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1、外文资料翻译—英文原文HowImportantisFinancialRisk?IntroductionThefinancialcrisisof2008hasbroughtsignificantattentiontotheeffectsoffinancialleverage.Thereisnodoubtthatthehighlevelsofdebtfinancingbyfinancialinstitutionsandhouseholdssignificantlycontributedtothecrisis.Inde
2、ed,evidenceindicatesthatexcessiveleverageorchestratedbymajorglobalbanks(e.g.,throughthemortgagelendingandcollateralizeddebtobligations)andtheso-called“shadowbankingsystem”maybetheunderlyingcauseoftherecenteconomicandfinancialdislocation.Lessobviousistheroleof
3、financialleverageamongnonfinancialfirms.Todate,problemsintheU.S.non-financialsectorhavebeenminorcomparedtothedistressinthefinancialsectordespitetheseizingofcapitalmarketsduringthecrisis.Forexample,non-financialbankruptcieshavebeenlimitedgiventhattheeconomicde
4、clineisthelargestsincethegreatdepressionofthe1930s.Infact,bankruptcyfilingsofnon-financialfirmshaveoccurredmostlyinU.S.industries(e.g.,automotivemanufacturing,newspapers,andrealestate)thatfacedfundamentaleconomicpressurespriortothefinancialcrisis.Thissurprisi
5、ngfactbegsthequestion,“Howimportantisfinancialriskfornon-financialfirms?”Attheheartofthisissueistheuncertaintyaboutthedeterminantsoftotalfirmriskaswellascomponentsoffirmrisk.StudyRecentacademicresearchinbothassetpricingandcorporatefinancehasrekindledaninteres
6、tinanalyzingequitypricerisk.AcurrentstrandoftheassetpricingliteratureexaminesthefindingofCampbelletal.(2001)thatfirm-specific(idiosyncratic)riskhastendedtoincreaseoverthelast40years.Otherworksuggeststhatidiosyncraticriskmaybeapricedriskfactor(seeGoyalandSanta
7、-Clara,2003,amongothers).AlsorelatedtothesestudiesisworkbyPástorandVeronesi(2003)showinghowinvestoruncertaintyaboutfirmprofitabilityisanimportantdeterminantofidiosyncraticriskandfirmvalue.Otherresearchhasexaminedtheroleofequityvolatilityinbondpricing(e.g.,Dic
8、hev,1998,Campbell,Hilscher,andSzilagyi,2008).However,muchoftheempiricalworkexaminingequitypricerisktakestheriskofassetsasgivenortriestoexplainthetrendinidiosyncraticrisk.Incontrast,this外文
