AbstractThis study presents and examines new evidence on the relationship between financial structure and ownership in New and Veteran Public firms (sometimes known as unseasoned or seasoned firms, respectively). The major findings are: (1) the cost of capital and the cost of equity increased with financial leverage, but at a different magnitude in new and veteran public firms reflecting different risk conceptions; and (2) management and administration costs for new public firms are indicated to be higher than for veteran public firms. Reasons for and implications of these findings are subsequently discussed.