Rachel2020-01-29 00:34:16
Rachel老师，请问书本328页第二题B答案， Although the annual spending cash flows are not riskless, a risk- free rate should be used to cal-culate the present value of the cash flows as their uncertainty is unrelated to market risk factors that would be priced in a normal asset pricing model, making their beta equal to zero这一段怎么理解？为什么用risk-free rate 就making their beta equal to zero？
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Chris Lan2020-01-31 14:53:31
Chris Lan同学你好
core capital要使用risk free rate进行折现，因为这个折现率最小，折现出来的PV值最大，体现最保守原则。因为如果我假设获得无风险收益，那无论市场怎么变化，我都获得risk free rate，所以beta就等于0。
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