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Present values for imperfect capital markets

Опубликовано на портале: 03-10-2003
Journal of Business. 1966.  Vol. 39. No. 1. P. 45-51. 
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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