Barnes, Michelle L. (contributor); Lopez, Jose (contributor) - 2005
San Francisco
October 2005
Working Paper 2005-06
http://www.frbsf.org/publications/economics/papers/2005 …, such as leverage and line-of-business concentration.
Thus, a standard implementation of the benchmark CAPM model provides … a reasonable COE
estimate, which is needed to impute costs and set prices for the Reserve Banks’ payments
business …