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Supuestos implícitos en la utilización del capital Assets Pricing Model - Capm - para el cálculo del costo del capital propio - Equity-

Listed author(s):
  • Carlos Arturo Gómez Restrepo


  • Mario García Molina


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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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
Handle: RePEc:col:000430:008905
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