Habib, 2015, Corporate life cycle and cost of equity capital, Journal of Contemporary Accounting & Economics 11, 46-60.Hasan, M. M., Hossain, M., Cheung, A., Habib, A. (2015). Corporate life cycle and cost of equity capital. Journal of Contemporary Accounting & Economics, 11, pp. ...
Thisisapreliminarydraft.Pleasedonotciteorcirculatewithoutconsent.Thepreviousversionofthispaperis circulatedunderthetitle“Doescorporategovernanceaffectthecostofequitycapital?”.WethankMikeBarclay,John Long,WeiYang,andespeciallyLuZhangfortheirinvaluableguidance.CommentsandsuggestionsfromGregBauer, ...
This paper explicitly examines the interactive impact of country level legal and financial development, and firm level governance attributes on the cost of equity capital. Using a comprehensive sample of 7380 firm years drawn from 22 developed countries, we show that firm level governance attributes ...
解答:想要知道公司的WACC要分别求出该公司的cost of debt与cost of equity,因为该公司没有提到优先股,因此假设所有债务都是普通债务。 那么cost of equity为8%+0.747%(SML approach)=13.18%,所有者权益总市值为140*20=2800万;cost of debt=YTM(11%),债务总额为500*0.93=465万,总值为3265万。 因此所有的WAC...
This study examines the effect of corporate social responsibility (CSR) towards primary stakeholders on the cost of equity capital in Chinese listed firms, and divides the sample into state-owned enterprises (SOEs) and non-state-owned enterprises (NSOEs) for comparison. We construct a set of CSR...
Corporate reputation is an important management objective, bearing the potential to create sustainable competitive advantage, and many scholars have studie
debtholders have a prior legal claim on the company's cash flows and assets over the claims of equity owners. interest payments to debtholders are generally treated as a tax-deductible expense for the company, while dividend payments to shareholders are not ...
Based on Lambert, Leuz, and Verrecchia's (2007) derivation of the cost of equity capital in terms of expected cash flows, we generate a testable hypothesis that relates tax avoidance to a firm's cost of equity capital. Using three broad measures of tax avoidance-book-tax differences, permane...
10.1 Cost of Capital - Some Preliminaries 10.2 Cost of Equity 10.3 Cost of Debt 10.4 The Weighted Average Cost of Capital 11 Chapter 11 Long-term Financing 11.1 The Public Issue and Procedure 11.2 The Seasoned Offering 12 Chapter 12 Financial Leverage and Capital...
thecostofequityislowerfortax- avoiding rms.Thise ectisstrongerfor rmswithbetteroutside monitoring, rmsthatlikelyrealizehighermarginalbene tsfromtax savings,and rmswithhigherinformationquality.Overall,ourresults suggestthatequityinvestorsgenerallyrequirealowerexpectedrateof returnduetothepositivecash owe ectsof...