How ESG Ratings Can Affect a Firm’s Cost of Equity
Reynolds Holding
AUGUST 2, 2023
energy intensity classification) We first measure COE using an implied COE estimate that relies on residual income and dividend-discounting valuation models. CAPM), this measure is forward looking and exploits analysts’ earnings forecasts as proxies for the market’s expectation of future earnings. RESOURCES Derwall, J., Guenster, R.
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