Ernstberger, Jürgen; Vogler, Oliver - In: The International Journal of Accounting 43 (2008) 4, pp. 339-386
This paper critically examines the impact of voluntary adoption of Internationally Accepted Accounting Principles (IAAP, i.e., IAS/IFRS and U.S. GAAP) on the cost of equity capital in Germany. We find that (1) overall cost of equity-capital estimates in the Capital Asset Pricing Model (CAPM) for...