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https://hdl.handle.net/20.500.14279/9839
Τίτλος: | Public utility beta adjustment and biased costs of capital in public utility rate proceedings | Συγγραφείς: | Michelfelder, Richard A. Theodossiou, Panayiotis |
Major Field of Science: | Social Sciences | Field Category: | Economics and Business | Λέξεις-κλειδιά: | Capital Asset Pricing Model;CAPM | Ημερομηνία Έκδοσης: | Νοε-2013 | Πηγή: | Electricity Journal, 2013, vol. 26, no. 9, pp. 60-68 | Volume: | 26 | Issue: | 9 | Start page: | 60 | End page: | 68 | Περιοδικό: | The Electricity Journal | Περίληψη: | The Capital Asset Pricing Model (CAPM) is commonly used in public utility rate proceedings to estimate the cost of capital and allowed rate of return. The beta in the CAPM associates risk with estimated return. However, an empirical analysis suggests that the commonly used Blume CAPM beta adjustment is not appropriate for electric and electric and gas public utility betas, and may bias the cost of common equity capital in public utility rate proceedings. | URI: | https://hdl.handle.net/20.500.14279/9839 | ISSN: | 10406190 | DOI: | 10.1016/j.tej.2013.09.017 | Rights: | © Elsevier | Type: | Article | Affiliation: | Rutgers University-Camden campus Cyprus University of Technology |
Publication Type: | Peer Reviewed |
Εμφανίζεται στις συλλογές: | Άρθρα/Articles |
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