Market Structure and the Cost of Capital

Mohamed El Hedi Arouri (), Christophe Rault (), Ana Maria Sova, Robert Sova () and Frédéric Teulon
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Mohamed El Hedi Arouri: LEO - Laboratoire d'économie d'Orleans [2008-2011] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique
Christophe Rault: LEO - Laboratoire d'économie d'Orleans [2008-2011] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique, EDHEC - EDHEC Business School - UCL - Université catholique de Lille
Ana Maria Sova: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Frédéric Teulon: IPAG - Institut de Planétologie et d'Astrophysique de Grenoble - OSUG - Observatoire des Sciences de l'Univers de Grenoble - UJF - Université Joseph Fourier - Grenoble 1 - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - INSU - CNRS - Institut national des sciences de l'Univers - IRSTEA - Institut national de recherche en sciences et technologies pour l'environnement et l'agriculture - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc - CNRS - Centre National de la Recherche Scientifique - INSU - CNRS - Institut national des sciences de l'Univers - CNES - Centre National d'Études Spatiales [Toulouse] - CNRS - Centre National de la Recherche Scientifique
Authors registered in the RePEc Author Service: Anamaria Diana Sova

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Abstract: 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.

Date: 2013-03-07
Note: View the original document on HAL open archive server: https://hal.science/hal-00798048v1
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Citations: View citations in EconPapers (5)

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Journal Article: Market structure and the cost of capital (2013)
Working Paper: Market Structure and the Cost of Capital (2013)
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