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- 19 May 2022
- News
Cost of Capital
- October 2000 (Revised April 2001)
- Case
Cost of Capital at Ameritrade
By: Mark L. Mitchell and Erik Stafford
Ameritrade Holding Corp. is planning large marketing and technology investments to improve the company's competitive position in deep-discount brokerage by taking advantage of emerging economies of scale. In order to evaluate whether the strategy would generate... View Details
Keywords: Developing Countries and Economies; Asset Pricing; Cash Flow; Cost of Capital; Investment; Marketing; Mathematical Methods; Competition; Information Technology; Internet and the Web; Financial Services Industry
Mitchell, Mark L., and Erik Stafford. "Cost of Capital at Ameritrade." Harvard Business School Case 201-046, October 2000. (Revised April 2001.)
- April 1996 (Revised March 1998)
- Case
Lex Service PLC-- Cost of Capital
By: W. Carl Kester and Kendall Backstrand
Lex Service company has grown into a large multidivisional company with a substantial capital budget. In 1993, the board was reviewing its capital budgeting procedures. Specifically, it sought to determine the company's cost of capital and whether it should use... View Details
Kester, W. Carl, and Kendall Backstrand. "Lex Service PLC-- Cost of Capital." Harvard Business School Case 296-003, April 1996. (Revised March 1998.)
- December 2003 (Revised October 2006)
- Case
Globalizing the Cost of Capital and Capital Budgeting at AES
By: Mihir A. Desai and Douglas Kurt Schillinger
With electricity generating businesses around the world, AES Corp. is seeking a methodology for calculating the cost of capital for its various businesses and potential projects. In the past, AES used the same cost of capital for all of its capital budgeting, but the... View Details
Keywords: International Finance; Risk Management; Globalized Firms and Management; Cost of Capital; Valuation; Emerging Markets; Foreign Direct Investment; Capital Budgeting; Energy Industry; South America
Desai, Mihir A., and Douglas Kurt Schillinger. "Globalizing the Cost of Capital and Capital Budgeting at AES." Harvard Business School Case 204-109, December 2003. (Revised October 2006.)
- June 2009
- Case
Midland Energy Resources, Inc.: Cost of Capital
By: Timothy A. Luehrman and Joel L. Heilprin
The senior vice president of project finance for a global oil and gas company must determine the weighted average cost of capital for the company as a whole and each of its divisions as part of the annual capital budgeting process. The case uses comparable companies to... View Details
Keywords: Risk Assessment; Risk and Uncertainty; Risk Management; Cost of Capital; Cash Flow; Capital Structure; Valuation; Capital Budgeting; Energy Industry
Luehrman, Timothy A., and Joel L. Heilprin. "Midland Energy Resources, Inc.: Cost of Capital." Harvard Business School Brief Case 094-129, June 2009.
- January 2013 (Revised April 2015)
- Background Note
Cost of Capital Problems
By: Josh Lerner
Lerner, Josh. "Cost of Capital Problems." Harvard Business School Background Note 813-152, January 2013. (Revised April 2015.)
- March 1989 (Revised April 1998)
- Case
Marriott Corporation: The Cost of Capital (Abridged)
Gives students the opportunity to explore how a company uses the Capital Asset Pricing Model (CAPM) to compute the cost of capital for each of its divisions. The use of Weighted Average Cost of Capital (WACC) formula and the mechanics of applying it are stressed. View Details
Ruback, Richard S. "Marriott Corporation: The Cost of Capital (Abridged)." Harvard Business School Case 289-047, March 1989. (Revised April 1998.)
- November 2009
- Background Note
Business Valuation and the Cost of Capital
By: Timothy A. Luehrman
This note is an introduction to the cost of capital as used in discounted cash flow valuation analyses. The note covers basic financial economic principles and practical problems encountered in calculating the cost of capital, especially WACC. It concludes with... View Details
Luehrman, Timothy A. "Business Valuation and the Cost of Capital." Harvard Business School Background Note 210-037, November 2009.
- 2020
- Working Paper
Sticky Capital Controls
By: Miguel Acosta-Henao, Laura Alfaro and Andres Fernandez
There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative... View Details
Keywords: Capital Controls; Macroprudential Policies; Stickiness; Intensive; (S, S) Costs; Capital; Management; Macroeconomics
Acosta-Henao, Miguel, Laura Alfaro, and Andres Fernandez. "Sticky Capital Controls." NBER Working Paper Series, No. 26997, April 2020.
- 2011
- Working Paper
The Cost of Capital for Alternative Investments
By: Jakub W. Jurek and Erik Stafford
This paper studies the cost of capital for alternative investments. We document that the risk profile of the aggregate hedge fund universe can be accurately matched by a simple index put option writing strategy that offers monthly liquidity and complete transparency... View Details
Keywords: Cost of Capital; Financial Liquidity; Investment; Investment Return; Mathematical Methods; Risk and Uncertainty
Jurek, Jakub W., and Erik Stafford. "The Cost of Capital for Alternative Investments." Harvard Business School Working Paper, No. 12-013, September 2011. (NBER Working Paper Series, No. 19643, November 2013.)
- 2006
- Article
Capital Budgeting: The Role of Cost Allocations
By: Ian D. Gow and Stefan Reichelstein
A common issue for firms is how to allocate capital resources to various investment alternatives. An extensive and long-standing literature in finance has examined various aspects of capital budgeting, including capital constraints, the determination of discount rates,... View Details
Keywords: Capital Budgeting; Resource Allocation; Performance Evaluation; Cost Management; Research; Investment; Cash Flow; Risk Management; Performance Capacity
Gow, Ian D., and Stefan Reichelstein. "Capital Budgeting: The Role of Cost Allocations." Operations Research Proceedings (2006): 115–122.
- 14 Oct 2011
- Working Paper Summaries
The Cost of Capital for Alternative Investments
Keywords: by Jakub W. Jurek & Erik Stafford
- January 1988
- Background Note
Costs of Capital Investment Proposals
Hertenstein, Julie H. "Costs of Capital Investment Proposals." Harvard Business School Background Note 188-060, January 1988.
- March 1976 (Revised November 1993)
- Background Note
Diversification, the Capital Asset Pricing Model, and the Cost of Equity Capital
Describes in nonmathematical terms the nature of capital asset pricing model and possible use in estimating a company's cost of equity capital. View Details
Mullins, David W., Jr. "Diversification, the Capital Asset Pricing Model, and the Cost of Equity Capital." Harvard Business School Background Note 276-183, March 1976. (Revised November 1993.)
- September 2023 (Revised May 2024)
- Case
Cost of Capital at DraftKings
By: Malcolm Baker, Sebastian Hillenbrand and James Barnett
Baker, Malcolm, Sebastian Hillenbrand, and James Barnett. "Cost of Capital at DraftKings." Harvard Business School Case 224-007, September 2023. (Revised May 2024.)
- December 2000 (Revised May 2001)
- Supplement
Cost of Capital at Ameritrade
By: Mark L. Mitchell and Erik Stafford
Spreadsheet to (9-201-046). Download only. View Details
Keywords: Financial Services Industry
- May 2024 (Revised May 2024)
- Teaching Note
Cost of Capital at DraftKings
By: Malcolm Baker and Sebastian Hillenbrand
Teaching Note for HBS Case No. 224-007. View Details
- March 1980 (Revised October 1980)
- Background Note
Financial Leverage, the Capital Asset Pricing Model and the Cost of Equity Capital
Demonstrates how the capital asset pricing model can be used to estimate the impact of financial leverage on the cost of equity capital. The levering and unlevering of betas are illustrated. Also presents a methodology for decomposing the cost of equity into its three... View Details
Mullins, David W., Jr. "Financial Leverage, the Capital Asset Pricing Model and the Cost of Equity Capital." Harvard Business School Background Note 280-100, March 1980. (Revised October 1980.)
- 2009
- Case
Midland Energy Resources, Inc.: Cost of Capital (TN): Brief Case.
By: Timothy A. Luehrman and Joel L. Heilprin
Finance, Capital Asset Pricing Model (CAPM), Weighted Average Cost of Capital (WACC), Capital Structure, Risk Assessment, Corporate Finance, Cash Flow, Valuation, Beta, North America, Energy, Oil and Gas, Cost of Capital, Cost of Equity, Discount Rate, Risk Premium,... View Details