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ArticleMarket structure uncertainty and the cost of equity capital

Laurence David Booth1981

Article1981

Market structure uncertainty and the cost of equity capital

Laurence David Booth

30 citations·0/0 files stored·Journal of Banking & Finance

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Reporting and Valuation Research

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1973An Intertemporal Capital Asset Pricing Model 1966Equilibrium in a Capital Asset Market 1971On the theory of the competitive firm under price uncertainty 1972Theory of the Firm Facing Uncertain Demand 1963Production and Cost Functions: An Econometric Survey

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Year1981

Typearticle

Published1981-12-01

VenueJournal of Banking & Finance

ISSN-L0378-4266

Languageen

Citations30

Files0 public / 0

ShelfCorporate Finance and Governance

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doi10.1016/s0378-4266(81)80002-7

openalex_workW2056544220

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2010Stock returns and product market competition: beyond industry concentration 2015Market power and dividend policy 2001Empirical validation of a general model of growth opportunities