Autori
Spisni, Massimo
Petracci, Barbara
Pattitoni, Pierpaolo

Titolo
Il costo del capitale per l'imprenditore: una verifica empirica per l'Italia
Periodico
Banca impresa società
Anno: 2009 - Volume: 28 - Fascicolo: 3 - Pagina iniziale: 443 - Pagina finale: 471

This paper applies a recent approach, developed in the entrepreneurial finance literature, to estimate opportunity cost of capital for Italy. Specifically, the cost of capital is analyzed both for under-diversified entrepreneurs and for well diversified investors. Classifying entrepreneurial projects by industries, three main results are obtained: a) the greater the degree of total risk of a project, the greater the cost of capital; b) the less the entrepreneur's commitment on the project, the less the cost of capital; c) the less the correlation between the project returns and the market returns, the greater the benefits of commitment reduction.



SICI: 1120-9453(2009)28:3<443:ICDCPL>2.0.ZU;2-D
Testo completo: http://www.mulino.it/ws/rwDirectDownload.php?doi=10.1435/31016
Testo completo alternativo: http://www.mulino.it/rivisteweb/scheda_articolo.php?id_articolo=31016

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