Growth Opportunities and Investment Decisions: A New Perspective on the Cost of Capital
指出，即使项目风险高于现有资产，上调股票贝塔值计算资本预算门槛率也不总是正确的；当项目风险与现有资产相同时，正确门槛率低于市场资本化率。这些结果源于将投资机会视为实物看涨期权。
This paper shows that it is not always correct to make an upward adjustment to the stock beta in calculating the hurdle rate for capital budgeting even when the project under consideration is riskier than existing assets. The paper also shows that the correct hurdle rate is smaller than the market capitalization rate calculated from the firm's stock beta when the project under consideration has the same risk as existing assets. In addition, it is shown that the market capitalization rate will be an underestimate (overestimate) of the correct hurdle rate when the risk of future assets is greater (smaller) than both the risk of assets in place and that of future capital expenditures. These new results are direct consequences of the insight that the firm's investment opportunities are in fact real call options written on underlying assets.