White Rose University Consortium logo
University of Leeds logo University of Sheffield logo York University logo

The association between accounting and market-based risk measures

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.

Full text available as:
[img] Text (ymswp15tomsetal.pdf)
ymswp15tomsetal.pdf

Download (595Kb)

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.

Item Type: Monograph (Working Paper)
Keywords: systematic risk, operating leverage, rinancial leverage, beta, risk premium, United Kingdom
Academic Units: The University of York > The York Management School
Depositing User: Sherpa Assistant
Date Deposited: 18 Jul 2007
Last Modified: 17 Oct 2013 15:37
Status: Published
Publisher: Department of Management Studies, University of York
Refereed: No
Related URLs:
URI: http://eprints.whiterose.ac.uk/id/eprint/2575

Actions (repository staff only: login required)