دانلود مقاله لاتین با عنوان بازده حسابداری مالی بر اساس اهرم مالی و سرمایه گذاری

اختصاصی از رزفایل دانلود مقاله لاتین با عنوان بازده حسابداری مالی بر اساس اهرم مالی و سرمایه گذاری دانلود با لینک مستقیم و پر سرعت .

Abstract

This note presents a method for teaching the concept of financial leverage and its relationship to accounting rates of return. Typically, financial leverage is only briefly mentioned in introductory accounting textbooks, and it is rarely related explicitly to rates of return on total assets and on common stockholders’ equity. Yet the concept is an important one for financial managers. We have developed and class tested a numerical illustration to explain in a conceptually sound manner why the two rates of return differ. Accounting instructors who share our view that financial leverage should be covered more thoroughly in the introductory accounting course will find this example to be a useful supplement. The example can also be used as a way to develop critical thinking skills or to enhance a user orientation.

Keywords: Accounting rate of return; Financial leverage

اهرم مالی شرکتها و قیمت گذاری دارایی ها در بازار هنگ کنگ

اختصاصی از رزفایل اهرم مالی شرکتها و قیمت گذاری دارایی ها در بازار هنگ کنگ دانلود با لینک مستقیم و پر سرعت .

Abstract

Our earlier paper [see Ho, R. Y.-W., Strange, R., & Piesse, J. (2006). On the conditional pricing effects of beta, size, and book-to-market equity in the Hong Kong market. Journal of International Financial Markets, Institutions and Money, 16,

124–199 reported evidence supporting significant conditional pricing effects of beta, size, and book-to-market equity in the Hong Kong market. This study attempts to extend our earlier work by examining the pricing of beta in the presence of another commonly hypothesized risk factor, namely financial leverage, conditional on market situations, i.e. whether the market is up or down. Evidence indicates that market leverage (but not book leverage) exhibits conditional pricing relationship with returns. The study yields important results on a non-US market, which lend strong support to the conditional relationship hypotheses originally developed by Pettengill, Sundaram, and Mathur [(1995). The conditional relation between beta and returns. Journal of Financial and Quantitative Analysis, 30, 101–116; and (2002). Payment for risk: Constant beta vs. dual-beta models. The Financial Review, 27, 123–136] for the US market. The findings enrich our understanding of capital market behaviour, and should prove helpful to corporate managers and investors in their financial decision making.

Keywords: Corporate financial decisions; Financial leverage; Asset pricing