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Le coût des capitaux propres des grandes entreprises non financières en zone euro : une évaluation sur la dernière décennie

Author

Listed:
  • MAZET-SONILHAC, C.
  • MÉSONNIER, J.-S.

Abstract

Après une forte augmentation pendant les récentes périodes de crise, le coût estimé des capitaux propres des entreprises non financières des grands pays de la zone euro se situe à la mi-2016 à un niveau inférieur à celui de début 2006. Cette évolution recèle toutefois une hausse de la prime de risque sur actions en Europe au cours des trois dernières années qui a été masquée par l’effet de la baisse du taux sans risque sur le coût des capitaux propres des grandes entreprises.

Suggested Citation

  • Mazet-Sonilhac, C. & Mésonnier, J.-S., 2016. "Le coût des capitaux propres des grandes entreprises non financières en zone euro : une évaluation sur la dernière décennie," Bulletin de la Banque de France, Banque de France, issue 207, pages 33-45.
    • Handle: RePEc:bfr:bullbf:2016:207:03
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    File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/bulletin-de-la-banque-de-france_207_2016-09-10.pdf
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    References listed on IDEAS

    as
    1. Michael R King, 2009. "The cost of equity for global banks: a CAPM perspective from 1990 to 2009," BIS Quarterly Review, Bank for International Settlements, September.
    2. Simon Gilchrist & Benoit Mojon, 2018. "Credit Risk in the Euro Area," Economic Journal, Royal Economic Society, vol. 128(608), pages 118-158, February.
    3. Eugene F. Fama & Kenneth R. French, 2002. "The Equity Premium," Journal of Finance, American Finance Association, vol. 57(2), pages 637-659, April.
    4. 0. De Bandt & B. Camara & P. Pessarossi & M. Rose, 2014. "Regulatory changes and the cost of equity:evidence from French banks," Débats économiques et financiers 11, Banque de France.
    5. Fernandez, Pablo & Aguirreamalloa, Javier & Corres, Luis, 2011. "Market risk premium used in 56 countries in 2011: A survey with 6,014 answers," IESE Research Papers D/920, IESE Business School.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Bove Guillaume & Dees Stéphane & Thubin Camille, 2020. "House Prices, Mortgage Debt Dynamics and Economic Fluctuations in France: A Semi-Structural Approach," Working papers 787, Banque de France.

    More about this item

    Keywords

    Financement des entreprises; coût des capitaux propres; prime de risque sur actions; CAPM;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory

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