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The cost of capital in internationally integrated markets: The case of Nestlé
Authors:Ren M Stulz
Institution:René M. Stulz
Abstract:This paper argues that the cost of capital for firms in small countries should be estimated using the global CAPM rather than a local CAPM. Two related formulas showing the mistake made when using a local CAPM rather than a global CAPM are presented. the global CAPM is implemented for the case of Nestlé and the results are compared to the cost of capital estimate one obtains for Nestlé using a local CAPM when the global CAPM is appropriate.
Keywords:Internationally integrated markets  cost of capital estimates  global CAPM  G12  G15
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