Publications

Cost of Capital Resource Center

Kroll is the leading global independent valuation services provider and a trusted expert on estimating cost of capital. For over 20 years, our professionals have published books, created studies, provided recommendations and built tools to help businesses and valuation professionals estimate cost of capital.
Global Cost of Capital Inputs
Infographics
Products
Insights
CFA Partnership

Kroll Cost of Capital Inputs

Data as of April 30, 2024
Kroll Global Cost of Capital Inputs

 

Kroll regularly reviews fluctuations in the global economic and financial market conditions. These reviews warrant a periodic reassessment of the equity risk premium (ERP) and the accompanying risk-free rate and key inputs used to calculate the cost of equity capital in the context of the Capital Asset Pricing Model (CAPM) and other models used to develop discount rates.

Click here for the latest recommended U.S. guidance

Click here for the latest recommended Eurozone guidance

Click here for the latest recommended U.K. and Canada guidance

Frequently Asked Questions

Market Insights with Carla Nunes and Bob Bartell

Market Insights with Carla Nunes and Bob Bartell - Episode 1

Episode 1

Interest rate cuts are expected later this year, but long-term rates are still much higher than during COVID-19 and, in fact, are much closer to where they were during the 2008 global financial crisis.

Kroll Managing Director Carla Nunes and Vice Chairman of Financial Advisory Bob Bartell discuss the current state of economy and implications for valuations and deal activity.

Cost of Capital in the Current Environment

Click here to view our Cost of Capital in the Current Environment – January, 2024
Click here to view our Cost of Capital in the Current Environment – January, 2024

COVID-19 has generated an unprecedented reaction in both financial markets and economies worldwide, and the resulting uncertainty highlights significant challenges in estimating the cost of capital inputs in the current environment. The infographic below tracks the impact of COVID-19 on some of the financial market and economic indicators used to support the Kroll’s Global Cost of Capital Inputs: Recommended Equity Risk Premium and accompanying Normalized Risk-Free Rate.

See All Cost of Capital infographics

Portfolios With Better MSCI ESG Ratings Earned Higher Average Returns Globally - Download ESG and Global Investor Returns Study

ESG and Global Investor Returns Study

Kroll examined the relationship between historical returns of over 13,000 publicly traded companies across a variety of geographies and industries and their ESG ratings to determine the correlation of ESG ratings to company performance.

Download the Study

Webcasts and Videos
The New Normal: Cost of Capital in a Higher-Interest-Rate Environment
Podcast

The New Normal: Cost of Capital in a Higher-Interest-Rate Environment

January 17, 2024

by Carla Nunes

Cost of Capital | The New Normal: Cost of Capital in a Higher Interest Rate Environment
Webinar Replay - Higher for Longer? Cost of Capital in the Current Environment
Cost of Capital

Webinar Replay - Higher for Longer? Cost of Capital in the Current Environment

September 28, 2023
Cost of Capital
Webinar Replay - Developing and Selecting CAPM Betas - A New Module in the Cost of Capital Navigator
Cost of Capital

Webinar Replay - Developing and Selecting CAPM Betas - A New Module in the Cost of Capital Navigator

May 24, 2023
Developing and Selecting CAPM Betas – A New Module in the Cost of Capital Navigator
Cost of Capital Ramifications of the Russia-Ukraine War and Global Inflationary Pressures Podcast
Podcast

Cost of Capital Ramifications of the Russia-Ukraine War and Global Inflationary Pressures Podcast

February 13, 2023

by James P. Harrington, Carla Nunes

Cost of Capital

Corporate Finance Insights – Current Trends in Capital Markets

October 27, 2022
Webcast Replay - Cost of Capital in the Current Environment
Cost of Capital

Webcast Replay - Cost of Capital in the Current Environment

September 28, 2022
2021 U.S. Goodwill Impairment Study
Webcast Replay

Current ESG Landscape: Investor versus Company Perspectives

March 25, 2022
COVID-19 One Year Later – Impact on Cost of Capital and Related Valuation Issues
Webcast Replay

COVID-19 One Year Later – Impact on Cost of Capital and Related Valuation Issues

May 20, 2021
COVID-19 One Year Later – Impact on Cost of Capital and Related Valuation Issues
International Cost of Capital – Understanding and Quantifying Country Risk
Webcast Replay

International Cost of Capital – Understanding and Quantifying Country Risk

November 9, 2020
Duff & Phelps Experts to Speak at the ASA International Virtual Conference 2020
Coronavirus – Cost of Capital Considerations in the Current Environment
Webcast Replay

Coronavirus – Cost of Capital Considerations in the Current Environment

April 29, 2020
Coronavirus – Cost of Capital Considerations in the Current Environment

Subscription Products

U.S. Cost of Capital Module

U.S. Cost of Capital Module

International Cost of Capital Module

International Cost of Capital Module

Featured Insights

Rates Staying Higher for Longer Could Mean More Big Goodwill Write-Downs Ahead
Cost of Capital
Rates Staying Higher for Longer Could Mean More Big Goodwill Write-Downs Ahead

Rates Staying Higher for Longer Could Mean More Big Goodwill Write-Downs Ahead

May 14, 2024
Kroll expert Carla Nunes was interviewed by The Wall Street Journal, where she discussed the current level of goodwill impairments and how interest rate increases since March 2022 are still having an after-effects in company’s earnings. A higher-for-longer path in interest rates may result in a significant level of goodwill impairments this year.
International Guide to Cost of Capital - 2023 Summary Edition
Valuation Handbook
Valuation Handbook – International Guide to Cost of Capital - 2023 Summary Edition

International Guide to Cost of Capital - 2023 Summary Edition

March 29, 2024
The Valuation Handbook – International Guide to Cost of Capital - 2023 Summary Edition contains updated content and all the methodologies previously published in the Valuation Handbook – International Guide to Cost of Capital. The handbook is authored by Kroll experts James P. Harrington; Carla S. Nunes, CFA and Anas Aboulamer, Ph.D.
Survey Report: Higher for Longer? Cost of Capital in the Current Environment
Cost of Capital
Higher for Longer? Cost of Capital in the Current Environment

Survey Report: Higher for Longer? Cost of Capital in the Current Environment

November 29, 2023
On September 28, 2023, Kroll Managing Director Carla S. Nunes, CFA, and Director Jim Harrington hosted a webinar. Throughout the webinar, they polled the attendees on valuation and cost of capital-related topics, including the interaction between ESG factors and valuation. View our latest polling results.
AIRA Journal: Navigating the Uncertainty Around Cost of Capital and Valuation Assumptions
Cost of Capital
Navigating the Uncertainty Around Cost of Capital and Valuation Assumptions

AIRA Journal: Navigating the Uncertainty Around Cost of Capital and Valuation Assumptions

September 12, 2023
In this AIRA Journal article, Kroll expert Carla Nunes analyzed the impact of COVID19, geopolitical tensions and high inflation on global financial markets. She also discussed the “higher-for-longer” interest rate environment and the growing specter of bankruptcy and restructuring activity.
Kroll Lowers Equity Risk Premium to 5.5%
Cost of Capital
Kroll Lowers Equity Risk Premium to 5.5

Kroll Lowers Equity Risk Premium to 5.5%

July 28, 2023
Our expert Carla Nunes was interviewed by CFO where she provided insights on various economic and financial market indicators used to estimate Kroll’s ERP recommendations.
Companies That Went Public via SPACs Log Billions of Dollars in Goodwill Write-Downs
Cost of Capital
Companies That Went Public via SPACs Log Billions of Dollars in Goodwill Write-Downs

Companies That Went Public via SPACs Log Billions of Dollars in Goodwill Write-Downs

February 6, 2023
Kroll's Managing Director, Carla Nunes, was recently interviewed by the Wall Street Journal where she discussed how companies that completed SPAC mergers during the recent boom are now seeing their goodwill impaired.
Valuation Handbook - International Guide to Cost of Capital 2022 Summary Edition
Cost of Capital
Valuation Handbook International Guide COC 2022

Valuation Handbook - International Guide to Cost of Capital 2022 Summary Edition

Kroll and the CFA Institute Research Foundation are proud to have established a partnership in 2020. The goal of this collaboration is to create and disseminate data and content that are designed to help investment professionals and financial market participants make informed decisions. Read more.
Navigating the Uncertainty Around Cost of Capital and Valuation Assumptions
Cost of Capital
COVID-19 One Year Later – Impact on Cost of Capital and Related Valuation Issues

Navigating the Uncertainty Around Cost of Capital and Valuation Assumptions

December 12, 2022
Carla Nunes, Global Leader of the Valuation Digital Solutions (VDS) group at Kroll, draws on her cost of capital expertise to analyse the impact of COVID-19, geopolitical tensions and rising inflation on global financial markets and the outlook for businesses.

Sign up our Cost of Capital Thought Leadership

Kroll's Cost of Capital Resource Center shares trending insights related to global economic and financial market conditions impacting cost of capital inputs and valuations. We deliver what you need to know to stay current.

Sign Up
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...

Kroll is headquartered in New York with offices around the world.

55 East 52nd Street 17 Fl
New York NY 10055
+1 212 593 1000
Sign up to receive periodic news, reports, and invitations from Kroll. Our privacy policy describes how your data will be processed.

More About Kroll

More About Kroll
© 2024 Kroll, LLC. All rights reserved. Kroll is not affiliated with Kroll Bond Rating Agency, Kroll OnTrack Inc. or their affiliated businesses. Read more.
Return to top