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The cost of capital for securities firms in the United States and Japan


  • Robert N. McCauley
  • Steve A. Zimmer


The 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.

Suggested Citation

  • Robert N. McCauley & Steve A. Zimmer, 1991. "The cost of capital for securities firms in the United States and Japan," Quarterly Review, Federal Reserve Bank of New York, issue Aut, pages 14-27.
  • Handle: RePEc:fip:fednqr:y:1991:i:aut:p:14-27:n:v.16no.3

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    Cited by:

    1. Fukuyama, Hirofumi & Weber, William L., 1999. "The efficiency and productivity of Japanese securities firms, 1988-93," Japan and the World Economy, Elsevier, vol. 11(1), pages 115-133, January.

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    Business enterprises ; Japan ; Capital;


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