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- Title
THE HAMADA AND CONINE LEVERAGE ADJUSTMENTS AND THE ESTIMATION OF SYSTEMATIC RISK FOR MULTISEGMENT FIRMS.
- Authors
Butler, Kirt C.; Mohr, Rosanne M.; Simonds, Richard R.
- Abstract
This study provides a comprehensive examination of the leverage-adjustment issues raised by Fuller and Kerr (1981) and Conine and Tamarkin (1985). The study employs a larger sample of multisegment firms, leverage estimates with recent empirical support, and statistical adjustments for bias and inefficiency. Yet, even with these research refinements, the results indicate that leverage-adjusted segmental betas do not perform as well as unadjusted betas in either explaining or predicting security returns.
- Publication
Journal of Business Finance & Accounting, 1991, Vol 18, Issue 6, p885
- ISSN
0306-686X
- Publication type
Academic Journal
- DOI
10.1111/j.1468-5957.1991.tb00244.x