Value Relevance of Degree of Leverages and its Impact on Systematic Risk: An empirical study on Indian manufacturing firms A Thesis submitted for the award of a degree of DOCTOR OF PHILOSOPHY by Pradeep Kumar Gupta (Regn. No. 950913008) Under the Guidance of Dr. Shailendra Kumar Assistant Professor Department of Management Studies Indian Institute of Information Technology Allahabad (U.P.) India. & Dr. Piyush Verma Associate Professor LM Thapar School of Management Thapar University Derabassi Campus Derabassi, Mohali (Punjab) India. LM Thapar School of Management Thapar University Derabassi Campus Derabassi, Mohali, (Punjab) India October 2016