businesscycles∗Thisisapreliminarydraft.Pleasedonotciteorcirculatewithoutconsent.Thepreviousversionofthispaperiscirculatedunderthetitle“Doescorporategovernanceaffectthecostofequitycapital?”.WethankMikeBarclay,JohnLong,WeiYang,andespeciallyLuZhangfortheirinvaluableguidance.CommentsandsuggestionsfromGregBauer,FrederickBe...
We hypothesize that even within industries, there is a significant relationship between the cost of equity and the life cycle of a firm. We argue that these variables are correlated because different life-cycle stages exhibit different degrees of systematic risk. Therefore, as the firm moves along...
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...
cost of equity会随着资本结构改变恰恰反应了公司加杠杆后会增加公司对EBIT的依赖程度,而EBIT本身是及其波动的,因此公司的杠杆越高,持有公司股权的风险越高,意味着股权人要求的risk premium越高,因此cost of equity与杠杆变化相同,但是公司的WACC是维持动态平衡的,暗示公司的资产产生的效益是相对稳定的,风险成本只能由c...
网络释义 1. 公司产权 财务英语英汉对照表 (C)_词条 ... corporate charter 公司执照corporate equity公司产权corporate failure 公司破产,公司倒闭 ... www.gotohui.com|基于7个网页 2. 股东权益 Freelance Chinese translator English... ... MINORITY INTEREST( 少数股东权益)CORPORATE EQUITY(股东权益) TO… ...
重点： cost of equity, cost of debt/cost of asset, weighted average of cost of capital CAPM/...
? Capital structure: Debt = 30%; Preferred stock = 15%; Common equity = 55% ? The tax rate is 40% The weighted average cost of capital (WACC) for the company is closest to: A. 11.5%. B. 13.4%. C. 14.2%. Ans: C; The yield to maturity on a par value bond is th...
The results show that firms on the Swiss market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures. The results persist even after controlling for various firm specific risks, such as firm size or financial leverage and regardless of company's...
We examine the effect of corporate social responsibility (CSR) on the cost of equity capital for a large sample of US firms. Using several approaches to estimate firms’ ex ante cost of equity, we find that firms with better CSR scores exhibit cheaper equity financing. In particular, our fin...
Corporate Governance and Cost of Equity Capital: An Efficiency Analysis Purpose: The objective of this study is to understand which corporate governance mechanisms lead in practise to lower information asymmetry and the cost of... KA Desender - 《Ssrn Electronic Journal》 被引量: 36发表: 2009年...