Divisional Cost-of-Capital Estimation for Multi-Industry Firms
提出一种利用单行业和多行业企业市场信息来估算多行业企业部门资本成本的新方法，并引入财务分析师的预期数据，解决了纯玩公司数据不足和杠杆差异问题。
The research extends work by Fuller and Kerr [11], whose technique requires the identification of at least one publicly traded, single-industry firm to serve as a proxy for a given division. The methodology introduced here incorporates market information on both single-industry and multi-industry firms. This advance is significant for two reasons. First, most large firms operate over a range of industries. As a result, a focus on pure plays ignores a large amount of relevant data. In fact, it may often be impossible to identify a pure play for a particular line of business. Second, as Fuller and Kerr themselves point out, financial leverage considerations may differ between pure-play firms and diversified, multi-division firms. An additional advance of this over prior work on divisional hurdle rates is the use of expectational data from financial analysts. Although finance theory calls for the use of expectational data to estimate required returns, most research has focused on historical realizations as proxies for future expectations. The authors thank the anonymous reviewers for helpful comments.