Preprintgreen2005

The association between accounting and market-based risk measures

Steven A. Toms · Dinh-Bang Nguyen · Aly Salama

11 citations0/0 files storedRePEc: Research Papers in Economics

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Financial Analysis and Corporate Governance Financial Markets and Investment Strategies Risk Management in Financial Firms

Abstract

The paper derives operating and financial measures of leverage and tests their association with market based measures of equity risk. It is the first such study to use purely accounting-based data to derive the leverage measures. In line with previous literature it conducts a new test on the relative importance of operating and financial leverage. The results suggest that operating costs have a greater impact.

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1958The Cost of Capital, Corporation Finance and the Theory of Investment 1996Multifactor Explanations of Asset Pricing Anomalies 1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION 1977DEBT AND TAXES*2001Equity Premia as Low as Three Percent? Evidence from Analysts' Earnings Forecasts for Domestic and International Stock Markets 1979Financial Managemen:t Theory and Practice 1972THE EFFECT OF THE FIRM'S CAPITAL STRUCTURE ON THE SYSTEMATIC RISK OF COMMON STOCKS 1984The Impact of the Degrees of Operating and Financial Leverage on Systematic Risk of Common Stock

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