ACCOUNTING FOR THE COST OF CAPITAL: AN EMPIRICAL EXAMINATION
实证检验了是否应将权益资本成本从收入中扣除，通过对比14种权益资本成本计量方式下的会计贝塔与市场贝塔的相关性，发现扣除权益资本成本后的收入可能比现行报告的收入更具信息含量。
One of accounting's oldest issues, accounting for interest costs, has become a subject of increased concern in recent years. This study empirically addresses the issue of whether the cost of equity capital should be charged against income. Fourteen measures of the cost of equity capital are examined. The empirical tests involve contemporaneous correlation of accounting betas for each income measure with market betas for a sample of 200 companies. The results of these association tests indicate that income measures, net of the cost of equity capital, may have greater information content than income as presently reported.