McCauley, Robert N.; Zimmer, Steve A. - In: Quarterly Review (1991) Aut, pp. 14-27
The authors use stock market valuations to construct estimates of the cost of capital for five U.S. and four Japanese … securities firms in 1982-91. They seek explanations for the observed capital cost differences in macroeconomic, risk, policy, and … industrial organization factors. Their analysis also contrasts the gap in capital costs between U.S. and Japanese securities …
