On “investment decisions in the theory of finance: Some antinomies and inconsistencies”
作者: Bert De Reyck
作者单位: 1London Business School, Regent's Park, London NW1 4SA, UK
刊名: European Journal of Operational Research, 2003, Vol.161 (2), pp.499-504
来源数据库: Elsevier Journal
DOI: 10.1016/j.ejor.2003.09.006
关键词: FinanceValuationNet present valueReal optionsEquivalent risk
原始语种摘要: Abstract(#br)In the paper “Investment Decisions in the Theory of Finance: Some antinomies and inconsistencies”, Magni [Eur. J. Operat. Res. 137 (2002) 206] shows that using the net present value rule for making investment decisions can lead to inconsistencies and antinomies. The author claims that the so-called equivalent-risk tenet of finance, whereby an investor needs to compare an investment opportunity with an asset of equivalent risk, is impossible to implement. In this paper, we show that the main thesis of this paper is incorrect, and that finance theory, when applied correctly, can be used to value investment projects by comparing assets of equivalent risk. We point out the fallacies in the author's reasoning and provide an alternative, and correct, methodology for valuing the...
全文获取路径: Elsevier  (合作)
影响因子:2.038 (2012)

  • finance 金融
  • investment 投资
  • assets 财产
  • theory 理论
  • options 保留购买权
  • claims 赔偿金
  • investor 客商
  • opportunity 机会
  • methodology 方法学
  • incorrect 不正确的