Perceived Risk, Market Risk, and Accounting Determined Risk Measures.
研究财务报告是否隐含传递风险信息，用金融分析师的风险感知作为事前风险代理，发现七个会计风险度量解释了分析师平均风险感知约79%的变异，并支持将分析师感知作为股票真实市场风险的代理。
Abstract ABSTRACT: This paper investigates the issue of whether financial reports appear to convey, at least in an implicit fashion, information on risk. The paper extends previous analyses by using the risk perceptions of a representative group of financial analysts as surrogates for ex ante risk. Our findings indicate that the seven accounting measures of risk used in the study "explain" approximately 79 percent of the variation in the average risk perceptions of the financial analysts surveyed. Tests were also performed which support the use of the analysts' risk perception measure as a proxy for a stock's "true" market risk.