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The Dynamic Market-Derived Capital Pricing Model: Theoretical Foundations and Empirical Analysis
2014
Social Science Research Network
In this paper we propose a dynamic version of the Market-Derived Capital Pricing Model (MCPM) of McNulty, Yeh, Schulze and Lubatkin (2002) .By introducing the competitive advantage period "CAP" in the algorithm of this model, we develop the Dynamic Market-Derived Capital Pricing Model (DMCPM). The economic theoretical foundation of the DMCPM is based on the competitive economic equilibrium concept. A sample of 80 U.S. firms and cross section data are used in the empirical analysis. We compare
doi:10.2139/ssrn.2431750
fatcat:vooduj65x5fu7c3uf7pascjvhi