财务管理学培训课程(英文版)(45页)摘要.pptVIP

Chapter 14 Risk and Managerial Options in Capital Budgeting Risk and Managerial Options in Capital Budgeting The Problem of Project Risk Total Project Risk Contribution to Total Firm Risk: Firm-Portfolio Approach Managerial Options An Illustration of Total Risk (Discrete Distribution) ANNUAL CASH FLOWS: YEAR 1 PROPOSAL A State Probability Cash Flow Deep Recession .05 $ -3,000 Mild Recession .25 1,000 Normal .40 5,000 Minor Boom .25 9,000 Major Boom .05 13,000 Probability Distribution of Year 1 Cash Flows Expect