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The association between accounting and market-based risk measures

By S. Toms, D.T. Nguyen and A. Salama


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

Publisher: Department of Management Studies, University of York
Year: 2005
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