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| Tekijä: | McLaney, E. (et al.) |
| Otsikko: | Practitioners' perspectives on the UK cost of capital |
| Lehti: | European Journal of Finance
2004 : APR, VOL. 10:2, p. 123-138 |
| Asiasana: | Finance Capital costs Dividends Earnings Companies United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | This study aims to determine how U.K. finance practitioners derive and review the cost of capital (hereafter as: c-of-cap.), and to ascertain whether the final figure varies with the choice of method. To investigate behaviour in the real world a survey questionnaire was employed, eliciting responses from the finance directors of 193 U.K. quoted firms. The results suggest that the c-of-cap. calculation is subject to wide variation across firms, both with regard to the overall figure and the precise computation of its components. The intuitive appeal of the WACC and CAPM approaches appears to ensure their continued popularity in the real world. However, firms tend not to make all of the adjustments to the overall figure which academics might expect, only making simple adjustments for risk and the tax advantage to debt. |
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