资本成本管理与资本预算英文版 .pptVIP

Chapter Outline;What’s the Big Idea?;Invest in project;The Cost of Equity;Example;Example (continued);Using the SML to Estimate the Risk-Adjusted Discount Rate for Projects;12.2 Estimation of Beta: Measuring Market Risk;12.2 Estimation of Beta;Stability of Beta;Using an Industry Beta;12.3 Determinants of Beta;Cyclicality of Revenues;Operating Leverage;Operating Leverage;Financial Leverage and Beta;Financial Leverage and Beta: Example;12.4 Extensions of the Basic Model;The Firm versus the Project;Capital Budgeting Project Risk;Suppose the Conglomerate Company has a cost of capital, based on th