全球智库信息集成服务系统(G2TT): The Corporate Cost of Capital in Japan and the U.S.: A Comparison

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w1762
来源ID	Working Paper 1762
	The Corporate Cost of Capital in Japan and the U.S.: A Comparison
	Albert Ando; Alan J. Auerbach
发表日期	1985-10-01
出版年	1985
语种	英语
摘要	This paper presents evidence about the coats of corporate capital in Japan and the US, for a sample of large companies, and evaluates a variety of hypotheses about why the cost might be lower in Japan.We find that the before-tax return to capital in Japan appears slightly lower than in the U.S. when corrected book measures of earnings are used, but that this result would be reversed if market returns to Japanese equity were used in place of corrected earningsto measure the cost of equity.To what ever extent the cost of capital may actually be lower in Japan, we show that this is unlikely to be due either to a lower overall corporate tax burden or the particular tax advantages of corporate borrowing.
主题	Macroeconomics
URL	https://www.nber.org/papers/w1762
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/559006
推荐引用方式 GB/T 7714	Albert Ando,Alan J. Auerbach. The Corporate Cost of Capital in Japan and the U.S.: A Comparison. 1985.