Present values for imperfect capital markets
Опубликовано на портале: 03-10-2003
Journal of Business.
1966.
Vol. 39.
No. 1.
P. 45-51.
Тематический раздел:
In this article examines what discount rates should be used when borrowing rate is
greater than the
lending rate using present value interpretation. Author consider in this article:- Conditions where the difference between the borrowing and lending rates will cover the labor and transaction costs involved;
- Derivation of the correct rate-of-return rule that can either accept or reject an investment.
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