Costs of Equity Capital and Model Mispricing

Costs of equity for individual firms are estimated in a Bayesian framework using several factor-based pricing models. Substantial prior uncertainty about mispricing often produces an estimated cost of equity close to that obtained with mispricing precluded, even for a stock whose average return

本研究基于贝叶斯框架（Bayesian framework），采用多种因子定价模型（factor-based pricing models）对单家企业的股权资本成本进行估算。针对错误定价存在的显著先验不确定性，往往会使得估算所得的股权资本成本与排除错误定价场景下得到的结果极为接近，即便针对平均回报率[原文未完整收尾]的个股亦是如此。