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The association between accounting and market-based risk measures

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Author Info
Toms, Steven
Salama, Aly
Nguyen, Duc Tuan

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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.

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File URL: http://eprints.whiterose.ac.uk/2575/1/ymswp15tomsetal.pdf
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Publisher Info
Paper provided by The York Management School, University of York in its series The York Management School Working Papers with number 15.

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Length: 26 pages
Date of creation: Dec 2005
Date of revision:
Handle: RePEc:wrc:ymswp1:15

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Related research
Keywords: Systematic risk; Operating Leverage; Financial Leverage; Beta; Risk Premium; United Kingdom;

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This page was last updated on 2009-12-8.

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