IDEAS home Printed from
   My bibliography  Save this paper

The association between accounting and market-based risk measures


  • Toms, Steven
  • Salama, Aly
  • Nguyen, Duc Tuan


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.

Suggested Citation

  • Toms, Steven & Salama, Aly & Nguyen, Duc Tuan, 2005. "The association between accounting and market-based risk measures," The York Management School Working Papers 15, The York Management School, University of York.
  • Handle: RePEc:wrc:ymswp1:15

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Napier, Christopher J., 2006. "Accounts of change: 30 years of historical accounting research," Accounting, Organizations and Society, Elsevier, vol. 31(4-5), pages 445-507.
    Full references (including those not matched with items on IDEAS)


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wrc:ymswp1:15. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (White Rose Research Online) or (The York Management School). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.