The rapid growth of the sharing economy attracts attention from scientists, businesses, and governments. The European Commission acknowledges the benefits of the sharing economy and emphasises that European countries should be open to the new opportunities that the sharing economy brings. The...

Conventional wisdom, reflected in firm, investment bank, and court practice and the way academics teach corporate finance, suggests that the equity cost of capital varies considerably across firms. This practice builds on a vast amount of evidence on expected rate of return differences between...