2013년 11월 29일 금요일

오전 11:01

By Verlie Hiney



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               "Ａｎ               ｏｒｇａｎｉｚａｔｉｏｎ'ｓ               ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ               ｉｓ               ｅｑｕａｔｅｄ               ｗｉｔｈ               ｔｈｅ               ｃｏｍｐｅｎｓａｔｉｏｎ               ｔｈａｔ               ｉｓ               ｒｅｑｕｉｒｅｄ               ｂｙ               ａｎ               ｉｎｖｅｓｔｏｒ               ｔｏ               ｅｎｃｏｕｒａｇｅ               ｔｈｅｍ               ｔｏ               ｓｕｐｐｌｙ               ｃａｐｉｔａｌ               ｆｏｒ               ａ               ｎｅｗ               ｂｕｓｉｎｅｓｓ               ｖｅｎｔｕｒｅ               ｏｒ               ｐｒｏｊｅｃｔ.

Ａｎｙ               ｕｓｅ               ｏｆ               ｃａｐｉｔａｌ               ｍｕｓｔ               ｅａｒｎ               ａｔ               ｌｅａｓｔ               ｉｔｓ               ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ,"               (Ｃｏｕｓｉｎｓ,               ｎ.ｄ.).

Ａｎｏｔｈｅｒ               ｄｅｆｉｎｉｔｉｏｎ               ｏｆ               ｔｈｅ               ｔｅｒｍ               "ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ"               ｉｓ               "ｔｈｅ               ｃｏｓｔ               ｏｆ               ｏｐｐｏｒｔｕｎｉｔｙ               (ｏｐｐｏｒｔｕｎｉｔｙ               ｃｏｓｔ)               ｏｆ               ａｎ               ｉｎｖｅｓｔｍｅｎｔ,"               (Ｃｏｓｔ               ｏｆ               Ｃａｐｉｔａｌ,               ｎ.ｄ.).

Ｉｔ               ｉｓ               ａ               ｍａｊｏｒ               ｃｏｍｐｏｎｅｎｔ               ｉｎ               ｔｈｅ               ｌｏｎｇ-ｔｅｒｍ,               ｆｉｎａｎｃｉａｌ               ｄｅｃｉｓｉｏｎ               ｍａｋｉｎｇ               ｐｒｏｃｅｓｓ               ｏｆ               ｏｒｇａｎｉｚａｔｉｏｎｓ.
               "Ｔｈｅ               ｔｏｔａｌ               ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ               ｏｒ               ｔｈｅ               ｗｅｉｇｈｔｅｄ               ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ               (ＷＡＣＣ)               ｔａｋｅｓ               ｉｎｔｏ               ａｃｃｏｕｎｔ               ｓｅｖｅｒａｌ               ｆａｃｔｏｒｓ               ｉｎｃｌｕｄｉｎｇ               ｓｅｖｅｒａｌ               ｔｙｐｅｓ               ｏｆ               ｌｏｎｇ-ｔｅｒｍ               ｃａｐｉｔａｌ.

Ｔｈｅｓｅ               ｔｙｐｅｓ               ｉｎｃｌｕｄｅ               ｌｏｎｇ-ｔｅｒｍ               ｄｅｂｔ,               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ,               ｂｏｎｄｓ,               ａｎｄ               ｃｏｍｍｏｎ               ｅｑｕｉｔｙ               ｗｈｉｃｈ               ｉｎ               ｉｔｓｅｌｆ               ｉｎｃｌｕｄｅｓ               ｒｅｔａｉｎｅｄ               ｅａｒｎｉｎｇｓ               ａｎｄ               ｓａｌｅ               ｏｆ               ｎｅｗ               ｃｏｍｍｏｎ               ｓｔｏｃｋ,"               (Ｚａｋｉ               Ｌｉｖｅ               Ｃｈａｔ,               2011).

Ｔｈｅ               ｆｏｒｍｕｌａ               ｆｏｒ               ｃａｌｃｕｌａｔｉｎｇ               ｔｈｅ               ｗｅｉｇｈｔｅｄ               ａｖｅｒａｇｅ               ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ,               ｒａ,               ｉｓ               ａｓ               ｆｏｌｌｏｗｓ:
               ｒａ               =               [ｗｉ               Ｘ               ｒｉ]               +               [ｗｐ               Ｘ               ｒｐ]               +               [ｗｓ               Ｘ               ｒｒ               ｏｒ               ｎ]
               Ｄｅｆｉｎｉｔｉｏｎｓ               ｏｆ               ｖａｒｉａｂｌｅｓ:
               ｗｉ               =               ｓｈａｒｅ               ｏｆ               ｌｏｎｇ-ｔｅｒｍ               ｄｅｂｔ               ｉｎ               ｃａｐｉｔａｌ               ｓｔｒｕｃｔｕｒｅ
               ｗｐ               =               ｓｈａｒｅ               ｏｆ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ               ｉｎ               ｃａｐｉｔａｌ               ｓｔｒｕｃｔｕｒｅ
               ｗｓ               =               ｓｈａｒｅ               ｏｆ               ｃｏｍｍｏｎ               ｓｔｏｃｋ               ｉｎ               ｃａｐｉｔａｌ               ｓｔｒｕｃｔｕｒｅ
               ｒｉ               =               ａｆｔｅｒ-ｔａｘ               ｃｏｓｔ               ｏｆ               ｄｅｂｔ
               ｒｐ               =               ｅｘｐｅｎｓｅ               ｏｆ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ
               ｒｒ               =               ｅｘｐｅｎｓｅ               ｏｆ               ｒｅｔａｉｎｅｄ               ｅａｒｎｉｎｇｓ
               ｎ               =               ａｍｏｕｎｔ               ｏｆ               ｙｅａｒｓ               ｔｏ               ｔｈｅ               ｂｏｎｄ'ｓ               ｍａｔｕｒｉｔｙ
               Ａｓ               ｏｎｅ               ｃａｎ               ｓｅｅ               ｆｒｏｍ               ｔｈｅ               ａｂｏｖｅ               ｆｏｒｍｕｌａ,               "ｔｈｅ               ｐａｒｔｉｃｕｌａｒ               ｐｒｉｃｅ               ｐａｉｄ               ｆｏｒ               ｅａｃｈ               ｔｙｐｅ               ｏｆ               ｆｉｎａｎｃｉｎｇ               ｉｓ               ｔａｋｅｎ               ｉｎｔｏ               ｃｏｎｓｉｄｅｒａｔｉｏｎ               ｗｈｅｎ               ｃｏｍｐｕｔｉｎｇ               ｔｈｅ               ｗｅｉｇｈｔｅｄ               ａｖｅｒａｇｅ               ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ,               ｃｏｍｍｅｎｓｕｒａｔｅ               ｗｉｔｈ               ｉｔｓ               ｃｏｒｒｅｓｐｏｎｄｉｎｇ               ｐｒｏｐｏｒｔｉｏｎ               ｗｉｔｈｉｎ               ｔｈｅ               ｃａｐｉｔａｌ               ｓｔｒｕｃｔｕｒｅ.

Ｔｈｅ               ａｆｔｅｒ-ｔａｘ               ｅｘｐｅｎｓｅ               ｏｆ               ｄｅｂｔ,               ｒｉ,               ｉｓ               ｔｈｅ               ａｆｔｅｒ-ｔａｘ               ｅｘｐｅｎｓｅ               ｏｆ               ｏｂｔａｉｎｉｎｇ               ｌｏｎｇ-ｔｅｒｍ               ｃａｐｉｔａｌ               ｔｈｒｏｕｇｈ               ｌｅｎｄｉｎｇ.

Ｔｈｅ               ｅｘｐｅｎｓｅ               ｏｆ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ,               ｒｐ,               ｉｓ               ｔｈｅ               ｒａｔｉｏ               ｏｆ               ｔｈｅ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ               ｄｉｖｉｄｅｎｄ               ｔｏ               ｔｈｅ               ｏｒｇａｎｉｚａｔｉｏｎ'ｓ               ｎｅｔ               ｅａｒｎｉｎｇｓ               ｆｒｏｍ               ｔｈｅ               ｓａｌｅ               ｏｆ               ｔｈｅ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ.

Ｔｈｅ               ｆｉｎａｌ               ｖａｒｉａｂｌｅ               ｉｎ               ｔｈｅ               ＷＡＣＣ               ｅｑｕａｔｉｏｎ               ｉｓ               ｔｈｅ               ｃｏｓｔ               ｏｆ               ｒｅｔａｉｎｅｄ               ｅａｒｎｉｎｇｓ               ｏｒ               ｒｒ,               ｗｈｉｃｈ               ｉｓ               ｔｈｅ               ｃｏｓｔ               ｏｆ               ａｎ               ｅｑｕｉｖａｌｅｎｔ               ｆｕｌｌｙ               ｓｕｂｓｃｒｉｂｅｄ               ｉｓｓｕｅ               ｏｆ               ａｄｄｉｔｉｏｎａｌ               ｃｏｍｍｏｎ               ｓｔｏｃｋ,"               (Ｇｉｔｍａｎ,               2009,               ｐ.

510-515).

Ａｌｔｈｏｕｇｈ,               ｉｔ               ｓｈｏｕｌｄ               ｂｅ               ｎｏｔｅｄ               ｔｈａｔ               ｔｈｅ               ｅｘｐｅｎｓｅｓ               ｃｏｒｒｅｌａｔｅｄ               ｗｉｔｈ               ａｃｑｕｉｒｉｎｇ               ｃａｐｉｔａｌ               ｆｒｏｍ               ｔｈｅ               ｅａｒｎｉｎｇｓ               ｏｆ               ｃｕｒｒｅｎｔ               ｓｔｏｃｋｈｏｌｄｅｒｓ               ｉｎ               ｌｉｅｕ               ｏｆ               ｎｅｗ               ｓｔｏｃｋｈｏｌｄｅｒｓ               ｉｓ               ｎｏｔ               ｔｈｅ               ｓａｍｅ.

Ａｃｑｕｉｒｉｎｇ               ｃａｐｉｔａｌ               ｆｒｏｍ               ｒｅｔａｉｎｅｄ               ｅａｒｎｉｎｇｓ               ｉｎｖｏｌｖｅｓ               ｔｈｅ               ｒａｔｅ               ｏｆ               ｒｅｔｕｒｎ               ｄｅｅｍｅｄ               ｎｅｃｅｓｓａｒｙ               ｂｙ               ｔｈｅ               ｓｔｏｃｋｈｏｌｄｅｒｓ               ｗｈｉｌｅ               ｎｅｗ               ｓｔｏｃｋ               ｃａｐｉｔａｌ               ａｄｄｓ               ａｎ               ｅｘｔｒａ               ｅｘｐｅｎｓｅ               ｃａｌｌｅｄ               ｆｌｏｔａｔｉｏｎ.
               Ｔｈｅ               ｍａｒｋｅｔ               ｒａｔｅ               ｉｓ               ｔｈｅ               ｃｕｒｒｅｎｔ               ｉｎｔｅｒｅｓｔ               ｒａｔｅ               ａｔ               ａｎｙ               ｐａｒｔｉｃｕｌａｒ               ｔｉｍｅ.

Ｔｈｅ               ｃｏｓｔ               ｏｆ               ｃａｐｉｔａｌ               ｉｓ               ｄｉｒｅｃｔｌｙ               ｉｎｆｌｕｅｎｃｅｄ               ｂｙ               ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｒａｔｅ               ｃｈａｒｇｅｄ               ｂｙ               ｌｅｎｄｅｒｓ               ｏｒ               ｒｅｑｕｉｒｅｄ               ｂｙ               ｉｎｖｅｓｔｏｒｓ               ｔｈｅｒｅｆｏｒｅ               ｆｌｕｃｔｕａｔｉｏｎｓ               ｉｎ               ｔｈｅ               ｍａｒｋｅｔ               ｒａｔｅ               ｈａｖｅ               ｔｏ               ｂｅ               ａｃｃｏｕｎｔｅｄ               ｆｏｒ               ｗｈｅｎ               ｃａｌｃｕｌａｔｉｎｇ               ｔｈｅ               ＷＡＣＣ.

Ｔｈｅｓｅ               ｆｌｕｃｔｕａｔｉｏｎｓ               ｃａｎ               ｅｉｔｈｅｒ               ｉｎｃｒｅａｓｅ               ｏｒ               ｄｅｃｒｅａｓｅ               ｔｈｅ               ＷＡＣＣ               ａｃｃｏｒｄｉｎｇ               ｔｏ               ｗｈｅｔｈｅｒ               ｔｈｅ               ｍａｒｋｅｔ               ｒａｔｅｓ               ｇｏ               ｕｐ               ｏｒ               ｄｏｗｎ.

Ｔｈｅ               ｓａｍｅ               ｈｏｌｄｓ               ｔｒｕｅ               ｆｏｒ               ａ               ｃｏｍｐａｎｙ'ｓ               ｐｅｒｃｅｉｖｅｄ               ｍａｒｋｅｔ               ｒｉｓｋ.

"Ｉｆ               ｃｏｎｓｕｍｅｒ               ｄｅｍａｎｄ               ｆｏｒ               ｔｈｅ               ｐｒｏｄｕｃｔ               ｏｒ               ｓｅｒｖｉｃｅ               ｄｅｃｒｅａｓｅｓ,               ｅｉｔｈｅｒ               ｄｕｅ               ｔｏ               ｌｏｓｓ               ｏｆ               ｂｕｓｉｎｅｓｓ               ｔｏ               ｃｏｍｐｅｔｉｔｏｒｓ               ｏｒ               ａ               ｍｏｄｉｆｉｃａｔｉｏｎ               ｉｎ               ｎｏｒｍａｌ               ｅｃｏｎｏｍｉｃ               ｃｏｎｄｉｔｉｏｎｓ,               ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｒｉｓｋ               ａｓｓｏｃｉａｔｅｄ               ｔｏ               ｉｎｖｅｓｔｏｒｓ               ｗｉｌｌ               ｉｎｃｒｅａｓｅ               ｇｒｅａｔｌｙ.

Ｗｈｅｎ               ａ               ｃｏｍｐａｎｙ'ｓ               ｒｉｓｋ               ｆａｃｔｏｒ               ｉｓ               ｄｅｅｍｅｄ               ｔｏ               ｂｅ               ｉｎｃｒｅａｓｅｄ               ｄｕｅ               ｔｏ               ｏｕｔｓｉｄｅ               ｅｌｅｍｅｎｔｓ               ｔｈａｔ               ａｒｅ               ｂｅｙｏｎｄ               ｔｈｅ               ｃｏｎｔｒｏｌ               ｏｆ               ｔｈｅ               ｃｏｍｐａｎｙ               ｔｏ               ｒｅｇｕｌａｔｅ               ｏｒ               ｒｅｍｅｄｙ,               ｃｈａｎｃｅｓ               ｏｆ               ｄｒａｗｉｎｇ               ｎｅｗ               ｉｎｖｅｓｔｏｒｓ               ｉｓ               ｓｅｖｅｒｅｌｙ               ｌｉｍｉｔｅｄ,"               (Ｚａｋｉ               Ｌｉｖｅ               Ｃｈａｔ,               2011).

Ｉｆ               ｔｈｉｓ               ｏｃｃｕｒｓ,               ｔｈｅ               ｃｏｓｔ               ｏｆ               ｏｂｔａｉｎｉｎｇ               ｃａｐｉｔａｌ               ｆｒｏｍ               ｔｈｅｓｅ               ｉｎｖｅｓｔｏｒｓ               ｗｉｌｌ               ｇｏ               ｕｐ,               ｔｈｕｓ               ｉｎｃｒｅａｓｉｎｇ               ｔｈｅ               ＷＡＣＣ.

Ａｎｏｔｈｅｒ               ｆａｃｔｏｒ               ｔｈａｔ               ｃａｎ               ｉｎｆｌｕｅｎｃｅ               ａｎ               ｏｒｇａｎｉｚａｔｉｏｎ'ｓ               ＷＡＣＣ               ｉｓ               ｉｔｓ               ｃａｐｉｔａｌ               ｓｔｒｕｃｔｕｒｅ.

Ｃａｐｉｔａｌ               ｓｔｒｕｃｔｕｒｅ               ｉｓ               ｔｈｅ               "ｃｏｍｂｉｎａｔｉｏｎ               ｏｆ               ｌｏｎｇ-ｔｅｒｍ               ｄｅｂｔ               ａｎｄ               ｅｑｕｉｔｙ               ｓｕｓｔａｉｎｅｄ               ｂｙ               ａ               ｆｉｒｍ.

Ｔｈｅ               ｄｅｇｒｅｅ               ｏｆ               ｌｅｖｅｒａｇｅ               ｉｎ               ａｎ               ｏｒｇａｎｉｚａｔｉｏｎ'ｓ               ｃａｐｉｔａｌ               ｓｔｒｕｃｔｕｒｅ               ｃａｎ               ｎｏｔａｂｌｙ               ｉｎｆｌｕｅｎｃｅ               ｉｔｓ               ｗｏｒｔｈ               ｂｙ               ａｆｆｅｃｔｉｎｇ               ｒｅｔｕｒｎ               ａｎｄ               ｒｉｓｋ.

Ｉｎｃｒｅａｓｅｓ               ｉｎ               ｌｅｖｅｒａｇｅ               ｃａｎ               ｒｅｓｕｌｔ               ｉｎ               ｉｎｃｒｅａｓｅｄ               ｒｅｔｕｒｎ               ａｎｄ               ｒｉｓｋ               ａｎｄ               ｖｉｃｅ               ｖｅｒｓａ,"               (Ｇｉｔｍａｎ,               2009,               ｐ.

546).
               Ｒｉｓｋ               ｃａｎ               ｂｅ               ｄｅｓｃｒｉｂｅｄ               ａｓ               ｔｈｅ               ｐｏｓｓｉｂｉｌｉｔｙ               ｏｆ               ｌｏｓｓ.

Ｔｈｅ               ｈｉｇｈｅｒ               ｔｈｅ               ｏｐｐｏｒｔｕｎｉｔｙ               ｆｏｒ               ｌｏｓｓ;               ｔｈｅ               ｈｉｇｈｅｒ               ｔｈｅ               ｒｉｓｋ               ｉｓ.

Ｏｂｖｉｏｕｓｌｙ,               ｔｈｅ               ｌｏｗｅｒ               ｔｈｅ               ｏｐｐｏｒｔｕｎｉｔｙ               ｔｈｅｒｅ               ｉｓ               ｆｏｒ               ｌｏｓｓ               ｔｈｅ               ｌｏｗｅｒ               ｔｈｅ               ｒｉｓｋ.

Ｍａｒｋｅｔ               ｒｉｓｋ               ｉｓ               ｄｅｆｉｎｅｄ               ａｓ               "ｔｈｅ               ｃｈａｎｃｅ               ｔｈａｔ               ｔｈｅ               ｖａｌｕｅ               ｏｆ               ａｎ               ｉｎｖｅｓｔｍｅｎｔ               ｗｉｌｌ               ｆａｌｌ               ｏｒ               ｄｅｔｅｒｉｏｒａｔｅ               ｂｅｃａｕｓｅ               ｏｆ               ｍａｒｋｅｔ               ｅｌｅｍｅｎｔｓ               ｔｈａｔ               ａｒｅ               ｎｏｔ               ｎｅｃｅｓｓａｒｉｌｙ               ｒｅｌａｔｅｄ               ｔｏ               ｔｈｅ               ｉｎｖｅｓｔｍｅｎｔ               ｉｔｓｅｌｆ               ｓｕｃｈ               ａｓ               ｓｏｃｉａｌ,               ｐｏｌｉｔｉｃａｌ               ａｎｄ               ｅｃｏｎｏｍｉｃ               ｅｖｅｎｔｓ,"               (Ｇｉｔｍａｎ,               2009,               ｐ.

228-9).

"Ｔｈｅｒｅ               ａｒｅ               ｔｈｒｅｅ               ｂａｓｉｃ               ｃａｔｅｇｏｒｉｅｓ               ｔｈａｔ               ｆｉｎａｎｃｉａｌ               ｍａｎａｇｅｒ'ｓ               ｆａｌｌ               ｉｎｔｏ               ｒｅｇａｒｄｉｎｇ               ｔｈｅｉｒ               ａｃｃｅｐｔｅｄ               ｌｅｖｅｌ               ｏｆ               ｒｉｓｋ               ｒａｎｇｉｎｇ               ｆｒｏｍ               ｒｉｓｋ               ｉｎｔｏｌｅｒａｎｔ               ｔｏ               ｒｉｓｋ               ｈｕｎｔｅｒｓ.

Ｔｈｅｓｅ               ｉｎｃｌｕｄｅ               ｔｈｅ               ｒｉｓｋ-ｉｎｄｉｆｆｅｒｅｎｔ,               ｔｈｅ               ｒｉｓｋ-ａｖｅｒｓｅ,               ａｎｄ               ｔｈｅ               ｒｉｓｋ-ｓｅｅｋｉｎｇ.

Ｔｈｅｒｅ               ａｒｅ               ａｌｓｏ               ｍｅｔｈｏｄｓ               ｔｈａｔ               ｃａｎ               ｂｅ               ｕｓｅｄ               ｔｏ               ａｓｓｅｓｓ               ｔｈｅ               ｌｅｖｅｌ               ｏｆ               ｒｉｓｋ               ｏｆ               ａｎ               ｉｎｖｅｓｔｍｅｎｔ               ｗｈｉｃｈ               ｉｎｃｌｕｄｅ               ｓｃｅｎａｒｉｏ               ａｎａｌｙｓｉｓ               ａｎｄ               ｐｒｏｂａｂｉｌｉｔｙ               ｄｉｓｔｒｉｂｕｔｉｏｎｓ,"               (Ｇｉｔｍａｎ,               2009,               232-4).
               "Ｍａｒｋｅｔ               ｒｉｓｋ               ｃａｎ               ｂｅ               ｇａｕｇｅｄ               ｑｕａｎｔｉｔａｔｉｖｅｌｙ               ｂｙ               ｕｓｉｎｇ               ｓｔａｔｉｓｔｉｃｓ.

Ｔｗｏ               ｓｔａｔｉｓｔｉｃｓ               ｔｈａｔ               ａｒｅ               ｕｔｉｌｉｚｅｄ               ｉｎ               ｇａｕｇｉｎｇ               ｒｉｓｋ               ａｒｅ               ｔｈｅ               ｓｔａｎｄａｒｄ               ｄｅｖｉａｔｉｏｎ               ａｎｄ               ｔｈｅ               ｃｏｅｆｆｉｃｉｅｎｔ               ｏｆ               ｖａｒｉａｔｉｏｎ.

Ｔｈｅｓｅ               ｔｗｏ               ｓｔａｔｉｓｔｉｃｓ               ｇａｕｇｅ               ｔｈｅ               ｖｏｌａｔｉｌｉｔｙ               ｏｆ               ａｓｓｅｔ               ｒｅｔｕｒｎｓ.

Ｔｈｅ               ｓｔａｎｄａｒｄ               ｄｅｖｉａｔｉｏｎ               ｇａｕｇｅｓ               ｔｈｅ               ｐｒｏｃｌｉｖｉｔｙ               ｏｆ               ｄｉｓｔｒｉｂｕｔｉｏｎ               ａｒｏｕｎｄ               ｔｈｅ               ｆｏｒｅｃａｓｔｅｄ               ｖａｌｕｅ               ｏｒ               ｔｈｅ               ｍｏｓｔ               ａｎｔｉｃｉｐａｔｅｄ               ｒｅｔｕｒｎ               ｏｆ               ａｎ               ｉｎｖｅｓｔｍｅｎｔ               ｏｒ               ａｓｓｅｔ.

Ｓｉｍｉｌａｒｌｙ,               ｔｈｅ               ｃｏｅｆｆｉｃｉｅｎｔ               ｏｆ               ｖａｒｉａｔｉｏｎ               (ＣＶ)               ｃａｎ               ｂｅ               ｄｅｓｃｒｉｂｅｄ               ａｓ               ａ               ｍｅｔｈｏｄ               ｕｓｅｄ               ｔｏ               ｇａｕｇｅ               ｔｈｅ               ｒｅｌａｔｉｖｅ               ｄｉｓｔｒｉｂｕｔｉｏｎ               ｗｈｉｃｈ               ｉｓ               ｕｓｅｆｕｌ               ｉｎ               ｅｘａｍｉｎｉｎｇ               ｔｈｅ               ｒｉｓｋｓ               ｏｆ               ｉｎｖｅｓｔｍｅｎｔｓ               ｗｉｔｈ               ｄｉｓｓｉｍｉｌａｒ               ｆｏｒｅｃａｓｔｅｄ               ｒｅｔｕｒｎｓ.

Ｔｈｅ               ｇｒｅａｔｅｒ               ｔｈｅ               ＣＶ               ｔｈｅ               ｈｉｇｈｅｒ               ｔｈｅ               ｒｉｓｋ;               ｃｏｎｓｅｑｕｅｎｔｌｙ               ｔｈｅ               ｈｉｇｈｅｒ               ｔｈｅ               ｆｏｒｅｃａｓｔｅｄ               ｒｅｔｕｒｎ.

Ｔｈｅ               ｓｔａｎｄａｒｄ               ｄｅｖｉａｔｉｏｎ               ｅｘｐｒｅｓｓｅｓ               ｔｈｅ               ｃｏｅｆｆｉｃｉｅｎｔ               ｏｆ               ｖａｒｉａｔｉｏｎ               ａｓ               ａ               ｐｅｒｃｅｎｔａｇｅ               ｏｆ               ｔｈｅ               ｍｅａｎ.

Ｂｏｔｈ               ｏｆ               ｔｈｅｓｅ               ｍｅｔｈｏｄｓ               ｏｆ               ｃａｌｃｕｌａｔｉｎｇ               ｒｉｓｋ               ａｒｅ               ｉｎｔｅｒｃｏｎｎｅｃｔｅｄ               ａｎｄ               ｓｅｒｖｅ               ａｓ               ａ               ｕｓｅｆｕｌ               ｍｅａｎｓ               ｏｆ               ｒｉｓｋ               ｄｅｔｅｒｍｉｎａｔｉｏｎ.
               Ｒｅｆｅｒｅｎｃｅｓ
               Ｃｏｓｔ               ｏｆ               Ｃａｐｉｔａｌ.

(2011).

Ｒｅｔｒｉｅｖｅｄ               ｆｒｏｍ               ｈｔｔｐ://ｗｗｗ.ｉｎｖｅｓｔｏｒｗｏｒｄｓ.ｃｏｍ/1153/ｃｏｓｔ_ｏｆ_ｃａｐｉｔａｌ.ｈｔｍｌ
               Ｃｏｕｓｉｎｓ,               Ｊ.Ｋ.

(ｎ.ｄ.)               Ｃｏｓｔ               ｏｆ               Ｃａｐｉｔａｌ.

Ｒｅｔｒｉｅｖｅｄ               ｆｒｏｍｈｔｔｐ://ｗｗｗ.ｒｅｆｅｒｅｎｃｅｆｏｒｂｕｓｉｎｅｓｓ.ｃｏｍ/ｅｎｃｙｃｌｏｐｅｄｉａ/Ｃｏｓ-Ｄｅｓ/Ｃｏｓｔ-ｏｆ-Ｃａｐｉｔａｌ.ｈｔｍｌ
               Ｇｉｔｍａｎ,               Ｌ.

(2009).

Ｐｒｉｎｃｉｐｌｅｓ               ｏｆ               Ｍａｎａｇｅｒｉａｌ               Ｆｉｎａｎｃｅ,               Ｔｗｅｌｆｔｈ               Ｅｄｉｔｉｏｎ.

Ｂｏｓｔｏｎ,               ＭＡ:               Ｐｅａｒｓｏｎ,               Ｐｒｅｎｔｉｃｅ               Ｈａｌｌ.
               Ｚａｋｉ,               Ｍ.

(Ｊａｎｕａｒｙ               25,               2011).

Ｒｉｓｋ.

Ｒｅｔｒｉｅｖｅｄ               ｆｒｏｍ               Ｃｏｌｏｒａｄｏ               Ｔｅｃｈｎｉｃａｌ               Ｕｎｉｖｅｒｓｉｔｙ               Ｏｎｌｉｎｅ,               Ｖｉｒｔｕａｌ               Ｃａｍｐｕｓ,               ＦＩＮ310-1101Ａ-12,               Ｆｉｎａｎｃｉａｌ               Ｍａｎａｇｅｍｅｎｔ               Ｐｒｉｎｃｉｐｌｅｓ:               ｈｔｔｐｓ://ｃａｍｐｕｓ.ｃｔｕｏｎｌｉｎｅ.ｅｄｕ






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