Implizite Eigenkapitalkosten und der Fehler in den Analystenprognosen in der Schweiz

Patricia Ruffing-Straube

Die Unternehmung - Swiss Journal of Business Research and Practice, 2015, vol. 69, issue 4, 418-439

Abstract: In this paper, I derive the implied cost of capital for the Swiss capital market on a monthly basis for the period from January 2006 to June 2014. Implied cost of capital models consider the actual expectations of market participants for future periods when deriving the cost of capital. In line with increased uncertainty in capital markets, the Swiss market risk premium shows a substantial increase during the financial crisis of 2008 as well in summer of 2011 when the Swiss Franc strengthened substantially. Industry risk premia also fluctuate with changes in the economic conditions. The results further show that analysts’ forecasts of earnings of Swiss firms are biased and inaccurate in volatile times, and I discuss conditions under which this may result in biased estimates of the cost of capital.

Date: 2015
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DOI: 10.5771/0042-059X-2015-4-418

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Die Unternehmung - Swiss Journal of Business Research and Practice is currently edited by Prof. Dr. Artur Baldauf, Universität Bern, Prof. Dr. Manfred Bruhn, Universität Basel, Prof. Dr. Pascal Gantenbein, Universität Basel (geschäftsführend), Prof. Dr. Markus Gmür, Universität Fribourg, Prof. Dr. Klaus Möller, Universität St. Gallen, Prof. Dr. Günter Müller-Stewens, Universität St. Gallen, Prof. Dr. Dr. h.c. Margit Osterloh, Universität Zürich, Prof. Dr. Dieter Pfaff, Universität Zürich and Prof. Dr. Martin Wallmeier, Universität Fribourg

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