The role of asymmetric dependence on Australian firms' cost of capital

本研究旨在重新架构资本成本的估算，以纳入非对称相依性，并探讨省略非对称相依性所造成的经济损失。非对称相关性描述了股票与市场之间的相关性在市场上涨和下跌期间不同的现象。 这一点很重要，因为投资组合多样化在投资者最需要的时候失败了。 该项目将探讨企业如何进行战略创新和发展，以管理其对反倾销的暴露，从而降低其资本成本。这将带来巨大的好处，例如降低澳大利亚公司的资本成本并提高其生产力。

This project aims to reframe the cost-of-capital estimation to incorporate asymmetric dependence (AD), and explore the economic loss caused by omitting AD. Asymmetric Dependence describes the phenomenon whereby the dependence between a stock and the market differs during downturns compared with market upturns. This is significant because portfolio diversification fails at the very moment that investors need it most. This project will explore how firms can strategically innovate and evolve in order to manage their exposure to AD and hence reduce their cost of capital. This will provide significant benefits, such as lowering the cost of capital of Australian firms and to increase their productivity.