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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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The impact of EMU on the equity cost of capital
Journal of International Money and Finance, 2007This paper shows that during the 1990s the process of gradual economic and monetary integration, which eventually led to EMU, also resulted in a reduction in the equity cost of capital. A similar reduction was not present in the three EU countries which chose not to enter the Eurozone.
Gikas A. Hardouvelis +2 more
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Does chairperson gender matter? Evidence from the cost of equity capital
Asia-Pacific Journal of Accounting & EconomicsThis paper examines the effect of chairperson gender on the cost of equity capital. Using a sample of Chinese-listed firms, we find that the presence of chairwomen is associated with significantly lower cost of equity capital. Furthermore, this effect is
Fuxiu Jiang, Yiqian Cai, Xiaoxue Xia
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Carbon disclosure, emission intensity and cost of equity capital: multi‐country evidence
Accounting and Finance, 2019This study examines the joint effect of carbon disclosure and greenhouse gas (GHG) emissions on firms’ implied cost of equity capital (COC). Based on 4655 firm-year observations across 34 countries, we find firms’ GHG emission intensity to be positively ...
B. Bui, Olayinka Moses, M. Houqe
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Taxes, Leverage, and the Cost of Equity Capital
Journal of Accounting Research, 2005We examine the associations between leverage, corporate and investor level taxes, and the firm's implied cost of equity capital. Expanding on Modigliani and Miller [1958,1963], the cost of equity capital can be expressed as a function of leverage and corporate and investor level taxes.
DAN DHALIWAL +2 more
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International Review of Finance
This paper uses a sample of comment letters issued and disclosed by the Shanghai and Shenzhen Stock Exchanges in China from 2015 to 2019 and empirically investigates the impact of comment letters on the cost of equity capital.
Yikun Chen +4 more
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This paper uses a sample of comment letters issued and disclosed by the Shanghai and Shenzhen Stock Exchanges in China from 2015 to 2019 and empirically investigates the impact of comment letters on the cost of equity capital.
Yikun Chen +4 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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XBRL extensions and cost of equity capital in Chinese firms: a natural experiment
Asia-Pacific Journal of Accounting & EconomicsThis study investigates whether XBRL (eXtensible Business Reporting Language) extensions affect cost of equity capital in Chinese firms during the historical sample period of 2015–2016.
Z.J. Tian +3 more
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A Re‐examination of Disclosure Level and the Expected Cost of Equity Capital
, 2002Christine A. Botosan, Marlene A. Plumlee
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