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Supuestos Implícitos En La Utilización Del Capital Assets Pricing Model - Capm -Para El Cálculo Del Costo Del Capital Propio - Equity-

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  • Carlos Arturo Gómez Restrepo

    ()

  • Mario García Molina

    ()

Abstract

El artículo evidencia los supuestos y problemas que implica la utilización del Capital Assets Pricing Model- CAPM en el cálculo del costo del capital propio de las empresas - Equity, haciendo énfasis en la diferencia que existe entre la forma como toman sus decisiones de inversión quienes lo hacen en el mercado de valores y quienes lo hacen en una empresa que desarrolla procesos productivos. Presenta una revisión de los trabajos que se han realizado sobre el CAPM y el Costo de Capital Promedio Ponderado, demostrando que ninguno de ellos tiene en cuenta la lógica propia del empresario. A partir de los desarrollos teóricos del CAPM demuestra la inconveniencia de utilizar este modelo en el cálculo del costo de capital de las empresas.

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Bibliographic Info

Paper provided by UN - RCE - CID in its series DOCUMENTOS DOCTORADO EN CIENCIAS ECONÓMICAS with number 008905.

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Length: 26
Date of creation: 21 Aug 2011
Date of revision:
Handle: RePEc:col:000430:008905

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Keywords: CAPM; Costo de Capital Promedio Ponderado; Rentabilidad; Empresario; Mercado de Valores.;

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