January 2018
Beginner
976 pages
142h 14m
English
book
Principles of Managerial Finance, 15th Edition
by Scott B. Smart, Chad J. Zutter, Lawrence J. Gitman
Content preview from Principles of Managerial Finance, 15th Edition
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9.1 Overview of the Cost of Capital
LG1
LG2
Chapter 1 established that the firm’s goal is to maximize shareholder wealth. To do so, managers must make investments that are worth more than they cost. That is, investments need to have positive net present values (NPVs). In this chapter, you will learn about the cost of capital, which is (usually) the rate of return that financial managers use in determining which investment opportunities add value to the firm. The cost of capital represents the firm’s cost of financing and is the minimum rate of return that a project must earn to increase firm value. When investors (i.e., stockholders and lenders) provide funding to a firm, they do so with the expectation that the firm will pay them a return. ...
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