The association between accounting and market-based risk measures
AbstractThe 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.
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Bibliographic InfoPaper provided by The York Management School, University of York in its series The York Management School Working Papers with number 15.
Length: 26 pages
Date of creation: Dec 2005
Date of revision:
Systematic risk; Operating Leverage; Financial Leverage; Beta; Risk Premium; United Kingdom;
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