How Important Is Financial Risk?
研究发现非金融企业的股票价格波动中，财务风险仅占15%，且过去30年持续下降，2007-2009年危机期间财务困境罕见的原因在于经济风险而非财务风险。
Abstract We explore the determinants of equity price risk of nonfinancial corporations. Operating and asset characteristics are by far the most important determinants of risk. For the median firm, financial risk accounts for only 15% of observed stock price volatility. Furthermore, financial risk has declined over the last 3 decades, indicating that any upward trend in equity volatility was driven entirely by economic risk factors. This explains why financial distress (as opposed to economic distress) was surprisingly uncommon in the nonfinancial sector during the 2007–2009 crisis even as measures of equity volatility reached unprecedented highs.