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Comparability and Cost of Equity Capital
SSRN Electronic Journal, 2016We investigate how the comparability of a company’s financial statements is related to its cost of equity capital. Financial Accounting Standards Board’s (FASB) Concept Statement No. 8 proposes that comparability is a key tenet of accounting because it allows users of financial statements to benchmark a firm against similar firms when distinguishing ...
Michael J. Imhof, Scott Seavey
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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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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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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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Cost of equity capital of foreign firms
Review of Accounting and Finance, 2013Purpose – The purpose of this paper is to examine the cost of equity capital for foreign firms listed in the US stock exchanges during 2004‐2009, a period that the Securities and Exchange Commission (SEC) shifted from requiring foreign issuers to comply with the US GAAP reconciliations to permitting the choice of IFRS in financial reporting.Design ...
Fei Han, Haihong He
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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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Voluntary disclosure and cost of equity capital
Proceedings of 2018 International Conference on Big Data Technologies - ICBDT '18, 2018Based on the differences of the degree of the government intervention in the enterprise in China's emerging market, we studied the impact of marketization process on the relationship between voluntary disclosure and cost of equity capital. We found that the marketization process strengthened the negative correlation between voluntary disclosure and the
Huiyun Li, Shaoyan Fu, Di Liu, Jing Shi
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Social capital and the cost of equity
Journal of Banking & Finance, 2018Abstract We find that a firm's cost of equity is inversely related to the level of social capital in the state where the firm is headquartered. Further, the cost of equity declines when firms move their headquarters from a low-social-capital state to a state with higher social capital.
Atul Gupta +2 more
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Annual Report Readability and the Cost of Equity Capital
SSRN Electronic Journal, 2020Abstract Using a large panel of U.S. public firms, we examine the relation between annual report readability and cost of equity capital. We hypothesize that complex textual reporting deters investors' ability to process and interpret annual reports, leading to higher information risk, and thus higher cost of equity financing.
Rjiba, Hatem +3 more
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Bank Leverage, Capital Requirements and the Implied Cost of (Equity) Capital
SSRN Electronic Journal, 2019Do heightened capital requirements impose private costs on banks by adversely affecting their cost of capital? And if so, does the effect differ across different groups of banks? Using an international sample of listed banks over the period from 1990 to 2017, I find that equity investors adjust their expected return weakly in accordance with the ...
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