The purpose of this paper is to examine the effect of voluntary disclosure of `business risk' information (hereafter referred to as `risk information' ), which is a significant determinant of the information environment, on estimating the cost of capital. Recently, some studies indicate that the...

The purpose of this paper is to estimate an alternative implied cost of capital inferred from a valuation model, and consider its validity and use. This paper presents interesting evidence in terms of a comparison with U.S. analysis results. While prior studies (e.g., Gode and Mohanram 2003)...