金融经济学costofcapital课件PPT.ppt

Cost of Capitaland Investment decisions;WACC;WACC;WACC;WACC;WACC – lessons;Miles-Ezzel WACC: dynamic debt;Cost of equity: CAPM;Alternative: Dividend Growth Model;Applying it:;Pitfalls;Cost of Debt;Discount Rate for Debt;Discount Rate for Debt;Discount rate for debt;Example;Example;Example;Capital budgeting;Capital Budgeting;A fresh look at NPV;Risk-free project: NPV;Risk-free project: NPV (cont);Risk-free project: DCF;Risky Projects;CAPM;Discount Rate for a Project;DR for a project (c);Betas and leverage;Example;Answer;Marriot’s OA’s beta is then;Cash flows;Interest?;Example: evaluate this project;Cash Flows;APV approach;APV (b);Example;Answer;Answer;Assessing APV;WACC approach;WACC or APV?;Practice;MM, CAPM Black ScholesCorporate Liabilities as Options;Debt and Equity as Options;Debt and Equity as Options;Debt and Equity as Options;Debt and Equity as Options;In formulas;In formulas;Old formulas revised;Cost of debt;Cost of debt;WACC again;Valuation:;Example;Using BS formula:;Value of Debt;Spreads and Leverage;Valuing a Loan Guarantee;In the Example;Alternatively;(Cont.);Junior Debt;What Is Then Junior Debt?;Diluting Claimholders;Diluting Claimholders;Same Example Again;Spreads and Leverage;Dilution;Who Wins?;Solution: Seniority Covenants;Junior Debt;Junior Debt;New Debt;