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
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Summary
Focus on Value
The cost of capital is an extremely important rate of return, particularly in capital budgeting decisions. It is an overall cost that blends the costs of the firm’s debt and equity financing sources. Because the cost of capital is the pivotal rate of return used in the investment decision process, its accuracy can significantly affect the quality of these decisions.
Underestimation of the cost of capital can make poor projects look attractive; overestimation can make good projects look unattractive. By applying the techniques presented in this chapter to estimate the firm’s cost of capital, the financial manager will improve the likelihood that the firm’s long-term decisions will be consistent with its overall goal of ...
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