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VALUATION AND RISK-ADJUSTED DISCOUNT RATES (1984)

Haley, Charles W.

Oxford, UK : Blackwell Publishing Ltd

Journal of business finance & accounting 11 (1984), S. 0

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ISSN: 1468-5957

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: There is a continuing controversy as to whether the use of a constant risk adjusted discount rate in capital budgeting decisions implies that the risk of the cash flows increases over time. This paper shows that valuation using these discount rates implies an increasing premium for risk over time but that the increasing premium is due to the net impact of the uncertainty in the cash flow; uncertainty in future market expectations of the cash flow; and changes in the market price of risk. The risk of the cash flow itself need not be increasing over time.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.1468-5957.1984.tb00754.x

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