Market structure and the cost of capital

被引：4

作者：

Arouri, Mohamed El Hedi

Rault, Christophe ^{[1
]}

Sova, Anamaria

Sova, Robert ^{[2
]}

Teulon, Frederic

机构：

[1] Toulouse Business Sch, Toulouse, France

[2] Bucharest Univ Econ Studies, Bucharest, Romania

来源：

ECONOMIC MODELLING | 2013年 / 31卷

关键词：

Finance; International asset pricing; Firm's cost of capital; Segmentation; EQUILIBRIUM; INTEGRATION; MODEL; CAPM;

D O I：

10.1016/j.econmod.2013.01.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：664 / 671

页数：8

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