The Cost of Equity in Emerging Markets: The Case of Latin America
We applied ten methods to calculate the cost of equity in a set of companies included in the MSCI1 emerging markets list from five countries in Latin America. The methods modify the discount rate obtained using the standard Capital Asset Pricing Model (CAPM) by adjusting for country risk premiums. W...
- Autores:
-
Garay, Urbi
González Ferrero, Maximiliano
Rosso Murillo, John William
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2013
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- spa
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/46360
- Acceso en línea:
- http://hdl.handle.net/1992/46360
- Palabra clave:
- Cost of equity
Latin America
Market integration
Análisis de inversiones - América Latina
Mercado de valores - América Latina
Mercados emergentes - América Latina
Administración
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Garay, Urbi6ffefd64-12f9-46e0-8b12-b1acbb329da6600González Ferrero, Maximiliano8532600Rosso Murillo, John Williamd754679a-5a12-49b4-b6fa-5fbc5b3ce50b6002020-09-21T15:18:55Z2020-09-21T15:18:55Z20131900-1606http://hdl.handle.net/1992/46360instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/We applied ten methods to calculate the cost of equity in a set of companies included in the MSCI1 emerging markets list from five countries in Latin America. The methods modify the discount rate obtained using the standard Capital Asset Pricing Model (CAPM) by adjusting for country risk premiums. We found that country effects are more important than industry effects in Latin America. This work also contributes to a better understanding of how different ways of calculating country risk can affect a firm¿s cost of equity. Further-more, it gives empirical evidence for specific country and industry determinants of the cost of equity that are not explicitly treated in the extant literatura.En este trabajo aplicamos diez métodos para calcular el costo del patrimonio a un grupo de empresas incluidas en el MSCI emerging marketlist de cinco países latinoamericanos. Los métodos modifican la tasa de descuento calculada con el modelo estándar Capital Asset Pricing Model (CAPM) ajustado por primas de riesgo país. Encontramos que el efecto país es más importante que el efecto industria para Latinoamérica. Este trabajo también contribuye para entender mejor cómo las diferentes formas de calcular el riesgo país pueden afectar el costo de patrimonio de la empresa. Más aún, se ofrece evidencia empírica del efecto de factores específicos relacionados con el país y la industria que no son incorporados explícitamente en la literatura.Introduction. 1. Literature Review and Valuation Models for Emerging Markets. 2. The Data and the Methodology. 3. Results. 4. Complementary analysis. Conclusions. References.16 páginasapplication/pdfspaUniversidad de los AndesFacultad de AdministraciónGaleras de Administración, No. 38instname:Universidad de los Andesreponame:Repositorio Institucional SénecaThe Cost of Equity in Emerging Markets: The Case of Latin AmericaEl costo de capital en países emergentes: el caso de LatinoaméricaDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPCost of equityLatin AmericaMarket integrationAnálisis de inversiones - América LatinaMercado de valores - América LatinaMercados emergentes - América LatinaAdministraciónFacultad de AdministraciónPublicationTEXTGaleras-de-administración-38.pdf.txtGaleras-de-administración-38.pdf.txtExtracted texttext/plain51179https://repositorio.uniandes.edu.co/bitstreams/ccf0b06e-ade8-4aba-8e06-91b0389692a6/download1722e28cfbc8d2bdb599d81a3a956914MD54THUMBNAILGaleras-de-administración-38.pdf.jpgGaleras-de-administración-38.pdf.jpgIM Thumbnailimage/jpeg16929https://repositorio.uniandes.edu.co/bitstreams/7cc34c83-372a-443b-8d2d-e1884be652ed/downloadf67de2c375fcd060df5e7a28a7437a74MD55ORIGINALGaleras-de-administración-38.pdfGaleras-de-administración-38.pdfapplication/pdf1777265https://repositorio.uniandes.edu.co/bitstreams/3b4d4b01-38a6-40cd-aefd-65370299eabb/downloadab3c78933ea2fa333063037a2e18bf95MD511992/46360oai:repositorio.uniandes.edu.co:1992/463602023-10-10 15:50:45.503http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |
| dc.title.none.fl_str_mv |
The Cost of Equity in Emerging Markets: The Case of Latin America |
| dc.title.alternative.none.fl_str_mv |
El costo de capital en países emergentes: el caso de Latinoamérica |
| title |
The Cost of Equity in Emerging Markets: The Case of Latin America |
| spellingShingle |
The Cost of Equity in Emerging Markets: The Case of Latin America Cost of equity Latin America Market integration Análisis de inversiones - América Latina Mercado de valores - América Latina Mercados emergentes - América Latina Administración |
| title_short |
The Cost of Equity in Emerging Markets: The Case of Latin America |
| title_full |
The Cost of Equity in Emerging Markets: The Case of Latin America |
| title_fullStr |
The Cost of Equity in Emerging Markets: The Case of Latin America |
| title_full_unstemmed |
The Cost of Equity in Emerging Markets: The Case of Latin America |
| title_sort |
The Cost of Equity in Emerging Markets: The Case of Latin America |
| dc.creator.fl_str_mv |
Garay, Urbi González Ferrero, Maximiliano Rosso Murillo, John William |
| dc.contributor.author.none.fl_str_mv |
Garay, Urbi González Ferrero, Maximiliano Rosso Murillo, John William |
| dc.subject.keyword.none.fl_str_mv |
Cost of equity Latin America Market integration |
| topic |
Cost of equity Latin America Market integration Análisis de inversiones - América Latina Mercado de valores - América Latina Mercados emergentes - América Latina Administración |
| dc.subject.armarc.none.fl_str_mv |
Análisis de inversiones - América Latina Mercado de valores - América Latina Mercados emergentes - América Latina |
| dc.subject.themes.none.fl_str_mv |
Administración |
| description |
We applied ten methods to calculate the cost of equity in a set of companies included in the MSCI1 emerging markets list from five countries in Latin America. The methods modify the discount rate obtained using the standard Capital Asset Pricing Model (CAPM) by adjusting for country risk premiums. We found that country effects are more important than industry effects in Latin America. This work also contributes to a better understanding of how different ways of calculating country risk can affect a firm¿s cost of equity. Further-more, it gives empirical evidence for specific country and industry determinants of the cost of equity that are not explicitly treated in the extant literatura. |
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2013 |
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2013 |
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2020-09-21T15:18:55Z |
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2020-09-21T15:18:55Z |
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spa |
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Galeras de Administración, No. 38 |
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