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Ýmalat Sanayinde Firma Risklerinin Belirlenmesi: Kumeleme Analizi Yontemiyle Ampirik Bir Calýsma

Mehmet Sabri Topak ()
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Mehmet Sabri Topak: Istanbul University

Istanbul University Econometrics and Statistics e-Journal, 2010, vol. 11, issue 1, 100-127

Abstract: In this study an alternative approach for determining the risk premiums of financial assets and identifying the total risk level of firms is proposed. The limitations and difficulties encountered in the application of widely used approaches such as The Capital Asset Pricing Model and The Arbitrage Pricing Theory caused this necessity. This approach uses financial ratios derived from the quarterly financial statements of 129 sampled manufacturing firms listed in ISE (Istanbul Stock Exchange) for the period of January 2004 to September 2009. Two-Step Cluster Analysis is employed to calculate the business risk, financial risk and the total risk of sample firms.

Keywords: Financial Risk; Business Risk; Capital Asset Pricing; Two-Step Cluster Analysis (search for similar items in EconPapers)
JEL-codes: G32 G12 (search for similar items in EconPapers)
Date: 2010
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