第十二章风险、资本成本和资本预算.pptxVIP

Chapter Outline;What’s the Big Idea?;;The Cost of Equity;Example;Example (continued);Using the SML to Estimate the Risk-Adjusted Discount Rate for Projects;;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;;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 b