Szacowanie kosztu kapitału własnego na przykładzie polskiego sektora bankowego
Estimating the Cost of Equity – The Example of the Polish Banking Sector

Summary/Abstract: The concept of the cost of equity is one of the key issues of corporate financial management. However, numerous scientific studies as well as economic practice show that there is no single, universal technique for estimating the cost of equity. Moreover, even within a given technique there is often no consensus on how to determine its basic parameters. This article focuses on the most popular technique for estimating the cost of equity, i.e. the CAPM approach. Doubts and problems arising while estimating the cost of equity are analysed and then presented on the example of the banking sector companies listed on the Warsaw Stock Exchange in the years 2001–2011.

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