Financial Factors Which Influence Beta Variations within an Homogeneous Industry Environment

Ronald W. Melicher

Journal of Financial and Quantitative Analysis, 1974, vol. 9, issue 2, 231-241

Abstract: Research in the area of portfolio management and capital markets has led to the development of a fundamental concept of market risk. Through work with the capital asset pricing model, “risk” has been decomposed into systematic or market risk and specific or diversifiable risk. Recent interest has focused on integrating these portfolio theory and capital market concepts with corporate finance. Hamada [5], and others, provide theoretically-based analyses which suggest that differences in degree of market risk should be related to differences in financial management activities and practices.

Date: 1974
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