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| Author: | Nunez Nickel, M. Cano Rodriguez, M. |
| Title: | A review of research on the negative accounting relationship between risk and return: Bowman's paradox |
| Journal: | Omega
2002 : FEB, VOL. 30:1, p. 1-18 |
| Index terms: | Accounting Risk Organization theory Management science Literature USA |
| Language: | eng |
| Abstract: | A cornerstone in finance theory continues to be the positive relationship between risk and return despite Fama and French (1992) and several later papers finding no relationship btw. the two variables. Twelve years earlier, Bowman (1980) studied the same relationship from organization theory, achieving similar results with accounting data, and developing a whole research stream known as Bowman's paradox. This stream has contributed to some curious and interesting ideas that could also be applied to other different streams: new risk measures, managerial goal selection, response to the decline in the organization, diversification strategy on risk and return, among others. This paper describes and explores this phenomenon from Bowman's paradox. |
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