| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w2286
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| 来源ID | Working Paper 2286
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| The Cost of Capital in the U.S. and Japan: A Comparison |
| Albert Ando; Alan J. Auerbach
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| 发表日期 | 1987-06-01
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| 出版年 | 1987
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| 语种 | 英语
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| 摘要 | This paper uses financial statement data for large samples of U.S. and Japanese nonfinancial corporations to estimate the return to capital in each country for the period 1967-83. Interpreting these as measures of the cost of capital, we find that the before-tax cost of corporate capital was higher for U.S. firms than for their Japanese counterparts, with the average gap potentially as high as 5.8 percentage points. The use of alternative measurement techniques alters the gap slightly but does not alter the basic finding. However, market returns in the two countries were much closer during the same period. Certain potential explanations for the gap in returns are rejected by empirical evidence, including differences in corporate taxation, differences in borrowing and differences in asset mix. This leaves three potential explanations: differences in risk, differences in the tax treatment of individual capital income and imperfections in the international flow of capital |
| 主题 | Macroeconomics
; International Economics
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| URL | https://www.nber.org/papers/w2286
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559541
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推荐引用方式
GB/T 7714 |
Albert Ando,Alan J. Auerbach. The Cost of Capital in the U.S. and Japan: A Comparison. 1987.
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文件名：
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w2286.pdf
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格式：
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Adobe PDF
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