Alternative Measures of the Federal Reserve Banks' Cost of Equity Capital
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منابع مشابه
Alternative Measures of the Federal Reserve Banks’ Cost of Equity Capital
The Monetary Control Act of 1980 requires the Federal Reserve System to provide payment services to depository institutions through the twelve Federal Reserve Banks at prices that fully reflect the costs a private‐sector provider would incur, including a cost of equity capital (COE). Although Fama and French (1997) conclude that COE estimates are “woefully” and “unavoidably” im...
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he Federal Reserve System provides services to depository financial institutions through the twelve Federal Reserve Banks. According to the Monetary Control Act of 1980, the Reserve Banks must price these services at levels that fully recover their costs. The act specifically requires imputation of various costs that the Banks do not actually pay but would pay if they were commercial enterprise...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2005
ISSN: 1556-5068
DOI: 10.2139/ssrn.887943