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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-fi
2、nancialcorporationsintheUnitedStatesfrom1964to2008.Weestimatebothstructuralandreducedformmodelstoexaminetheendogenousnatureofcorporatefinancialcharacteristicssuchastotaldebt,debtmaturity,cashholdings,anddividendpolicy.Wefindthattheobservedlevelsofequitypriceriska
3、reexplainedprimarilybyoperatingandassetcharacteristicssuchasfirmage,size,assettangibility,aswellasoperatingcashflowlevelsandvolatility.Incontrast,impliedmeasuresoffinancialriskaregenerallylowandmorestablethandebt-to-equityratios.Ourmeasuresoffinancialriskhavedecl
4、inedoverthelast30yearsevenasmeasuresofequityvolatility(e.g.idiosyncraticrisk)havetendedtoincrease.Consequently,documentedtrendsinequitypriceriskaremorethanfullyaccountedforbytrendsintheriskinessoffirms’assets.Takentogether,theresultssuggestthatthetypicalU.S.firms
5、ubstantiallyreducesfinancialriskbycarefullymanagingfinancialpolicies.Asaresult,residualfinancialrisknowappearsnegligiblerelativetounderlyingeconomicriskforatypicalnon-financialfirm.Keywords：Capitalstructure；financialrisk；riskmanagement；corporatefinance1Introducti
6、onThefinancialcrisisof2008hasbroughtsignificantattentiontotheeffectsoffinancialleverage.Thereisnodoubtthatthehighlevelsofdebtfinancingbyfinancialinstitutionsandhouseholdssignificantlycontributedtothecrisis.Indeed,evidenceindicatesthatexcessiveleverageorchestrated
7、bymajorglobalbanks(e.g.,throughthemortgagelendingandcollateralizeddebtobligations)andtheso-called“shadowbankingsystem”maybetheunderlyingcauseoftherecenteconomicandfinancialdislocation.Lessobviousistheroleoffinancialleverageamongnonfinancialfirms.Todate,problemsin
8、theU.S.non-financialsectorhavebeenminorcomparedtothedistressinthefinancialsectordespitetheseizingofcapitalmarketsduringthecrisis.Forexample,non-financialbankru
