English, Article, Journal or magazine article edition: The Cost of Capital in Japan: Recent Evidence and Further Results Albert Ando; Alan J. Auerbach

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Bookmark: http://trove.nla.gov.au/version/139913
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Cost of Capital in Japan: Recent Evidence and Further Results
Author
  • Albert Ando
  • Alan J. Auerbach
Physical Description
  • preprint
Notes
  • We extend our recent work measuring the cost of capital in Japan and the United States by considering several questions that such results raised. Among our findings are: (1) The small firm - large firm distinction appears to be more significant in Japan, not in the United States; (2) Correcting Japanese accounting statements for cross-holding raises the estimated Japanese cost-of-capital by about 1 percentage point; (3) Correcting Japanese accounting statements for unmeasured returns to land has a significantly more important effect: the most conservative correction we attempt raises the implied Japanese return to capital to parity with the United States during the mid-1980's.
  • RePEc:nbr:nberwo:3371
Language
  • English
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