Equivalent Risk Classes: A Multidimensional Examination

John D. Martin, David F. Scott and Robert F. Vandell

Journal of Financial and Quantitative Analysis, 1979, vol. 14, issue 1, 101-118

Abstract: It Is commonplace within the confines of finance literature to explain variations in the firm's residual income stream via the dichotomy of business risk and financial risk. On an ex-post basis the business risk of the enterprise is a direct result of the firm's investment decision and is, thereby, embodied in its asset structure. It follows that the company's cost structure, product demand characteristics, intra-industry competitive position, and managerial talent all affect its business risk posture.

Date: 1979
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