TY  - UNPD
A1  - Daske, Holger
A1  - Gebhardt, Günther
A1  - Klein, Stefan
T1  - Estimating the expected cost of equity capital using consensus forecasts
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 124
N2  - In this study, we develop a technique for estimating a firm’s expected cost of equity capital derived from analyst consensus forecasts and stock prices. Building on the work of Gebhardt/Lee/-Swaminathan (2001) and Easton/Taylor/Shroff/Sougiannis (2002), our approach allows daily estimation, using only publicly available information at that date. We then estimate the expected cost of equity capital at the market, industry and individual firm level using historical German data from 1989-2002 and examine firm characteristics which are systematically related to these estimates. Finally, we demonstrate the applicability of the concept in a contemporary case study for DaimlerChrysler and the European automobile industry.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 124 
KW  - Deutschland
KW  - Eigenkapital
KW  - Kapitalkosten
KW  - Aktienanalyse
KW  - Aktienbewertung
KW  - Finanzanalyse
KW  - Technische Aktienanalyse
KW  - Wertpapieranalyse
KW  - Börsenkurs
KW  - Prognose
KW  - Schätzung
Y1  - 2004
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3716
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-17728
PB  - Univ., Fachbereich Wirtschaftswiss.
CY  - Frankfurt am Main
ER  -