Journal of Finance
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Опубликовано на портале: 19-10-2004
H. Martin Weingartner
Journal of Finance.
1977.
Vol. 32.
No. 5.
P. 1403-1431.
Major attention has been focussed, but in an unsatisfactory way, on two aspects of
this problem, which will be the central topic of this paper. First, what discount
rate should be used in computing present values and what does this discount rate
stand for? Alternatively, what should be criterion for optimization? Second, if
the constraints on expenditure are binding for a given firm, has the discount rate
measured the firm's opportunity cost of capital properly, or is there, alternatively,
a discount rate which "clears the market" the internal demand for funds and the externally
made available funds?
