By Welch I.
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Extra info for A First Course in Corporate Finance
The standard to ﬁnd the cost of capital is the “Capital-Asset Pricing Model,” more commonly abbreviated as CAPM. It tries to tell you the appropriate expected rate of return of a project, given its contribution to most investors’ portfolio risk. It is a nice and consistent model, but not without problems. Still, the CAPM and some of its generalizations are often the best methods we have. Interestingly, CAPM use is more common in large ﬁrms and ﬁrms in which the CFO has an MBA. 1·3 Theme Number Two: Learn how to approach problems.
52%) Real Options Incorporated? Simulation Analysis (or VaR)? ” This book will explain the most important valuation techniques. But how important are these The Survey. techniques in the real world? Fortunately, we have a good idea. In a survey in 2001, Graham and Harvey (from Duke University) surveyed 392 managers, primarily Chief Financial Officers (CFOs), asking them what techniques they use when deciding on projects or acquisition. 1. Naturally, these are also the techniques that take the most space in this book.
13) Future 1-Period Rate The first rate is called the spot rate because it starts now (on the spot). If all spot and future interest rates are the same, the formula simplifies into (1 + r0,T ) = (1 + rt )T . The compounding formula is so common, it is worth memorizing. Another example of a payoff computation. You can use the compounding formula to compute all sorts of future payoﬀs. 35 CF0 · (1 + r0,12 ) Turn around the formula to compute individual holding rates. 15) CF12 Now suppose you wanted to know what constant two 1-year interest rates (r ) would give you a 2-year rate of return of r0,2 = 50%?