Abstract
We propose a model, which is a modification of the Salomon Smith Barney model for cost of capital determination. The model reflects the following characteristics: (1) the degree of diversification of the particular investor (imperfectly diversified); (2) the systematic country risk; (3) firm specific risks; and (4) time varying risk nature. The inputs of the model have as a source only publicly available data. An illustration of the proposed model is the case of U.S. investor who considers an investment in the most traded Bulgarian REITs.
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