Содержание
- 2. Topics Covered Present Value Net Present Value NPV Rule ROR Rule Opportunity Cost of Capital Managers
- 3. Present Value Present Value Value today of a future cash flow. Discount Rate Interest rate used
- 4. Present Value
- 5. Present Value Discount Factor = DF = PV of $1 Discount Factors can be used to
- 6. Valuing an Office Building Step 1: Forecast cash flows Cost of building = C0 = 350
- 7. Valuing an Office Building Step 3: Discount future cash flows Step 4: Go ahead if PV
- 8. Net Present Value
- 9. Risk and Present Value Higher risk projects require a higher rate of return Higher required rates
- 10. Risk and Present Value
- 11. Rate of Return Rule Accept investments that offer rates of return in excess of their opportunity
- 12. Rate of Return Rule Accept investments that offer rates of return in excess of their opportunity
- 13. Net Present Value Rule Accept investments that have positive net present value
- 14. Net Present Value Rule Accept investments that have positive net present value Example Suppose we can
- 15. Opportunity Cost of Capital Example You may invest $100,000 today. Depending on the state of the
- 16. Opportunity Cost of Capital Example - continued The stock is trading for $95.65. Next year’s price,
- 17. Opportunity Cost of Capital Example - continued The stocks expected payoff leads to an expected return.
- 18. Opportunity Cost of Capital Example - continued Discounting the expected payoff at the expected return leads
- 19. Investment vs. Consumption Some people prefer to consume now. Some prefer to invest now and consume
- 20. Investment vs. Consumption
- 21. Investment vs. Consumption The grasshopper (G) wants to consume now. The ant (A) wants to wait.
- 22. Investment vs. Consumption The grasshopper (G) wants to consume now. The ant (A) wants to wait.
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