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Ýmalat Sanayinde Firma Risklerinin Belirlenmesi: Kumeleme Analizi Yontemiyle Ampirik Bir Calýsma

Author

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  • Mehmet Sabri TOPAK

    (Istanbul University)

Abstract

In this study an alternative approach for determining the risk premiums of financial assets and identifying the total risk level of firms is proposed. The limitations and difficulties encountered in the application of widely used approaches such as The Capital Asset Pricing Model and The Arbitrage Pricing Theory caused this necessity. This approach uses financial ratios derived from the quarterly financial statements of 129 sampled manufacturing firms listed in ISE (Istanbul Stock Exchange) for the period of January 2004 to September 2009. Two-Step Cluster Analysis is employed to calculate the business risk, financial risk and the total risk of sample firms.

Suggested Citation

  • Mehmet Sabri TOPAK, 2010. "Ýmalat Sanayinde Firma Risklerinin Belirlenmesi: Kumeleme Analizi Yontemiyle Ampirik Bir Calýsma," Istanbul University Econometrics and Statistics e-Journal, Department of Econometrics, Faculty of Economics, Istanbul University, vol. 11(1), pages 100-127, May.
    • Handle: RePEc:ist:ancoec:v:11:y:2010:i:1:p:100-127
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    File URL: http://eidergisi.istanbul.edu.tr/sayi11/iueis11m6.pdf
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    More about this item

    Keywords

    Financial Risk; Business Risk; Capital Asset Pricing; Two-Step Cluster Analysis;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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