CAPM for Estimating the Cost of Equity Capital: Interpreting the Empirical Evidence
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We argue that the empirical evidence against the Capital Asset Pricing Model (CAPM) based on stock returns does not invalidate its use for estimating the cost of capital for projects in making capital budgeting decisions. Since stocks are backed not only by projects in place, but also the options to
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美国国家经济研究局创建时间：
2009-04-01
