Return, Risk and Cost of Equity for Stock S&L Firms: Theory and Empirical Results
研究了放松管制环境下储蓄贷款协会的财务状况，强调管理者需更精通金融管理技术，特别是股权成本的估算，并用35家股票储蓄贷款协会的月度股价数据估算了代表性股权成本。
This study examines the current deregulated environment for and the financial position of savings and loan associations. It is argued that in a less regulated, more competitive environment managers of savings and loan associations will have to become more proficient in using financial management techniques to assure the survival and the return to profitability of their associations. One aspect of financial management is a more careful estimation of and use of the cost of equity capital, especially for the increasing number of associations that have converted from mutual to stock organizations. Different approaches to the estimation of the cost of equity capital are discussed and monthly stock prices of 35 stock savings and loan associations are used to estimate representative costs of equity capital.