Corporate Valuation: An Empirical Comparison of Discounting Methods
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The key purpose of corporate finance is to provide methods to compute the value of projects. The baseline textbook recommendation is to use the Present Value (PV) formula of expected cash flows, with a discount rate based on the CAPM. In this paper, we ask what is, empirically, the best discounting
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美国国家经济研究局创建时间：
2023-01-01
