Projects with no cost of capital
通常认为任何项目都有合适的资本成本来计算净现值，但本文证明并非如此：与市场回报相关的风险现金流即使期望值为正，现值也可能为负，因此许多现实项目不存在资本成本，并提出了筛选测试。
Abstract It is generally accepted that any project has an appropriate cost of capital reflecting its riskiness and that this cost of capital can be employed to calculate the project's net present value (NPV). Consequently, any future cashflow with a positive expected value has some positive present value. We show that this is not generally true. A risky cashflow with a positive expected value may have a negative present value if the cashflow is correlated with market returns. Thus, there are many realistic projects for which no cost of capital exists. We suggest a simple test to screen out such projects.