A Full-information Approach for Estimating Divisional Betas
A new approach for estimating divisional betas is developed in this study. The approach is based on a sound theoretical foundation; utilizes all available information, yet still has parsimonious data requirements; can be implemented with simple statistical tools; and provides unambiguously interpretable results. The proposed methodology is applied to a large sample of stocks. The results indicate that the proposed methodology can more accurately estimate divisional betas than other approaches previously advocated in the finance literature.
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Volume (Year): 20 (1991)
Issue (Month): 2 (Summer)
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