公司理财罗斯Ch2.pptVIP

CHAPTER;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;;Financial Leverage and Beta;;Financial Leverage and Beta: Example;Multiple choice;;;;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 the CAPM, of 17%. The risk-free rate is 4%; the market risk premium is 10% and the firm’s beta is 1.3. 17% = 4% + 1.3 × [14% – 4%] This is a breakdown of the company’s investment projects:;;The Cost of Capital with Debt;Read the example on p332;Read the example on p333;Problem 12.12 on p341;;;12.5 Estimating International Paper’s Cost of Capital(p333);12.5 Estimating IP’s Cost of Capital;12.5 Estimating IP’s Cost of Capital;12.6 Reducing the Cost of Capital;What is Liquidity?;Liquidity, Expected Returnsand the Cost of Capital;;Liquidity and Adverse Selection;What the Corporation Can Do;What the Corporation Can Do;Economic value added and the measurement of financial performance;12.7 Summary and Conclusions;Multiple choices;;;;;;;;P340-341;Problems and case analysis;此课件下载可自行编辑修改，供参考！ 感谢您的支持，我们努力做得更好！