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References Bartholdy, J. and P. Peare. 2000. "Estimating Cost of Equity". Available at SSRN: Black, F. 1972. "Capital Market Equilibrium with restricted Borrowing". Journal of Business 45: 444-455. Borgman, R. H. and R. A. Strong. 2006. "Growth Rate and Implied Beta: Interactions of Cost of Capital Models". The Journal of Business and Economic Studies 12 (1): 1-11. Brigham, E. F. in M. C. Ehrhardt. 2005. Financial Management: Theory and Practice. Ohio: Thomson, South-Western. Bruner, R. F., K. Eades, R. Harris and R

Europe? A cross-country panel data analysis”, International Journal of Public Management Performance, p.112-130. 6. Durbin J. and Watson G. S. (1950), „Testing for Serial Correlation in Least Squares Regression, I", Biometrika 37, p.409-428. 7. Durbin J. and Watson G. S. (1951), „Testing for Serial Correlation in Least Squares Regression, II", Biometrika 38, p.159-179. 8. Elisabete G. et al. (2007) „The Determinants of Venture Capital in Europe - Evidence Across Countries”, Published by CEFAGE, p.3-32. 9. EVCA (2014), „European Private Equity Activity 2013” Report

References Berger, P.D. and N.L. Nasr (1998), “Customer Lifetime Value: Marketing Models and Applications,“ Journal of Interactive Marketing, 12, pp. 17 - 30. Blattberg, R.C. and J. Deighton (1996), “Managing Marketing by the Customer Equity Test,“ Harvard Business Review, 74, pp. 136 - 144. Gupta, S. and D.R. Lehmann (2003), “Customer As Assets,“ Journal of Interactive Marketing, 17, pp. 9 - 24. International Accounting Standards Board (2004), “Framework for the Preparation and Presentation of Financial Statements,“ IASB, London. Kumar, V., G. Ramani and T

References Ahlstrom, D., Bruton, G. (2006). Venture Capital in Emerging Markets: Networks and Institutional Change. Entrepreneurship Theory & Practi ce, 30, 299-320. Benzécri, J.-P. (1973). L’Analyse des Données. Volume II. L’Analyse des Correspondances. Paris, France: Dunod. Bruton, G., Fried, V., Manigart, S. (2005). Insti tuti onal Infl uences on the Worldwide Expansion of Venture Capital. Entrepreneurship Theory & Practi ce, 29, 737-60. Caselli, S. (2010). Private Equity and Venture Capital in Europe. Markets, Techniques, and Deals. Academic Press. Cattell, R

References Aaker, D.A. (1996), “Measuring brand equity across products and markets”, California Management Review, Vol. 38, No. 3, pp. 102-120. Aaker, D.A. (1991), Managing brand equity: Capitalizing on the value of a brand name. New York: Free Press. Abraham, M. (2001), “Top of mind awareness in industrial markets: Why you need to get and keep it!”. Retrieved March 18, 2012 from . Bhattacharya, C.B. and Sen, S. (2003), “Consumer-company identification: A framework for understanding consumer’s relationships

6. Reference Aaker, D. (1996). Measuring brand equity across products and markets, California Management Review , Vol. 38, No. 3, pp. 102-20. Aaker, D. (1991). Managing Brand Equity: Capitalizing on the Value of Brand Name . New York, NY: The Free press. Aaker, D., & Joachimsthaler, E. (2000). Brand Leadership . London: free press. Bailey, R., & Ball, S. (2006). An exploration of the meaning of hotel brand equity. The Services Industries Journal , Vol. 26, No. 1, pp. 15-38. Berry, L. (2000). Cultivating service brand equity. Journal of the Academy of

References [1] Aaker, D. (2010). Strategic market management. Translated by Ahmad Roosta, Tehran: Aryana Ghalam Publication [2] Ayubbi Y., H., & Imani Kh., M. H. (2010). Factors affecting destination brand equity of Yazd. Quarterly of Tourism Studies, 13, 113-137 [3] Kline, P. (2001). An easy guide to factor analysis. Translated by Sadrossadat, J., & Minai, A. Tehran: Samt Publication [4] Movahed, A., Amanpour, S., & Naderi, K. (2011). Marketing of city tourism based on branding with AHP model: A case study of Kermanshah. Scientific Journal of Spatial Planning, 1

References Aaker, D. (1991), “Managing brand equity: Capitalizing on the value of a brand name”, New York: The Free Press . Anderson, J. (1983), “The architecture of cognition”, Cambridge, MA Harvard University Press. Baird, S. (2010), “Brands and Trademarks: the legal implications of branding”, In B. Loken, R. Ahluwalia, and M. Houston (Eds.) , Brands and brand management: Contemporary research perspective, New York, NY: Taylor & Francis. Bhat, S. and Reddy, S. (2001), “The impact of parent brand attribute associations and effect on brand extension evaluation

References Aaker, D. A. (1989). Managing assets and skills: the key to a sustainable competitive advantage. California Management Review 31(2): 91–106. Aaker, D. A. (1991). Managing brand equity: Capitalizing on the value of a brand name . New York: Free Press. Aaker, D. A. (1996). Measuring brand equity across products and markets. California Management Review 38(3): 102–120. Achenbaum, Alvin A. (1993). The mismanagement of brand equity. In: Lewis, Ian M. (ed.), ARF Fifth Annual Advertising and Promotion Workshop . Pennysilvania: The New York Hilton

). Size, Value, and Momentum in Emerging Market Stock Returns. Emerging Markets Review 16, 46-65. Carhart, M.M. (1997). On Persistence in Mutual Fund Performance. The Journal of Finance 52(1), 57-82. Chen, L, Novy-Marx, R., Zhang, L (2011). An Alternative Three-Factor Model. SSRN Electronic Journal. Davis, J.L., Fama, E.F., French, K.R (2000). Characteristics, Covariances, and Average Returns: 1929 to 1997. The Journal of Finance 55(1), 389-406. Duarte, F., Rosa, C. et. al. (2015). The Equity Risk Premium: a Review of Models. Fama, E.F., French, K.R. (1992). The Cross