English, Article edition: Project selection and equivalent CAPM-based investment criteria Carlo Alberto Magni

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Project selection and equivalent CAPM-based investment criteria
Author
  • Carlo Alberto Magni
Physical Description
  • article
Notes
  • This article shows that the Capital Asset Pricing Model-based capital budgeting criteria proposed by Tuttle and Litzenberger (1968), Mossin (1969), Hamada (1969), Stapleton (1971), Rubinstein (1973), Bierman and Hass (1973) and Bogue and Roll (1974) are equivalent. They all state that a project is profitable if its internal rate of return is greater than the risk-adjusted cost of capital, where the latter is given by the sum of the risk-free rate and a risk-premium which is a function of the systematic risk of the project, itself a function of the project cost.
  • RePEc:taf:apfelt:v:3:y:2007:i:3:p:165-168
Language
  • English
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