VALUATION AND RISK‐ADJUSTED DISCOUNT RATES
澄清了资本预算中使用恒定风险调整折现率是否意味着现金流风险随时间增加，指出风险溢价上升源于现金流不确定性、市场预期不确定性和风险市场价格变化的综合影响，而非现金流本身风险必然上升。
There is a continuing controversy as to whether the use of a constant risk adjusted discount rate in capital budgeting decisions implies that the risk of the cash flows increases over time. This paper shows that valuation using these discount rates implies an increasing premium for risk over time but that the increasing premium is due to the net impact of the uncertainty in the cash flow; uncertainty in future market expectations of the cash flow; and changes in the market price of risk. The risk of the cash flow itself need not be increasing over time.