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The objective of this study is to test the existence of leverage premium in Exchange Istanbul during the period 2006 to 2013 by a four-factor asset pricing model. A sample of 470 firms is examined for this purpose. The results provide proof for negative effect of leverage on excess stock returns. However size mimicking portfolios have significant effect on the stock returns there is no evidence of value-effect in Exchange Istanbul. The significant negative relation between excess returns and leverage levels for firms with medium debt ratios after controlling for other risk factors implies a premium for the ability to raise funds for prospective investment projects.

Cross-Sectional Variation in Stock Returns due to Leverage in Exchange Istanbul