The cost of capital for securities firms in the United States and Japan
AbstractThe authors use stock market valuations to construct estimates of the cost of capital for five U.S. and four Japanese securities firms in 1982-91. They seek explanations for the observed capital cost differences in macroeconomic, risk, policy, and industrial organization factors. Their analysis also contrasts the gap in capital costs between U.S. and Japanese securities firms with the corresponding gap for industrial firms and banks.
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Bibliographic InfoArticle provided by Federal Reserve Bank of New York in its journal Quarterly Review.
Volume (Year): (1991)
Issue (Month): Aut ()
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- Fukuyama, Hirofumi & Weber, William L., 1999. "The efficiency and productivity of Japanese securities firms, 1988-93," Japan and the World Economy, Elsevier, Elsevier, vol. 11(1), pages 115-133, January.
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