Time-varying cost of equity capital in Southeast Asian Countries

Rashid Ameer*

*Corresponding author for this work

    Research output: Contribution to journalArticle

    Abstract

    This paper investigates variation in the cost of equity capital for the Southeast Asian countries using firm-level data over the period of 1990-2004. It is found that decreases in the firm-level cost of equity capital have been associated with stock market liberalization and securities market development. The results of the present study suggest that earlier empirical evidence regarding the decrease in the cost of equity capital using country-level data cannot be generalized to different types of firms. There has been significant time variation in the cost of equity capital within countries and across firms.

    Original languageEnglish
    Pages (from-to)207-238
    Number of pages32
    JournalAsian Economic Journal
    Volume21
    Issue number2
    DOIs
    Publication statusPublished - 30 Jun 2007

    Keywords

    • Cost of equity capital
    • Emerging markets
    • Institutions
    • Securities law
    • Stock market liberalization

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