Abstract
This comparative study focuses on the application of financial leverage theory in the recession of the late 1980s and early 1990s. After a brief demonstration of the theory of financial leverage a comparative case study examines its impact in the most recent recessionary period. Two corporations, Four Seasons Hotels and O'Toole's Restaurants had very different leverage movements both before and during the recession. Their experiences are examined in depth and related to financial leverage theory.
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