The Impact of the Choice of Market Index on the Empirical Evaluation of Accounting Risk Measures.
实证表明，市场指数的选择会显著影响会计风险度量与系统性风险（β）之间关系的研究结论，有助于解释以往研究结果矛盾的原因。
Abstract ABSTRACT: The ability of accounting risk measures to aid in explanations and predictions of systematic risk (β) has been studied extensively, and successive studies have reached conflicting conclusions. An element of research design that has varied across studies is the selection of a security market index to serve as a proxy for the unobservable "market portfolio" defined by the underlying capital asset pricing theory. This paper demonstrates empirically that the choice of a market index can have a substantial effect upon the research findings, and offers a partial reconcilation of the apparently contradictory results of earlier studies.