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The cost of equity capital and the risk premium on equities
Applied Financial Economics, 1992Some well-known writers have argued that the experience of the last 60 years in the US shows that the cost of equity capital is about 8% per annum in excess of the ‘riskless’ return. By contrast, the paper argues that the same experience shows, first, that the ‘riskless’ real return is much higher than the average of about 0.5% per annum they assume ...
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Equity and deprivation costs in humanitarian logistics
European Journal of Operational Research, 2018zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Walter J. Gutjahr, Sophie Fischer
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Corporate derivatives use and the cost of equity
Journal of Banking & Finance, 2010We investigate the relation between derivatives use and corporations’ cost of equity capital. Using a large sample of non-financial firms, we compute and analyze (i) the relative cost of equity of firms that use derivatives and those that do not; and (ii) the change in cost of equity experienced by firms initiating derivatives programs.
Chen-Miao Lin +2 more
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INCORPORATION CHOICE AND IMPLIED COST OF EQUITY
International Journal of Business Research, 2015Prior studies document a Delaware incorporation effect on firm valuation, generally using Tobin’s Q, but the directional effects are mixed and inconclusive. Our study uses implied cost of equity to assess valuation, and we find consistent evidence that firms incorporated outside of their home state, either in Delaware or in other states, have a cost of
Jere R. Francis, Michael D. Yu
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Political connections and the cost of equity capital
Journal of Corporate Finance, 2012Motivated by recent research on the costs and benefits of political connection, we examine the cost of equity capital of politically connected firms. Using propensity score matching models, we find that politically connected firms enjoy a lower cost of equity capital than their non-connected peers.
Narjess Boubakri +3 more
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Climate change exposure and cost of equity
Energy EconomicsIn this study, we investigate the association between climate change exposure and the cost of equity financing. Using a novel dataset of US firm-level exposure to climate change risks, we find that higher exposure to climate risks co-exists with higher financing costs for the period 2010 through 2021.
Cepni, Oguzhan +2 more
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Extreme weather risk and the cost of equity
2023We examine if extreme weather exposure impacts firms' cost of equity. Motivated by a consumption-based asset pricing model with heterogeneous agents, we reveal the existence of an extreme weather risk premium in the cross-section of stock returns. In the period from 1995 to 2019, domestic U.S.
Julia Braun +2 more
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Equity, Access, and the Costs of Health Services
Medical Care, 1981Access to health care services for the poor and elderly have improved dramatically over the last 15 years, largely as a result of Medicare, Medicaid, and other Federal initiatives. The poor now consume roughly the same volume of health services as the nonpoor.
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Marijuana Legalization and Firms' Cost of Equity
SSRN Electronic JournalAbstract After medical marijuana legalization (MML) by U.S. states, firms’ cost of equity (COE) decreases, especially for those with more growth opportunities, higher productivity, or a more skilled workforce. This policy change also reduces firm risk and leads to an increase in labor supply through increased labor force participation, employment ...
Scott Guernsey +2 more
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Annual report readability and the cost of equity capital
Journal of Corporate Finance, 2021Hatem Rjiba +2 more
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