capitalbudgetingrisk(英文版)(編輯修改稿)
2025-03-04 17:19 本頁面
【文章內(nèi)容簡介】 he project? %12)8()(?????? fmf rrBrr240 .2 PVTotal71. 2100379. 7100289. 3100112% PV FlowCashYearAProj ect Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each of three years. Given a risk free rate of 6%, a market premium of 8%, and beta of .75, what is the PV of the project? %12)8()(?????? fmf rrBrr240 .2 PVTotal71. 2100379. 7100289. 3100112% PV FlowCashYearAProj ect Now assume that the cash flows change, but are RISK FREE. What is the new PV? Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each of three years. Given a risk free rate of 6%, a market premium of 8%, and beta of .75, what is the PV of the project?.. Now assume that the cash flows change, but are RISK FREE. What is the new PV? 240 .2 PVTotal71. 284. 8379. 789. 6289. 394. 616% PV FlowCashYearProje ct B240 .2 PVTotal71. 2100379. 7100289. 3100112% PV FlowCashYearAProj ect Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each of three years. Given a risk free rate of 6%, a market premium of 8%, and beta of .75, what is the PV of the project?.. Now assume that the cash flows change, but are RISK FREE. What is the new PV? 240 .2 PVTotal71. 284. 8379. 789. 6289. 394. 616% PV FlowCashYearProje ct B240 .2Total71. 2100379. 7100289. 3100112% PV FlowCashYearAProj ect Since the is risk free, we call it a Certainty Equivalent of the 100. Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each of three years. Given a risk free rate of 6%, a market premium of 8%, and beta of .75, what is the PV of the project?.. Now assume that the cash flows change, but are RISK FREE. What is the new PV? The difference between the 100 and the certainty equivalent () is %…this % can be considered the annual premium on a risky cash flow flow cash equivalen tcertainty flow cashRisky ? Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each of three years. Given a risk free rate of 6%, a market premium of 8%, and beta of .75, what is the PV of the project?.. Now assume that the cash flows change, but are RISK FREE. What is the new PV? 100 3Year 100 2Year 100 1Year 32?????? Risk,DCF and CEQ The prior example leads to a generic certainty equivalent formula. tftttrCEQrCPV)1()1( ???? 960 (.8) +150 (.6) 220 (.2) 550 930 (.4) +30 (.4) 140 (.6) 800 (.8)
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