CAPM-based company (mis)valuations
There is a discrepancy between CAPM-implied and realized returns. Using the CAPM in capital budgeting -- as recommended in textbooks -- should thus have real effects. For instance, low beta projects should be valued more by CAPM-users than by the market. We test this hypothesis using M&A data an...
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| Main Authors: | , , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2021
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/6566 https://ink.library.smu.edu.sg/context/lkcsb_research/article/7565/viewcontent/CAPM_based_Co_MisValuation_sv.pdf |
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| Institution: | Singapore Management University |
| Language: | English |