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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Daniil Ganin
State Ownership Factor in the Cost of Equity Estimation
Financial Economics
(Master’s programme)
2017
Fama-Macbeth model was used to determine the cost of equity premia for non-state owned comoanies. The sample included BRICs economies in the period from 2009 to 2016. Overall, I was found that non-state owned companies have a premia to the cost of equity that equals 320 basis points.

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