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Journal Article
The cost of capital for securities firms in the United States and Japan
The authors use stock market valuations to construct estimates of the cost of capital for five U.S. and four Japanese securities firms in 1982-91. They seek explanations for the observed capital cost differences in macroeconomic, risk, policy, and industrial organization factors. Their analysis also contrasts the gap in capital costs between U.S. and Japanese securities firms with the corresponding gap for industrial firms and banks.
Conference Paper
The cost of capital for banks in international competition
Journal Article
Bank cost of capital and international competition
The rising share of U.S. corporate loans booked by foreign-owned banks and the withdrawal of U.S. banks from foreign lending raise concerns about the competitiveness of U.S. banks. This article investigates how differential capital costs may have placed U.S. banks at a disadvantage relative to their foreign competitors. The authors compare the capital costs facing commercial banks in the United States and five other industrial countries and present explanations for the observed differences.
Journal Article
Explaining international differences in the cost of capital