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Financial Factors Which Influence Beta Variations within an Homogeneous Industry Environment

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  • Melicher, Ronald W.

Abstract

Research in the area of portfolio management and capital markets has led to the development of a fundamental concept of market risk. Through work with the capital asset pricing model, “risk†has been decomposed into systematic or market risk and specific or diversifiable risk. Recent interest has focused on integrating these portfolio theory and capital market concepts with corporate finance. Hamada [5], and others, provide theoretically-based analyses which suggest that differences in degree of market risk should be related to differences in financial management activities and practices.

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  • Melicher, Ronald W., 1974. "Financial Factors Which Influence Beta Variations within an Homogeneous Industry Environment," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 9(2), pages 231-241, March.
    • Handle: RePEc:cup:jfinqa:v:9:y:1974:i:02:p:231-241_01
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    Cited by:

    1. Antoinette Schoar & Kelvin Yeung & Luo Zuo, 2020. "The Effect of Managers on Systematic Risk," NBER Working Papers 27487, National Bureau of Economic Research, Inc.
    2. Woo Gon Kim & Bill Ryan & Silvio Ceschini, 2007. "Factors Affecting Systematic Risk in the US Restaurant Industry," Tourism Economics, , vol. 13(2), pages 197-208, June.
    3. Gwangheon Hong & Sudipto Sarkar, 2007. "Equity Systematic Risk (Beta) and Its Determinants," Contemporary Accounting Research, John Wiley & Sons, vol. 24(2), pages 423-466, June.
    4. Hafiz Muhammad Zia ul haq & Muhammad Sohail Shafiq & Muhammad Kashif & Saba Ameer, 2020. "Determining Force behind Value Premium: The Case of Financial Leverage and Operating Leverage," JRFM, MDPI, vol. 13(9), pages 1-15, September.
    5. Elyas Elyasiani & Iqbal Mansur, 2005. "The Association Between Market and Exchange Rate Risks and Accounting Variables: A GARCH Model of the Japanese Banking Institutions," Review of Quantitative Finance and Accounting, Springer, vol. 25(2), pages 183-206, September.
    6. Faff, R. W. & Brooks, R. D. & Kee, Ho Yew, 2002. "New evidence on the impact of financial leverage on beta risk: A time-series approach," The North American Journal of Economics and Finance, Elsevier, vol. 13(1), pages 1-20, May.
    7. Edward J. LUSK & Michael HALPERIN & Niya STEFANOVA & Atanas TETIKOV, 2011. "Investigation of: "Shopping in the Market-beta Mall"," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 1(5), pages 1-9, August.
    8. Ali F. Darrat & Tarun K. Mukherjee, 1995. "Inter‐industry differences and the impact of operating and financial leverages on equity risk," Review of Financial Economics, John Wiley & Sons, vol. 4(2), pages 141-155, March.
    9. R. Penny Marquette & Dana Johnson, 1980. "Ridge Regression And The Multicollinearity Problem In Financial Research: A Case Study," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 3(1), pages 33-47, March.
    10. Drobetz, Wolfgang & Menzel, Christina & Schröder, Henning, 2016. "Systematic risk behavior in cyclical industries: The case of shipping," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 88(C), pages 129-145.
    11. Darrat, Ali F. & Mukherjee, Tarun K., 1995. "Inter-industry differences and the impact of operating and financial leverages on equity risk," Review of Financial Economics, Elsevier, vol. 4(2), pages 141-155.

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