Yildiz, Mehmet Emin; Erzurumlu, Yaman Omer; Kurtulus, Bora - In: International Journal of Emerging Markets 17 (2020) 1, pp. 325-350
Purpose: The beta coefficient used for the cost of equity calculation is at the heart of the valuation process. This study conducts comparative analyses of the classical capital asset pricing model (CAPM) and downside CAPM risk parameters to gain further insight into which risk parameter leads...