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dc.rights.licenseAl consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.es_CO
dc.contributor.advisorGonzález Ferrero, Maximiliano 
dc.contributor.advisorGaray, Urbi
dc.contributor.advisorBautista Mena, Rafael de Jesús
dc.contributor.advisorSabal, Jaime
dc.contributor.authorRosso Murillo, John William
dc.date.accessioned2018-09-27T16:39:21Z
dc.date.available2018-09-27T16:39:21Z
dc.date.issued2014
dc.identifier.urihttp://hdl.handle.net/1992/7821
dc.description.abstractI applied nine methods already proposed in the literature to calculate the cost of equity of companies from the six largest stock markets in Latin America, included in the MSCI emerging markets list. A number of these methods modify the discount rate obtained using the standard Capital Asset Pricing Model (CAPM) by adjusting for country risk premiums. I found a strong correlation between the results yielded by a number of these methods. I then applied an econometric test based on categorical variables to determine whether the estimated cost of equity is influenced by country and industry effects. I found that industry effects are more important than country effects in Latin America. This work gives empirical evidence for specific country and industry determinants of the cost of equity that are not explicitly treated in the extant literature. Then, I examine the determinants of the spread between corporate and sovereign debt yields. I use data of corporate bonds in fifteen emerging markets in order to calculate the spread between their yield to maturity and the respective sovereign debt yield to maturity for each of these markets. I found the determinants of such spread, controlling for debt term structure, and other variables. Additionally, I found industry and country effects not explained by variables at firm, issue, country, or international levels. The contribution of this work is to point out that industry effects are more important than country effects in explaining the spread, even when controlling by country and industry specific factorses_CO
dc.formatapplication/pdfes_CO
dc.format.extent91 hojases_CO
dc.language.isoenges_CO
dc.publisherUniandeses_CO
dc.sourceinstname:Universidad de los Andeses_CO
dc.sourcereponame:Repositorio Institucional Sénecaes_CO
dc.titleThe cost of capital in emerging marketses_CO
dc.typedoctoralThesises_CO
dc.publisher.programDoctorado en Administraciónes_CO
dc.rights.accessRightsopenAccess
dc.subject.keywordCostos de capital - Modelos econométricoses_CO
dc.subject.keywordMercados emergentes - Investigaciones - América Latinaes_CO
dc.publisher.facultyFacultad de Administraciónes_CO
dc.type.versionpublishedVersion
dc.description.degreenameDoctor en Administraciónes_CO
dc.description.degreelevelDoctoradoes_CO


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