The Cost of Capital: Intermediate Theory by Seth Armitage (English) Hardcover Bo

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This book provides a thorough exposition of the theory relating to the cost of capital. It seeks to explain models and arguments in a way which does justice to the reasoning, whilst minimising the prior knowledge of finance and maths expected of the reader. Suitable for advanced undergraduates, and upwards.

FORMATHardcover LANGUAGEEnglish CONDITIONBrand New Publisher Description

This book provides an answer to the question, 'What does the finance and economics literature say about the determination and estimation of a project's cost of capital?'. Uniquely, it reviews both the theory of asset pricing in discrete time and a range of more applied topics which relate to project valuation, including the effects of corporate and personal taxes, the international dimension, estimation of the cost of equity in practice, and the cost of capital for regulated utilities. It seeks to explain models and arguments in a way which does justice to the reasoning, whilst minimising the prior knowledge of finance and maths expected of the reader. It acts as a bridge between a general undergraduate or MBA text in finance, accounting or economics, and the modern theoretical literature on the cost of capital.

Author Biography

Seth Armitage is a Reader in Finance and head of the finance group at Heriot-Watt University, Edinburgh. His current and recent research centres on the financing of companies and has included work on rights issues and open offers, the role of banks in funding companies, sources of finance in developing countries and mutual financial institutions. He is the author of Syndicated Lending in Europe (1998).

Table of Contents

Preface; Part I. Expected Returns on Financial Assets: 1. The cost of capital under certainty; 2. Allowing for uncertainty: contingent states; 3. The capital asset pricing model and multifactor models; 4. The consumption-based model; 5. The equity risk premium; Part II. A Project's Cost of Capital: 6. Project valuation; 7. Corporation tax, leverage and the weighted average cost of capital; 8. Personal tax and the cost of equity: the old and the new views; 9. Personal tax, leverage and multiple tax rates; 10. Inflation and risk premiums; 11. The international dimension; Part III. Estimating the Cost of Capital: 12. The cost of equity: inference from present value; 13. The cost of equity: applying the CAPM and multifactor models; 14. Estimating a project's cost of capital; 15. Regulated utilities.

Promotional

A thorough exposition of the theory relating to the cost of capital.

Long Description

This volume provides a thorough exposition of the theory relating to the cost of capital--a core subject in academic finance and also of genuine practical importance. Any serious attempt to value a business requires an estimate of its cost of capital. This book explains models and arguments in a way which does justice to this reasoning, while minimizing the prior knowledge of finance and maths expected of the reader. It is intended primarily for students at advanced undergraduate levels.

Promotional "Headline"

A thorough exposition of the theory relating to the cost of capital.

Description for Bookstore

This book provides a thorough exposition of the theory relating to the cost of capital. It seeks to explain models and arguments in a way which does justice to the reasoning, whilst minimising the prior knowledge of finance and maths expected of the reader. Suitable for advanced undergraduates, and upwards.

Description for Library

This book provides a thorough exposition of the theory relating to the cost of capital. It seeks to explain models and arguments in a way which does justice to the reasoning, whilst minimising the prior knowledge of finance and maths expected of the reader. Suitable for advanced undergraduates, and upwards.

Details ISBN0521801958 Author Seth Armitage Short Title COST OF CAPITAL Publisher Cambridge University Press Language English ISBN-10 0521801958 ISBN-13 9780521801959 Media Book Format Hardcover Year 2005 Imprint Cambridge University Press Subtitle Intermediate Theory Place of Publication Cambridge Country of Publication United Kingdom Affiliation Heriot-Watt University, Edinburgh DOI 10.1604/9780521801959 UK Release Date 2005-03-17 AU Release Date 2005-03-17 NZ Release Date 2005-03-17 Pages 370 Publication Date 2005-03-17 Alternative 9780521000444 DEWEY 332.04101 Illustrations 4 Tables, unspecified Audience Tertiary & Higher Education We've got this

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