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1、HowImportantisFinancialRisk?作者：SohnkeM.Bartram,GregoryW.Brown,andMuratAtamer起止頁(yè)碼：1-7出版日期（期刊號(hào)）：September2009,Vol.2,No.4(SerialNo.11)出版單位：TheoryandDecision,DOI10.1007/s11238-005-4590-0Abstract：Thispaperexaminesthedeterminantsofequitypriceriskforalargesampleofnon-financialcorporationsint
2、heUnitedStatesfrom1964to2008.Weestimatebothstructuralandreducedformmodelstoexaminetheendogenousnatureofcorporatefinancialcharacteristicssuchastotaldebt,debtmaturity,cashholdings,anddividendpolicy.Wefindthattheobservedlevelsofequitypriceriskareexplainedprimarilybyoperatingandassetchara
3、cteristicssuchasfirmage,size,assettangibility,aswellasoperatingcashflowlevelsandvolatility.Incontrast,impliedmeasuresoffinancialriskaregenerallylowandmorestablethandebt-to-equityratios.Ourmeasuresoffinancialriskhavedeclinedoverthelast30yearsevenasmeasuresofequityvolatility(e.g.idiosyn
4、craticrisk)havetendedtoincrease.Consequently,documentedtrendsinequitypriceriskaremorethanfullyaccountedforbytrendsintheriskinessoffirms’assets.Takentogether,theresultssuggestthatthetypicalU.S.firmsubstantiallyreducesfinancialriskbycarefullymanagingfinancialpolicies.Asaresult,residualf
5、inancialrisknowappearsnegligiblerelativetounderlyingeconomicriskforatypicalnon-financialfirm.Keywords：Capitalstructure；financialrisk；riskmanagement；corporatefinance1IntroductionThefinancialcrisisof2008hasbroughtsignificantattentiontotheeffectsoffinancialleverage.Thereisnodoubtthattheh
6、ighlevelsofdebtfinancingbyfinancialinstitutionsandhouseholdssignificantlycontributedtothecrisis.Indeed,evidenceindicatesthatexcessiveleverageorchestratedbymajorglobalbanks(e.g.,throughthemortgagelendingandcollateralizeddebtobligations)andtheso-called“shadowbankingsystem”maybetheunderl
7、yingcauseoftherecenteconomicandfinancialdislocation.Lessobviousistheroleoffinancialleverageamongnonfinancialfirms.Todate,problemsintheU.S.non-financialsectorhavebeenminorcomparedtothedistressinthefinancialsectordespitetheseizingofcapitalmarketsduringthecrisis.Forexample,non-financialb
8、ankru
