Kapitalmarktbasierte Ermittlung des Kapitalkostensatzes für Zwecke der Entgeltregulierung
The assessment of the cost of capital is of paramount importance for rate-regulated firms, as the rates of regulated services depend crucially from this cost driver. The paper uses objectives and peculiarities of rate regulation as a starting point. Based thereupon, it analyses methodical issues related to the assessment of the weighted average cost of capital for regulated firms with the CAPM, as this method is widely used in regulatory hearings worldwide and as it is at the center of the current academic debate and subject of recent expert opinions regarding the assessment of the cost of capital for rate-regulated firms in Germany. The focus of the paper is on assessing the individual input parameters of cost of equity and cost of debt, on issues concerning the capital structure as well as on accounting for corporate income taxes. It is shown how the method applied depends on the objectives of regulation and which impact it has on the risk that the regulated firm is exposed to. Copyright Springer-Verlag 2007
Year of publication: |
2007
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Authors: | Pedell, Burkhard |
Published in: |
Metrika. - Springer. - Vol. 18.2007, 1, p. 35-60
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Publisher: |
Springer |
Saved in:
Online Resource
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