Which factor is NOT typically associated with market risk?

Market risk, also known as systematic risk, refers to the potential for losses due to factors that affect the overall financial markets, rather than specific companies or industries. This type of risk is associated with broader economic changes that can influence market performance.

The correct answer, which identifies a factor not typically associated with market risk, is the presence of solid cash flow statements. A company's strong cash flow statement indicates its financial health and ability to generate cash, which is more of a company-specific factor rather than one linked to market-wide movements. Good cash flow management can insulate a company from some market risks, as it reflects the company's operational efficiency and profitability.

On the other hand, fluctuations in interest rates, changes in government policy, and variations in market prices are all indicators of market risk. Interest rate changes can affect borrowing costs and investment decisions across the economy, government policy can impact regulatory environments and fiscal spending, and variations in market prices can reflect changes in investor sentiment and economic conditions. These factors are all external to a specific company and affect market conditions broadly, thus falling under the umbrella of market risk.