Алтернативен подход за определяне цената на капитала: По примера на българските АДСИЦ
Alternative approach for cost of capital determination: the case of Bulgarian reits
Author(s): Nigohos Kanaryan, Nikol KolevaSubject(s): Social Sciences, Economy, Education, National Economy, Business Economy / Management, Micro-Economics, Higher Education , Financial Markets, Public Finances, Marketing / Advertising
Published by: Нов български университет
Keywords: Cost of equity; Valuation; REIT
Summary/Abstract: The paper is motivated by numerous studies on cost of equity calculation. Empirical test prove that certain CAPM modified models cannot provide correct values of the cost of equity of companies from emerging markets. Thus, the applicability of the RojoRamirez et al. (2011a, 2011b) approach for cost of equity estimation is tested for seven Bulgarian REITs. The results show that the cost of equity values calculated by the RojoRamirez et al. (2011a, 2011b) are more adequate than those obtained by the CAPM.
Journal: Годишник Икономика и бизнес
- Issue Year: 2017
- Issue No: 1
- Page Range: 66-76
- Page Count: 11
- Language: Bulgarian