财务风险外文翻译外文文献英文文献财务风险重要性分析.pdfVIP

外文原文 外文原文 How Important is Financial Risk? How Important is Financial Risk? Sohnke M. Bartram, Gregory W. Brown, and Murat Atamer  作者：Sohnke M. Bartram, Gregory W. Brown, and Murat Atamer  作者： 1-7 起止页码：1-7 起止页码： September 2009,Vol. 2, No. 4(Serial No. 11)  出版日期 （期刊号）：September 2009,Vol. 2, No. 4(Serial No. 11)  出版日期 （期刊号）： Theory and Decision, DOI 10.1007/s11238-005-4590-0  出版单位：Theory and Decision, DOI 10.1007/s11238-005-4590-0  出版单位： This paper examines the determinants of equity price risk for a large  Abstract This paper examines the determinants of equity price risk for a large  Abstract ： ： sample of non-financial corporations in the United States from 1964 to 2008. We  sample of non-financial corporations in the United States from 1964 to 2008. We  estimate both structural and reduced form models to examine the endogenous nature  estimate both structural and reduced form models to examine the endogenous nature  of corporate financial characteristics such as total debt, debt maturity, cash holdings,  of corporate financial characteristics such as total debt, debt maturity, cash holdings,  and dividend policy. We find that the observed levels of equity price risk are  and dividend policy. We find that the observed levels of equity price risk are  explained primarily by operating and asset characteristics such as firm age, size, asset  explained primarily by operating and asset characteristics such as firm age, size, asset  tangibility, as well as operating cash flow levels and volatility. In contrast, implied  tangibility, as well as operating cash flow levels and volatility. In contrast, implied  measures of financial risk are generally low and more stable than debt-to-equity ratios.  measures of financial risk are generally low and more stable than debt-to-equity ratios.  Our measures of financi