资本成本管理与资本预算(英文版)(ppt 33页)
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资本成本管理与资本预算(英文版)目录：
12.1 The Cost of Equity Capital
12.2 Estimation of Beta
12.3 Determinants of Beta
12.4 Extensions of the Basic Model
12.5 Estimating International Paper’s Cost of Capital
12.6 Reducing the Cost of Capital
12.7 Summary and Conclusions
资本成本管理与资本预算(英文版)内容提要：
Stability of Beta：
Most analysts argue that betas are generally stable for firms remaining in the same industry.
That’s not to say that a firm’s beta can’t change.
Changes in product line
Changes in technology
Deregulation
Changes in financial leverage
Using an Industry Beta：
It is frequently argued that one can better estimate a firm’s beta by involving the whole industry.
If you believe that the operations of the firm are similar to the operations of the rest of the industry, you should use the industry beta.
If you believe that the operations of the firm are fundamentally different from the operations of the rest of the industry, you should use the firm’s beta.
Don’t forget about adjustments for financial leverage.
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