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| Tekijä: | Butler, K. C. Mohr, R. M. Simonds, R. R. |
| Otsikko: | The Hamade and Conine leverage adjustments and the estimation of systematic risk for multisegment firms |
| Lehti: | Journal of Business Finance and Accounting
1991 : NOV, VOL. 18:6, p.885-901 |
| Asiasana: | MULTIPRODUCT COMPANIES MULTIPLANT COMPANIES FINANCIAL RISK SECURITIES EQUITY PORTFOLIOS |
| Kieli: | eng |
| Tiivistelmä: | The realative ability of several beta estimates to explain and predict the equity returns of a sample of multisegment firms is compared. The estimation issues associated with the Hamada and Conine financial levarage adjustments are emphasized. The leverage adjustment issues raised by Fuller and Kerr and Conine and Tamarkin are examined. The study employs a larger sample of multisegment firms and refined research techniques. The results, however indicate that leverage adjusted segmental betas do not perform as well as unadjusted betas in either explaining or predicting security returns. |
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