The cost of capital for securities firms in the United States and Japan

Robert McCauley and Steven A. Zimmer

Quarterly Review, 1991, vol. 16, issue Aut, 14-27

Abstract: The authors use stock market valuations to construct estimates of the cost of capital for five U.S. and four Japanese securities firms in 1982-91. They seek explanations for the observed capital cost differences in macroeconomic, risk, policy, and industrial organization factors. Their analysis also contrasts the gap in capital costs between U.S. and Japanese securities firms with the corresponding gap for industrial firms and banks.

Keywords: Business enterprises; Japan; Capital (search for similar items in EconPapers)
Date: 1991
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