Discounted Cash Flow with Explicit Reinvestment Rates: Tutorial and Extension
This article discusses and critiques yield-based capital budgeting techniques that have arisen over the past thirty years. Some have theoretical inconsistencies, while some work well only for certain kinds of problems. A new method, the marginal return on invested capital, is presented. The method's application is general; it gives accept/reject signals and rankings consistent with the net present va lue method. Copyright 1988 by MIT Press.
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Volume (Year): 23 (1988)
Issue (Month): 3 (August)
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