The Cost of Capital and the Market Power of Firms: Reply and Correction
回复并修正了关于市场势力与资本成本关系的讨论，实证发现市场势力并不显著影响权益资本成本，而是通过影响经营和财务政策间接作用于权益收益率。
elements which can be specified. When equation (4) was tested, the variables used to measure financial leverage, size, operating leverage, and growth were all significant at least at the 5% level, in the expected direction, but the market power variable then lost significance. In the absence of an integrated theoretical model, the relationship between market power and systematic risk can only be studied empirically. The statistical results reported here suggest that powerful firms do not have any unusual ability to influence their cost of equity capital. Market power appears to have an impact on equity yields because of investors' rational evaluation of managers' operating and financial policies.