Evaluation and comparison of three pricing models of conditional, reward and adjustment capital assets with the standard model in explaining the cost of capital

This research has evaluated the pricing model of conditional, remunerative and adjusted capital assets in comparison with the standard model in explaining the cost of capital in companies admitted to the Tehran Stock Exchange. The research period is 13 years from 1389-1401. The independent variables used in this research are various risk measurement indices (beta coefficient) based on different capital asset valuation models, including standard capital asset valuation model, price model. The placement of conditional capital assets and the pricing model of bonus capital assets and the pricing model of adjusted capital assets. The dependent variable of the current research is the weighted average cost of capital of companies. In this research, the control variables of financial leverage, company size, current ratio, debt-to-equity ratio, fixed asset ratio and net profit growth were also used. All the companies, the investigation and the obtained results show that due to the positive and significant effect of the adjusted and bonus beta coefficient on the weighted average of the cost of capital of the companies and the lack of effect of the standard beta coefficient on the weighted average of the cost of capital and the lack of effect The conditional and standard beta coefficient on the weighted average of the capital cost of companies can be concluded that there is no significant difference between the conditional and standard capital asset pricing models in explaining the cost of capital. Keywords: conditional capital assets pricing model, bonus capital assets pricing model, adjusted capital assets pricing model, cost of capital