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Estimating SMEs Cost of Equity Using a Value at Risk Approach

The Capital at Risk Model

  • Book
  • © 2014

Overview

Authors:
  1. Federico Beltrame

    1. University of Udine, Italy

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  2. Roberto Cappelletto

    1. University of Udine, Italy

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  3. Gabriele Toniolo

    1. Venice, Italy

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About this book

As well as reviewing traditional models, this book proposes an alternative model for estimating the cost of risk capital. This model, known as CaRM (Capital at Risk Model), bases the cost estimate of risk capital on VaR (Value at Risk) for the very first time. This book is an ideal resource for developing valuation research in SMEs.

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-xvi
    Download chapter PDF

  2. Introduction

    • Federico Beltrame, Roberto Cappelletto, Gabriele Toniolo
    Pages 1-5

  3. The Financial Structure of Small and Medium Firms and the Impact on the Cost of Capital

    • Federico Beltrame, Roberto Cappelletto, Gabriele Toniolo
    Pages 6-30

  4. Valuation of Small and Medium Enterprises: Critical Aspects of Method and Evaluation of Credit Risk

    • Federico Beltrame, Roberto Cappelletto, Gabriele Toniolo
    Pages 31-58

  5. The Capital at Risk Model: Theoretical Aspects

    • Federico Beltrame, Roberto Cappelletto, Gabriele Toniolo
    Pages 59-84

  6. Application of the Capital at Risk Model to Small and Medium Enterprises

    • Federico Beltrame, Roberto Cappelletto, Gabriele Toniolo
    Pages 85-104

  7. The Capital at Risk Model Applied to the Firms Alpha, Beta and Gamma

    • Federico Beltrame, Roberto Cappelletto, Gabriele Toniolo
    Pages 105-166

  8. Back Matter

    Pages 167-210
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Authors and Affiliations

  • University of Udine, Italy

    Federico Beltrame, Roberto Cappelletto

  • Venice, Italy

    Gabriele Toniolo

About the authors

Federico Beltrame is a Lecturer in Banking and Finance at the University of Udine, Italy. He graduated in Economics from the University of Udine and received a PhD in Business Science from the same university. His main research interests are related to SMEs cost of capital and mutual guarantee credit institutions.

Roberto Cappelletto is a Full Professor in Corporate Finance at the University of Udine, Italy. He has also taught at Ca' Foscari University (Venice) and Bocconi University (Milan). His main research interests are related to financial analysis and rating systems.

Gabriele Toniolo holds as PhD in Corporate Finance from the University of Trieste and is a financial and business advisor. He graduated in Economics from Ca' Foscari University (Venice). His main research interests are related to SMEs cost of capital, credit risk and rating systems.

Bibliographic Information

  • Book Title: Estimating SMEs Cost of Equity Using a Value at Risk Approach

  • Book Subtitle: The Capital at Risk Model

  • Authors: Federico Beltrame, Roberto Cappelletto, Gabriele Toniolo

  • DOI: https://doi.org/10.1057/9781137389305

  • Publisher: Palgrave Macmillan London

  • eBook Packages: Palgrave Economics & Finance Collection, Economics and Finance (R0)

  • Copyright Information: Palgrave Macmillan, a division of Macmillan Publishers Limited 2014

  • Hardcover ISBN: 978-1-137-38929-9Published: 10 June 2014

  • Softcover ISBN: 978-1-349-48234-4Published: 01 January 2014

  • eBook ISBN: 978-1-137-38930-5Published: 10 June 2014

  • Edition Number: 1

  • Number of Pages: XVI, 210

  • Topics: Corporate Finance, Capital Markets, Banking, Business Finance

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