Market structure and the cost of capital

被引：4

作者：

Arouri, Mohamed El Hedi

Rault, Christophe ^{[1
]}

Sova, Anamaria

Sova, Robert ^{[2
]}

Teulon, Frederic

机构：

[1] Toulouse Business Sch, Toulouse, France

[2] Bucharest Univ Econ Studies, Bucharest, Romania

来源：

ECONOMIC MODELLING | 2013年 / 31卷

关键词：

Finance; International asset pricing; Firm's cost of capital; Segmentation; EQUILIBRIUM; INTEGRATION; MODEL; CAPM;

D O I：

10.1016/j.econmod.2013.01.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model (CAPM) to price assets in different market structures. Second, we use our model to analyze whether when markets are partially segmented using the local or the global CAPM yields significant errors in the estimation of the cost of capital for a sample of firms from developed and emerging countries. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：664 / 671

页数：8

共 50 条

[31] Conglomerate Structure and Capital Market Timing
Chang, Xin
Hilary, Gilles
Shih, Chia Mei
Tam, Lewis H. K.
FINANCIAL MANAGEMENT, 2010, 39 (04) : 1307 - 1338
[32] REIT capital structure: is it market imposed?
Casey, K.
Sumner, Glenna
Packer, James
MANAGERIAL FINANCE, 2006, 32 (12) : 981 - +
[33] THE STRUCTURE OF THE CAPITAL MARKET AND THE PRICE OF MONEY
Morton, Walter A.
AMERICAN ECONOMIC REVIEW, 1954, 44 (02): : 440 - 454
[34] THE COST OF CAPITAL AND THE MARKET POWER OF FIRMS - REPLY AND CORRECTION
SULLIVAN, TG
REVIEW OF ECONOMICS AND STATISTICS, 1982, 64 (03) : 523 - 525
[35] Islamic finance and market segmentation: Implications for the cost of capital
Hearn, Bruce
Piesse, Jenifer
Strange, Roger
INTERNATIONAL BUSINESS REVIEW, 2012, 21 (01) : 102 - 113
[36] Optimal Capital Structure: A Dynamic Approach in the Indonesian Capital Market
Novaria, Ika
Viverita, Viverita
PERTANIKA JOURNAL OF SOCIAL SCIENCE AND HUMANITIES, 2019, 27 : 213 - 227
[37] Climate, race, and the cost of capital in the municipal bond market
Smull, Erika
Kodra, Evan
Stern, Adam
Teras, Andrew
Bonanno, Michael
Doyle, Martin
PLOS ONE, 2023, 18 (08):
[38] Market Equilibrium and the Cost of Capital with Heterogeneous Investment Horizons
Levy, Moshe
Levy, Haim
RISKS, 2024, 12 (03)
[39] Product market competition, corporate governance, and cost of capital
Hodges, Charles W.
Lin, Bingxuan
Lin, Chen-Miao
APPLIED ECONOMICS LETTERS, 2014, 21 (13) : 906 - 913
[40] THE COST OF INFORMATION AND EQUILIBRIUM IN THE CAPITAL-ASSET MARKET
OWEN, J
RABINOVITCH, R
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 1980, 15 (03) : 497 - 508

← 1 2 3 4 5 →