Article1991

A Full-Information Approach for Estimating Divisional Betas

37 citations0/0 files storedFinancial Management

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Financial Markets and Investment Strategies Financial Analysis and Corporate Governance Financial Reporting and Valuation Research

Abstract

A new approach for estimating divisional betas is developed in this study. The approach is based on a sound theoretical foundation; utilizes all available information, yet still has parsimonious data requirements; can be implemented with simple statistical tools; and provides unambiguously interpretable results. The proposed methodology is applied to a large sample of stocks. The results indicate that the proposed methodology can more accurately estimate divisional betas than other approaches previously advocated in the finance literature.

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1972The capital asset pricing model: Some empirical tests 1984On the Existence of an Optimal Capital Structure: Theory and Evidence 1972THE EFFECT OF THE FIRM'S CAPITAL STRUCTURE ON THE SYSTEMATIC RISK OF COMMON STOCKS 1973The Prediction of Systematic and Specific Risk in Common Stocks 1980Accounting Betas, Systematic Operating Risk, and Financial Leverage: A Risk-Composition Approach to the Determinants of Systematic Risk 1981Estimating the Divisional Cost of Capital: An Analysis of the Pure-Play Technique 1975Divisional Screening Rates

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