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Yes leverage amplifies the exposure of equity to systematic risks. Just consider the standard textbook formula (Modigliani-Miller): $\beta_e = \beta_a \times (1+\frac{D(1-\tau)}{V})$ where $\beta_e$ is the sensitivity of the stock to systematic risk, $\tau$ is the tax-rate and $D/V$ is the leverage ratio. So beta (i.e. the exposure to systematic risk) ...

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