States, 525
Matching the Leverage State to the Business Cycle, 528
Probability and Diversification, 530
Sales and Beta, 531
Probability and Anticipation, 532
Principle Components Analysis, 534
Static vs. Forward-Looking Ratios, 536
The Quick Payoff, 540
Barr Rosenberg and Response Coefficients, 541