Ερευνητικά δοκίμια
Μόνιμο URI για αυτήν τη συλλογήhttps://pyxida.aueb.gr/handle/123456789/36
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Πλοήγηση Ερευνητικά δοκίμια ανά Θέμα "Implied cost of capital"
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Α Β Γ Δ Ε Ζ Η Θ Ι Κ Λ Μ Ν Ξ Ο Π Ρ Σ Τ Υ Φ Χ Ψ Ω
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Τεκμήριο Estimating the implied cost of capital from the RIV and the AEG models: a contemporary analysis: draft Version of PhD thesis(2025) Lessis, IoannisΠροσχέδιο διδακτορικής διατριβής.Τεκμήριο Business strategy and cost of capital: a mediation analysis(2025-10-31) Karampinis, Nikolaos; Lessis, IoannisWe examine the impact of business strategy on the implied cost of capital premium (ICCpremium). We identify three paths of influence, namely, cost stickiness, conditional conservatism, and earnings persistence. We construct a Structural Equation Model (SEM) to evaluate these relationships. The findings suggest that a pure prospector has an ICCpremium of 7.44% relative to 8.01% for a defender. The paths of cost stickiness and conditional conservatism are those that primarily raise the difference. The SEM’s results support that prospectors exhibit stickier costs and less conditional conservatism, while earnings persistence is relatively similar for the two strategic positionings. Our findings remain robust under various tests while we also find that business strategy impacts both systematic and idiosyncratic risk.Τεκμήριο Implied cost of capital and accounting conservatism(2025-10-31) Karampinis, Nikolaos; Lessis, IoannisIn this paper, we illuminate the importance of accounting conservatism adjustments when estimating the implied cost of capital (ICC) with the Residual Income Valuation (RIV) and the Abnormal Earnings Growth (AEG) model. Specifically, we adjust for three main limitations in the research of ICC, that is, accounting conservatism, analyst over-optimism, and the degrees of freedom problem (i.e. different forecasting horizons), and compare their effects. We show that, after conservatism adjustments in either model, the correlation and the explanatory power of ICC for realized returns exhibit a substantial improvement. However, we find that the adjustment for analyst bias generates immaterial changes, while the adjustment for the degrees of freedom problem yields mixed results. Contrary to expectations, the adjustments do not align the estimated ICCs from the two models but make them to diverge more. Finally, the ICC from the AEG model outperforms its counterpart from the RIV model either with or without the adjustments.