The cost of capital in internationally integrated markets: The case of Nestlé
论证小国企业应使用全球资本资产定价模型而非本地模型估算资本成本，并以雀巢为例展示两种方法的差异。
Abstract This paper argues that the cost of capital for firms in small countries should be estimated using the global CAPM rather than a local CAPM. Two related formulas showing the mistake made when using a local CAPM rather than a global CAPM are presented. the global CAPM is implemented for the case of Nestlé and the results are compared to the cost of capital estimate one obtains for Nestlé using a local CAPM when the global CAPM is appropriate.