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The Important Of Financial Risk
Sohnke M. Bartram Gregory W. Brown and Murat Atamer
Abstract:This paper examines the determinants of equity price risk for a largesample of non-financial corporations in the United States from 1964 to 2008. Weestimate both structural and reduced form models to examine the endogenous natureof corporate financial characteristics such as total debt debt maturity cash holdingsand dividend policy. We find that the obrved levels of equity price risk areexplained primarily by operating and ast characteristics such as firm age size asttangibility as well as operating cash flow le
vels and volatility. In contrast impliedmeasures of financial risk are generally low and more stable than debt-to-equity ratios.Our measures of financial risk have declined over the last 30 years even as measuresof equity idiosyncratic risk have tended to increa. Conquentlydocumented trends in equity price risk are more than fully accounted for by trends inthe riskiness of firms’ asts. Taken together the results suggest that the typical U.S.firm substantially reduces financial risk by carefully managing financial policies. As aresult residual financial risk now appears negligible relative to underlying economicrisk for a typical non-financial firm.
Keywords：Capital structure； financial risk； risk management；corporate finance1
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1.Introduction 平板多少钱
The financial crisis of 2008 has brought significant attention to the effects offinancial leverage. There is no doubt that the high levels of debt financing by financialinstitutions and houholds significantly contributed to the crisis. Indeed evidenceindicates that excessive leverage orchestrated by major global through themortgage lending
and collateralized debt obligations and the so-called “shadowbanking system” may be the underlying cau of the recent economic and financialdislocation. Less obvious is the role of financial leverage among nonfinancial firms.To date problems in the U.S. non-financial ctor have been minor compared to thedistress in the financial ctor despite the izing of capital markets during the crisis.For example non-financial bankruptcies have been limited given that the economicdecline is the largest since the great depression of the 1930s. In fact bankruptcyfilings of non-financial firms have occurred mostly in U.S. automotive manufacturing newspapers and real estate that faced fundamentaleconomic pressures prior to the financial crisis. This surprising fact begs the question“How important is financial risk for non-financial firms” At the heart of this issue isthe uncertainty about the determinants of total firm risk as well as components of firmrisk.
