The cost of capital in the UK : a comparison of the perceptions of industry and the city
著者
書誌事項
The cost of capital in the UK : a comparison of the perceptions of industry and the city
CIMA Publishing, 1999
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注記
At head of title: The Chartered Institute of Management Accountants
内容説明・目次
内容説明
Comprising in-depth interviews with the finance specialists of 18 FTSE100 firms and eight city finance specialists, this report questions whether UK companies are using payback and hurdle rates that are too high. It goes on to ask whether these high rates are biasing investment decision away from long-term projects, or acting completely rationally in raising hurdle rates to cover such factors as overoptimism and the value of embedded real options. The report brings up a number of findings, in particular, that city analysts tend to view the cost of capital as being lower than the average corporate estimate. It also reveals a disparity of opinion regarding market risk premiums.
目次
- Theoretical approaches to the cost of capital
- empirical estimates of the cost of capital
- research design and method
- evidence on corporate practice
- evidence on institutional practice
- summary and conclusions. Appendices: the case protocols
- beta estimates.
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