Risk spillovers and required returns in capital budgeting
结合产品市场分析与资产定价理论，证明企业市场势力会导致规模依赖且可能无限大的必要回报率，风险溢出使增量与现有必要回报率偏离，并质疑了可比公司法的有效性。
This article integrates strategic product market analysis with price-taking asset pricing theory. We demonstrate that a firm's market power can lead to scale-dependent and potentially infinite required returns. Scale dependency, which we relate to risk spillovers between expansionary and existing cash flows, reflects the divergence of incremental from existing required returns. The firm-specific nature of risk spillovers potentially destroys the concept of a common industry "risk class". Our analysis raises important questions regarding the validity of widely used "comparables" methods for determining risk-adjusted discount rates.