Market Structure and the Cost of Capital

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.

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Year of publication:	2013
Authors:	Arouri, Mohamed El Hedi ; Rault, Christophe ; Sova, Robert ; Sova, Anamaria
Institutions:	CESifo
Subject:	finance \| international asset pricing \| firm’s cost of capital segmentation

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Extent:	application/pdf
Series:	CESifo Working Paper Series.
Type of publication:	Book / Working Paper
Notes:	Number 4097
Classification:	G15 - International Financial Markets ; F36 - Financial Aspects of Economic Integration ; C32 - Time-Series Models
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010877642