johann wolfgang goethe universität frankfurt am main fachbereich wirtschaftswissenschaften working paper series finance & accounting holger daske günther gebhardt stefan klein estimating the expected cost of equity capital using consensus forecasts no 124 january 2004 issn 1434 3401 authors are from universtiät chair and auditing this forms part harmonia program research was in conducted while visiting researcher at lancaster university we thank workshop participants eaa annual congress 2003 seville ak finanzierungsrechnung schmalenbach gesellschaft für betriebswirtschaft amsterdam nyenrode for helpful comments gratefully acknowledge financial contribution european commission through human potential contract hprn ct 2000 00062 as well arthur andersen ernst young grateful to thomson i b e s providing analyst earnings forecast data a broad academic encourage expectations adress correspondence lehrstuhl betriebswirtschaftslehre insb wirtschaftsprüfung jw
