When using the Capital Asset Pricing Model to estimate a firm's cost of equity (Ke), which of the following does not typically need to be considered?

Group of answer choices

The level of incremental return over the risk-free rate that investors require to take equity risk

The level of government bond yields in the firm's country of domicile

The incremental spread to Treasury yields the firm must pay to borrow money

How volatile the firm's stock price is relative to total stock market volatility