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The Cost of Equity Capital—a Comment
Journal of Business Finance & Accounting, 1974An algebraic relationship is developed linking the expected long‐term yield to an investor with the company's expected internal rate of return on its equity assets. Assuming that the market normally ranks shares by expected yield, allowing where necessary for a risk premium, it is shown that the cost of equity capital must be the company's expected ...
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Corporate Life Cycle and Cost of Equity Capital
SSRN Electronic Journal, 2015This paper investigates the impact of the corporate life cycle on the cost of equity capital. Using a sample of Australian firms during the years 1990–2012, we find that the proxies for the cost of equity capital vary across the life cycle of the firm.
Hasan, Mostafa +3 more
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Review of Economic and Business Studies
This paper investigates the effects of stock market development determinants on the cost of equity capital of non-financial Tunisian listed companies. We use a sample includes 24 Tunisian listed firms observed over the period 2007–2016, resulting in a ...
Btissem Missaoui +2 more
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This paper investigates the effects of stock market development determinants on the cost of equity capital of non-financial Tunisian listed companies. We use a sample includes 24 Tunisian listed firms observed over the period 2007–2016, resulting in a ...
Btissem Missaoui +2 more
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Corporate Twitter use and cost of equity capital
, 2021This paper investigates whether firms that communicate information on social media have a lower cost of equity capital. Using a hand-collected dataset comprising the full universe of all firms listed on the NYSE, AMEX and NASDAQ since the inception of ...
M. A. Guindy
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The Term Structure of Implied Costs of Equity Capital
SSRN Electronic Journal, 2011We model and estimate the term structure of implied costs of equity capital (and implied risk premia) at the firm level for the years 1996–2015 from forward looking option contracts. Empirical tests reject the assumption that the term structure of implied firm-level costs of equity is constant over different time horizons.
Jeffrey L. Callen, Matthew R. Lyle
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Business sustainability performance and cost of equity capital
Journal of Corporate Finance, 2015Abstract Business sustainability has emerged as the theme of the 21st century. We examine whether and how different components of economic sustainability disclosure (ECON), as well as environmental, social, and governance (ESG) dimensions of sustainability performance affect cost of equity, individually and in aggregate.
Anthony C. Ng, Zabihollah Rezaee
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Accounting in Europe
Recent academic research exhibits considerable disagreement among ESG ratings from different agency providers. The consequences of this disagreement on the market are still under-explored; thus, we investigate whether this disagreement impacts the cost ...
Chiara Mio +4 more
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Recent academic research exhibits considerable disagreement among ESG ratings from different agency providers. The consequences of this disagreement on the market are still under-explored; thus, we investigate whether this disagreement impacts the cost ...
Chiara Mio +4 more
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Investor Sentiment, Beta, and the Cost of Equity Capital
Management Science, 2016The security market line accords with the capital asset pricing model by taking on an upward slope in pessimistic sentiment periods, but is downward sloping during optimistic periods. We hypothesize that this finding obtains because periods of optimism attract equity investment by unsophisticated, overconfident, traders in risky opportunities (high ...
Constantinos Antoniou 0001 +2 more
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The Cost of Equity Capital—A Reply
Journal of Business Finance & Accounting, 1975Hemsted (JBFA I, 3) claimed that the expected internal rate of return, and not the shareholders' opportunity cost, is the ‘cost of equity’. This paper shows, using his assumed objective of maximization of share price and chosen (Gordon Shapiro) share valuation model, that his claims are unfounded, and that, under specified assumptions, the shareholders'
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The implied risks caused by ESG rating divergence: a test based on the cost of equity capital
Applied EconomicsEnvironment, Social, and Governance (ESG) performance serves as a crucial factor in investor decision-making; however, the existence of ESG rating divergence adds complexity and investment risk to assessing a firm’s sustainable performance.
Hang Zhou, Yanbai Ma
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