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Decisions under Certainty with Perfect Capital Markets
Capital Budgeting in Perfect Markets
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alternative amount analysis arbitragers asset assume assumptions bondholders borrow capital budget capital gains capital markets certainty Chap chapter cost of capital debt and equity defined depends derivative determined discount rate discussion distress costs dividend policy economic effect equal equation equilibrium equity streams evaluated example expected return expected utility expected value financial decisions financial distress financing policy firm value future given hold imperfections implies income stream increase incremental individual interest investment decisions investment policy investors issue lease market value maximize maximum merger opportunities optimal option payments payoff perfect markets period personal tax portfolio preferred present value probability distribution problem purchase random variable rate of return relationship result risk aversion riskless risky securities sell semiperfect share values shareholders standard deviation stochastic stock price stockholders tax rate theory tion total value unlevered utility function valuation variance wealth Wiener process zero