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| Tekijä: | Kruschwitz, L. Milde, H. |
| Otsikko: | Geschäftsrisiko, Finanzierungsrisiko un Kapitalkosten |
| Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1996 : VOL. 48:12, p. 1115-1133 |
| Asiasana: | CAPITAL BUDGETING CAPITAL COSTS RISK MEASUREMENT BETA FACTOR |
| Kieli: | ger |
| Tiivistelmä: | Capital budgeting decisions cannot be made without knowledge of the cost of capital. Each project should be evaluated at its own opportunity cost of capital. Our paper has discussed the weighted-average-cost-of-capital (WACC) approach. Assuming a CAPM world the interactions of asset beta, equity beta, and debt beta have been considered. Asset betas can always be calculated as a weighted average of the betas of the equity and debt securities issued by the firm to finance the project. It is only the asset that beta is relevant in capital budgeting decisions. |
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