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decisions under certainty with perfect capital markets
capital budgeting in perfect markets
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affect after-tax alternative amount analysis arbitrage assets assumed assumptions bondholders bonds borrow capital budget capital markets cash income Chap chapter cost of capital criterion debt and equity depend determined discount rate discussion diversification dividend policy economic equal Equation equilibrium equity streams evaluation example expected return expected utility expected value financial decisions financing policy firm taxes firm value firm's future given imperfections implies income stream increase incremental individual investment budget investment decisions investment opportunities investment policy investors issue market value maximize maximum ment multiperiod no-tax optimal outlay paid payments perfect markets period portfolio preferred present value probability distribution problem project-selection random variable rate of return relationship result risk riskless risky securities shareholders shares standard deviation stockholders Suggested Readings theory total value transaction treasury stock unlevered utility function valuation value additivity principle variance zero