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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

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