Cost of Capital Estimation for Highway Concessionaires in Chile

<div><svg height="12.5794pt" id="M85" style="vertical-align:-3.29107pt" version="1.1" viewbox="-0.0498162 -9.28833 10.9506 12.5794" width="10.9506pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M480 416C480 431 465 448 438 448C388 448 312 383 252 330C217 299 188 273 155 237H153L257 680C262 700 263 712 253 712C240 712 183 684 97 674L92 648L126 647C166 646 172 645 163 606L23 -6L29 -12C51 -5 77 2 107 8C115 62 130 128 142 180C153 193 179 220 204 241C231 170 259 106 288 54C317 0 336 -12 358 -12C381 -12 423 2 477 80L460 100C434 74 408 54 398 54C385 54 374 65 351 107C326 154 282 241 263 299C296 332 351 377 403 377C424 377 436 372 445 368C449 366 456 368 462 375C472 386 480 402 480 416Z" id="g113-108"></path></g><g transform="matrix(.0091,0,0,-0.0091,6.474,3.132)"><path d="M398 365C398 411 356 451 297 451C250 451 198 430 151 397C65 336 24 230 24 139C24 14 97 -12 148 -12C198 -12 284 7 373 104L355 130C306 84 246 53 198 53C132 53 111 109 111 163V189C209 211 398 261 398 365ZM317 351C317 308 273 262 117 225C134 338 189 383 221 399C230 404 249 407 263 407C295 407 317 389 317 351Z" id="g50-102"></path></g></svg> and <svg height="9.01194pt" id="M86" style="vertical-align:-0.2455397pt" version="1.1" viewbox="-0.0498162 -8.7664 37.2625 9.01194" width="37.2625pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M956 650H736V622C814 613 818 602 804 542C789 471 733 275 691 141H689C628 314 570 476 514 641H485C434 478 377 312 323 142H321C277 284 238 419 199 554C184 605 186 613 259 622V650H16V622C77 615 92 606 117 524C172 346 228 170 281 -11H312C363 151 419 312 475 488H477C528 343 597 150 652 -11H683C765 269 826 458 848 522C878 605 887 613 956 622V650Z" id="g121-85"></path></g><g transform="matrix(.013,0,0,-0.013,11.018,0)"><path d="M673 0V28C608 34 594 43 563 129C499 303 432 494 370 665L339 656L132 132C98 43 84 37 20 28V0H238V28C162 35 154 45 175 108C188 150 203 192 219 237H432C454 176 474 122 487 83S491 36 428 28V0H673ZM418 280H234C265 362 296 450 328 535H330L418 280Z" id="g121-63"></path></g><g transform="matrix(.013,0,0,-0.013,19.636,0)"><path d="M614 175C564 76 510 21 408 21C256 21 146 149 146 336C146 488 235 629 402 629C510 629 570 586 597 480L626 488C620 541 614 582 606 638C578 643 510 665 429 665C206 665 44 527 44 316C44 157 153 -15 402 -15C474 -15 558 5 586 11C604 45 629 119 643 165L614 175Z" id="g121-65"></path></g><g transform="matrix(.013,0,0,-0.013,28.372,0)"><path d="M614 175C564 76 510 21 408 21C256 21 146 149 146 336C146 488 235 629 402 629C510 629 570 586 597 480L626 488C620 541 614 582 606 638C578 643 510 665 429 665C206 665 44 527 44 316C44 157 153 -15 402 -15C474 -15 558 5 586 11C604 45 629 119 643 165L614 175Z" id="g121-65"></path></g></svg> as Function of debt to equity ratio. Source: elaborated by the authors.</div>

Journal of Advanced Transportation

Cost of Capital Estimation for Highway Concessionaires in Chile

Figure 2