Accounting Betas, Systematic Operating Risk, and Financial Leverage: A Risk-Composition Approach to the Determinants of Systematic Risk

Ned C. Hill and Bernell K. Stone

Journal of Financial and Quantitative Analysis, 1980, vol. 15, issue 3, 595-637

Abstract: The purpose of this article is to extend both theoretical and empirical knowledge on: 1) the relation between accounting-based and market-based measures of systematic risk; and 2) the effect of financial structure on systematic risk.

Date: 1980
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