UndertheassumptionsofMM,pany,thechangeinvalueis:Using(**)in(*):IfweassumethatthereisatargetcapitalstructureandthereforethatDB/DI=D/(D+E),theterm 6CorporateFinanceDerivation:–isabyproductofMM,andthereforeisreliesonthesameassumptionsNoticealsothereissomethingintrinsicallycontradictoryinthewayitisoftenapplied:YoustartassumingaconstantdebtlevelThenyouassumeatargetdebtratioWhenthedebtratioisassumedconstant,formulaoughttobedifferent8CorporateFinanceMiles-:dynamicdebtIfweassumethedebtratioisconstant,formulaisAndtheformulaforreleveringbetasis9CorporateFinanceCostofequity:CAPMThediscountrateforriskyinvestments(expectedreturn)covers:ThetimevalueofmoneyAriskpremiumE(ri)=rf+bi(E(rm)-rf)ThisisthemostusedmethodtocalculatecostsofequityAlternative:APT(seebookfordetailsifinterested)10CorporateFinance
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