The Cross-Section of Hurdle Rates for Capital Budgeting: An Empirical Analysis of Survey Data
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Whereas Poterba and Summers (1995) find that firms use hurdle rates that are unrelated to their CAPM betas, Graham and Harvey (2001) find that 74% of their survey firms use the CAPM for capital budgeting. We provide an explanation for these two apparently contradictory conclusions. We find that
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美国国家经济研究局创建时间：
2011-02-01
