On the association between market, perceived and accounting risk measures: Some counter evidence

This paper examines the associations between three types of risk indicators. Using Zimbabwean data, it tests the external validity of associations reported in relatively finer information disclosure environments. The study rejects the use of survey betas as surrogates for market based risk indicators. Further, the paper notes that analysts’ perceptions (in part) are established based on accounting numbers; and they do not stand on their own as risk indicators.