Toms, S., Nguyen, D.T. and Salama, A. (2005) The association between accounting and market-based risk measures. Working Paper. Department of Management Studies, University of York , York.
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.
|Keywords:||systematic risk,operating leverage,rinancial leverage,beta,risk premium,United Kingdom|
|Institution:||The University of York|
|Academic Units:||The University of York > The York Management School|
|Depositing User:||Sherpa Assistant|
|Date Deposited:||18 Jul 2007|
|Last Modified:||06 Feb 2017 16:09|
|Publisher:||Department of Management Studies, University of York|