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Some New Capital Budgeting Theorems: Comment

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  • Bernhard, Richard H.

Abstract

In this issue of the Journal of Financial and Quantitative Analysis, Beranek [2] has presented a clever but cumbersome analysis showing that, for a simple multiperiod situation, computing a project's net present worth by discounting its cash flows at particular “costs of capital” and accepting the project if that net present worth is positive is completely consistent with raising the net present wealth of stockholders, initial investment from whom provides partial funding for the project.

Suggested Citation

  • Bernhard, Richard H., 1978. "Some New Capital Budgeting Theorems: Comment," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 13(5), pages 825-829, December.
    • Handle: RePEc:cup:jfinqa:v:13:y:1978:i:05:p:825-829_01
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    1. Groh, Alexander P., 2004. "Risikoadjustierte Performance von Private Equity-Investitionen," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 21382, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).

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