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.
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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: | 19 Feb 2013 16:20 |
| Status: | Published |
| Publisher: | Department of Management Studies, University of York |
| Refereed: | No |
| Related URLs: | |
| URI: | http://eprints.whiterose.ac.uk/id/eprint/2575 |
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