文档介绍：
财务风险 外文文献
外文文献
The Important Of Financial Risk
Sohnke M. Bartram Gregory W. Brown and Murat Atorchestrated by major global banks . through themortgage lending and collateralized debt obligations and the so-called “shadowbanking system” may be the underlying cause of the recent economic and financialdislocation. Less obvious is the role of financial leverage among nonfinancial date problems in the . non-financial sector have been minor compared to thedistress in the financial sector despite the seizing of capital markets during the 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 . industries 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.
Recent academic research in both asset pricing and corporate finance hasrekindled an interest in analyzing equity price risk. A current strand of the assetpricing literature examines the finding of Campbell et al. 2001 that
firm-specificidiosyncratic risk has tended to increase over the last 40 years. Other work suggeststhat idiosyncratic risk may be a priced risk factor see Goyal and Santa-Clara 2003among others. Also related to these studies is work by Pástor and Veronesi 2003showing how investor uncertainty about firm profitability is an important determinantof idiosyncratic risk and firm value. Other research has examined the role of equityvolatility in bond pricing