Does the Interdependence Between Capital Markets Change the Factors of Cost of Capital Assessment Models?

The present paper aims to identify the relationship that can quantify the dependence between different capital markets and to compare the results obtained before and after the onset financial crisis we are going through. Also, we plan to identify on the basis of empirical data a generally valid behavior of these dependencies, to justify their trend of yields obtained on the capital market. From this perspective there have been made suggestions on what factors should be selected in a model of estimating cost of capital estimation. The paper seeks to be a starting point for further researches about contagion phenomenon and about its importance in explaining adverse evolution of securities that apparently are unexposed at fluctuations on external stock markets.