资本结构外文文献翻译.docx

资本结构外文文献翻译 外文资料翻译一英文原文 HOW ImPOrtant is FinanCiaI Risk? IntrOdUCtiOn The financial CriSiS Of 2008 has brought SignifiCant attention to the effects Of financial IeVerage? There is no doubt that the high IeVeIS Of debt financing by financial institutions and households SignifiCantIy COntribUted to the CriSiS? Indeed, evidence indicates that excessive IeVerage OrCheStrated by major global banks (e. g? J through the mortgage Iending and COlIateraliZed debt ObligatiOnS) and the SO-CalIed ShadOW banking SyStemn may be the UnderIying CaUSe Of the recent economic and financial dislocation. LeSS ObViOUS is the role Of financial IeVerage among nonfinancial firms? TO date, PrObIemS in the U.S. non一financial SeCtOr have been IninOr COmPared to the distress in the financial SeCtOr despite the SeiZing Of CaPitaI markets during the CriSiS? FOr example, non- financial bankruptcies have been Iinlited given that the economic decline is the IargeSt SinCe the great depression Of the 1930s? In fact, bankruptcy filings Of non-financial firms have OCCUrred mostly in U.S. industries (e. g?、automotive manufacturing, newspapers, and real estate) that faced fundamental economic PreSSUreS PriOr to the financial crisis. ThiS SUrPriSing fact begs the QUeStion, UHOW important is financial risk for no∏-financial firms?n At the heart Of this issue is the UnCertainty about the determinants Of total firm risk as WelI as COmPOnentS Of firm risk? StUdy ReCent academic research in both asset PriCing and COrPOrate finance has rekindled an interest in analyzing equity PriCe risk? A CUrrent Strand Of the asset PriCing IiteratUre examines the finding Of CamPbelI et al?(2001) that firm-specific (idiosyncratic) risk has tended to increase OVer the IaSt 40 years? Other WOrk SUggeStS that idiosyncratic risk may be a PriCed risk factor (See GOyaI and Santa-Clara, 2003, among OtherS)? AISO related to these StUdieS is WOrk by PdStOr and VerOneSi (2003) ShOWing how investor UnCertainty about firm PrOfitabiIity is a