The Capital Asset Pricing Model in Project Selection: A Case Study
作者:
ArshadM. Khan,
DonaldP. Fiorino,
期刊:
The Engineering Economist
(Taylor Available online 1992)
卷期:
Volume 37,
issue 2
页码: 145-160
ISSN:0013-791X
年代: 1992
DOI:10.1080/00137919208903063
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
In this case study four actual energy efficiency projects are analyzed with two traditional engineering economy capital budgeting methods - internal rate of return and payback period - and the results compared with those obtained using the capital asset pricing model (CAPM). The alternative scenarios of the future states-of-the-world necessary for the latter are based on information available in Department of Energy reports. The traditional and CAPM approaches result in different economic conclusions for some of the projects. These differences are analyzed and the implications for certain types of improvement projects and equipment replacement problems as well as financial decision-making in general are discussed.
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