TY  - JOUR
AU  - Shin,Hyun-Han
AU  - Stulz,Rene M.
TI  - Firm Value, Risk, and Growth Opportunities
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 7808
PY  - 2000
Y2  - July 2000
UR  - http://www.nber.org/papers/w7808
L1  - http://www.nber.org/papers/w7808.pdf
N1  - Author contact info:
Rene M. Stulz
The Ohio State University
Fisher College of Business
806A Fisher Hall
Columbus, OH 43210-1144
Tel: 614/292-1970
Fax: 614/292-2359
E-Mail: stulz_1@cob.osu.edu
AB  - We show that Tobin's q, as proxied by the ratio of the firm's market value to its book value, increases with the firm's systematic equity risk and falls with the firm's unsystematic equity risk.  Further, an increase in the firm's total equity risk is associated with a fall in q. The negative relation between the change in total risk and the change in q is robust through time for the whole sample, but it does not hold for the largest firms.
ER  -