The association between accounting and market-based risk measures

Steven Toms, Aly Salama and Duc Tuan Nguyen

No 15, The York Management School Working Papers from The York Management School, University of York

Abstract: 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.

Keywords: Systematic risk; Operating Leverage; Financial Leverage; Beta; Risk Premium; United Kingdom (search for similar items in EconPapers)
Pages: 26 pages
Date: 2005-12
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Citations: View citations in EconPapers (1)

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