English, Article edition: Project valuation and investment decisions: CAPM versus arbitrage Carlo Alberto Magni

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Project valuation and investment decisions: CAPM versus arbitrage
Author
  • Carlo Alberto Magni
Physical Description
  • article
Notes
  • This study shows that (a) project valuation via CAPM contradicts valuation via arbitrage pricing, (b) CAPM-minded decision makers may fail to profit from arbitrage opportunities, (c) Standard CAPM-based valuation violates value additivity. As a consequence, the use of CAPM for project valuation and decision making should be reconsidered.
  • RePEc:taf:apfelt:v:3:y:2007:i:2:p:137-140
Language
  • English
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