| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2219 |
| 来源ID | Working Paper 2219 |
| Discounting Rules for Risky Assets | |
| Stewart C. Myers; Richard S. Ruback | |
| 发表日期 | 1987-04-01 |
| 出版年 | 1987 |
| 语种 | 英语 |
| 摘要 | This paper develops a rule for calculating a discount rate to value risky projects. The rule assumes that asset risk can be measured by a single index (e.g., beta), but makes no other assumptions about specific forms of the asset pricing model. It treats all projects as combinations of two assets: Treasury bills and the market portfolio. We know how to value each of these assets under any theory of debt and taxes and under any assumption about the slope and intercept of the market line for equity securities. Our discount rate is a weighted average of the after-tax return on riskless debt and the expected return on the portfolio, where the weight on the market portfolio is beta. |
| 主题 | Financial Economics |
| URL | https://www.nber.org/papers/w2219 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559473 |
| 推荐引用方式 GB/T 7714 | Stewart C. Myers,Richard S. Ruback. Discounting Rules for Risky Assets. 1987. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2219.pdf（225KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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