... liabilities FINANCIAL STATEMENT ANALYSIS OF LEVERAGE 549Review of Accounting Studies, 8, 531–560, 2003# 2003 Kluwer Academic Publishers. Manufactured in The Netherlands. Financial Statement Analysis ... price-to-bookratios. The empirical analysis is in Section 3, with conclusions summarized inSection 4.1. Financial Statement Analysis of LeverageThe following financial statement analysis separates the ... standard analysis, operating liabilities are notdistinguished from financing liabilities. Therefore, to develop the specifications forthe empirical analysis, the paper presents a financial statement analysis...