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1{"text": "{\"genre\":\"mixed_theory_empirical\",\"subfield\":\"asset_pricing\",\"subfield_secondary\":\"corporate_finance (capital structure / structural credit risk models)\",\"primary_method\":\"reduced_form_regression\",\"identification\":{\"estimand\":\"Cross-sectional pricing of unlevered market beta, size, BTM and volatility in leverage-adjusted (unlevered) equity returns, compared with levered stock returns\",\"strategy\":\"Unlever stock returns in two ways: data-driven scaling by (1 - leverage), and a parametric Merton or Leland-Toft structural model. 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A theory section derives predictions for asset beta, size, BTM and volatility. After the data section, the empirical work unlevers returns twice: first by data-driven leverage scaling, then with the Merton model, and shows why leverage controls in regressions are inadequate. A dedicated robustness section varies the model and measurement choices, and a separate section treats volatility. The conclusion restates the contribution, and an appendix contains a proof.\",\"writing_profile_keywords\":[\"unlevered returns\",\"anomalies\",\"structural credit models\",\"Fama-MacBeth\",\"portfolio sorts\",\"theory-derived hypotheses\",\"parsimonious factor model\"],\"confidence\":0.8,\"notes\":\"The introduction excerpt is truncated, so a roadmap may exist but is not visible. The standard-error type is not stated in the visible excerpts.\"}", "json": {"genre": "mixed_theory_empirical", "subfield": "asset_pricing", "subfield_secondary": "corporate_finance (capital structure / structural credit risk models)", "primary_method": "reduced_form_regression", "identification": {"estimand": "Cross-sectional pricing of unlevered market beta, size, BTM and volatility in leverage-adjusted (unlevered) equity returns, compared with levered stock returns", "strategy": "Unlever stock returns in two ways: data-driven scaling by (1 - leverage), and a parametric Merton or Leland-Toft structural model. 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