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1、HowImportantisFinancialRisk?作者：SohnkeM.Bartram,GregoryW.Brown,andMuratAtamer起止页码：1-7出版日期（期刊号）：September2009,Vol.2,No.4(SerialNo.11)出版单位：TheoryandDecision,DOI10.1007/s11238-005-4590-0Abstract：Thispaperexaminesthedeterminantsofequitypriceriskforalargesampleofnon-financialcorporationsintheUn
2、itedStatesfrom1964to2008.Weestimatebothstructuralandreducedformmodelstoexaminetheendogenousnatureofcorporatefinancialcharacteristicssuchastotaldebt,debtmaturity,cashholdings,anddividendpolicy.Wefindthattheobservedlevelsofequitypriceriskareexplainedprimarilybyoperatingandassetcharacteristi
3、cssuchasfirmage,size,assettangibility,aswellasoperatingcashflowlevelsandvolatility.Incontrast,impliedmeasuresoffinancialriskaregenerallylowandmorestablethandebt-to-equityratios.Ourmeasuresoffinancialriskhavedeclinedoverthelast30yearsevenasmeasuresofequityvolatility(e.g.idiosyncraticrisk)h
4、avetendedtoincrease.Consequently,documentedtrendsinequitypriceriskaremorethanfullyaccountedforbytrendsintheriskinessoffirms’assets.Takentogether,theresultssuggestthatthetypicalU.S.firmsubstantiallyreducesfinancialriskbycarefullymanagingfinancialpolicies.Asaresult,residualfinancialrisknowa
5、ppearsnegligiblerelativetounderlyingeconomicriskforatypicalnon-financialfirm.Keywords：Capitalstructure；financialrisk；riskmanagement；corporatefinance1IntroductionThefinancialcrisisof2008hasbroughtsignificantattentiontotheeffectsoffinancialleverage.Thereisnodoubtthatthehighlevelsofdebtfinan
6、cingbyfinancialinstitutionsandhouseholdssignificantlycontributedtothecrisis.Indeed,evidenceindicatesthatexcessiveleverageorchestratedbymajorglobalbanks(e.g.,throughthemortgagelendingandcollateralizeddebtobligations)andtheso-called“shadowbankingsystem”maybetheunderlyingcauseoftherecentecon
7、omicandfinancialdislocation.Lessobviousistheroleoffinancialleverageamongnonfinancialfirms.Todate,problemsintheU.S.non-financialsectorhavebeenminorcomparedtothedistressinthefinancialsectordespitetheseizingofcapitalmarketsduringthecrisis.Forexample,non-financialbankru
