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B PROBLEMS OF CHOICE
A THE COST OF CAPITAL CONTROVERSY
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alternative amount analysis approach assets assume assumption average behavior bonds borrowing capital budget capital gains capital structure capitalization rate cash flows cent certainty choice common stock considered constant constraint consumer unit corporate cost of capital covariances debt determined discount rate dividend policy dollar earnings yield economic equal equation equilibrium equity equivalent expected return expected value Figure financing firm firm's funds future gamble given growth rate implies increase indifference curves individual interest rate internal rate investment decisions investment projects investor involved issue leverage marginal cost market value maximize ment method operating income optimal optimum payout period portfolio possible preference premium present value probability distribution problem productive opportunity profit Proposition rate of interest rate of return ratio relevant retained earnings retention risk riskless risky securities share solution stockholders stream Theory of Investment tion uncertainty utility function valuation variables variance zero