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| Author: | Kim, J.-B. Lipka, R. |
| Title: | Effects of accounting choice on the explanation of the market risk in the oil and gas industry |
| Journal: | Journal of Business Finance and Accounting
1991 : JAN, VOL. 18:1, p.61-84 |
| Index terms: | ACCOUNTING OIL INDUSTRY GAS INDUSTRY RISK MEASUREMENT MARKETS |
| Language: | eng |
| Abstract: | The question of whether accounting numbers generated by the successful efforts and full costing methods are equally useful for explaining the market risk is examined by focusing on the incremental explanatory power of the accounting-choice variable on beta. To measure the incremental explanatory power the regression model linking the market risk (measured by the Bayesian adjusted beta) with seven firm-specific variables is developed. It is shown that the ability of accounting-based measures of risk (taken as a whole) to explain the market risk is significantly different between companies adopting the two methods. |
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