RDP 9107: The Cost of Equity Capital in Australia: What can we Learn from International Equity Returns? Equation (5)

β u = β l /(1+(1+ t c )*B/S) MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaeqOSdi2aaS baaSqaaiaadwhaaeqaaOGaeyypa0JaeqOSdi2aaSbaaSqaaiaadYga aeqaaOGaai4laiaacIcacaaIXaGaey4kaSIaaiikaiaaigdacqGHRa WkcaGG0bWaaSbaaSqaaiaadogaaeqaaOGaaiykaiaacQcacaGGcbGa ai4laiaacofacaGGPaaaaa@4848@