The article explores the relationship between a company's debt levels and its stock returns in Greece and Italy. By analyzing data from these countries, the researchers aim to see if higher debt levels lead to higher stock returns, as suggested by previous studies. They also investigate if this relationship varies across different industries. The study suggests that leverage can be a factor that affects stock return variability, and this relationship may differ based on the industry in which a company operates. The findings provide insights into how debt levels can impact stock returns in Southern European countries, which have a different economic and legal framework compared to the USA and UK.