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Pré-Publication, Document De Travail Année : 2013

Market Structure and the Cost of Capital

Résumé

We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model (CAPM) to price assets in different market structures. Second, we use our model to analyze whether when markets are partially segmented using the local or the global CAPM yields significant errors in the estimation of the cost of capital for a sample of firms from developed and emerging countries.
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Dates et versions

hal-00798048 , version 1 (07-03-2013)

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  • HAL Id : hal-00798048 , version 1

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Mohamed El Hedi Arouri, Christophe Rault, Ana Maria Sova, Robert Sova, Frédéric Teulon. Market Structure and the Cost of Capital. 2013. ⟨hal-00798048⟩
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