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1、外文资料翻译—英文原文HowImportantisFinancialRisk?IntroductionThefinancialcrisisof2008hasbroughtsignificantattentiontotheeffectsoffinancialleverage.Thereisnodoubtthatthehighlevelsofdebtfinancingbyfinancialinstitutionsandhouseholdssignificantlycontributedtothecrisis.Indeed,evidenceindicatesth
2、atexcessiveleverageorchestratedbymajorglobalbanks(e.g.,throughthemortgagelendingandcollateralizeddebtobligations)andtheso-called“shadowbankingsystem”maybetheunderlyingcauseoftherecenteconomicandfinancialdislocation.Lessobviousistheroleoffinancialleverageamongnonfinancialfirms.Toda
3、te,problemsintheU.S.non-financialsectorhavebeenminorcomparedtothedistressinthefinancialsectordespitetheseizingofcapitalmarketsduringthecrisis.Forexample,non-financialbankruptcieshavebeenlimitedgiventhattheeconomicdeclineisthelargestsincethegreatdepressionofthe1930s.Infact,bankrupt
4、cyfilingsofnon-financialfirmshaveoccurredmostlyinU.S.industries(e.g.,automotivemanufacturing,newspapers,andrealestate)thatfacedfundamentaleconomicpressurespriortothefinancialcrisis.Thissurprisingfactbegsthequestion,“Howimportantisfinancialriskfornon-financialfirms?”Attheheartofthi
5、sissueistheuncertaintyaboutthedeterminantsoftotalfirmriskaswellascomponentsoffirmrisk.StudyRecentacademicresearchinbothassetpricingandcorporatefinancehasrekindledaninterestinanalyzingequitypricerisk.AcurrentstrandoftheassetpricingliteratureexaminesthefindingofCampbelletal.(2001)th
6、atfirm-specific(idiosyncratic)riskhastendedtoincreaseoverthelast40years.Otherworksuggeststhatidiosyncraticriskmaybeapricedriskfactor(seeGoyalandSanta-Clara,2003,amongothers).AlsorelatedtothesestudiesisworkbyPástorandVeronesi(2003)showinghowinvestoruncertaintyaboutfirmprofitability
7、isanimportantdeterminantofidiosyncraticriskandfirmvalue.Otherresearchhasexaminedtheroleofequityvolatilityinbondpricing(e.g.,Dichev,1998,Campbell,Hilscher,andSzilagyi,2008).However,muchoftheempiricalworkexaminingequitypricerisktakestheriskofassetsasgivenortriestoexplainthetrendinid
8、iosyncraticrisk.Incontrast,this外文
