December 2012
Intermediate to advanced
250 pages
7h 30m
English
Content preview from The Real Cost of Capital
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4
CAPM IS DEAD: LONG LIVE CAPM
Explanatory models of the cost of equity
Deductive models of the cost of equity
The two previous chapters have dealt extensively with the CAPM as a framework for calculating the cost of equity.
The reason we have devoted so much space to explaining how to implement the CAPM is that we have found that it is far more commonly used than other approaches. But the CAPM is not universally accepted. For example, some academics are concerned that there is conflicting empirical evidence about the CAPM’s ability to explain historical stock returns. Some business people doubt its relevance to the real world.
In this chapter we explore some of the other ...
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