キャリートレードは、アンカバー金利平価が短期・中期的に成立しないことを前提にした戦略である。仮にアンカバード金利平価が成立していれば、為替レートの上昇・下落が利回り差を相殺するため、ヘッジなしの外貨投資でも国内通貨投資でも同じリターンが得られることになる。しかし、ボラティリティが低い時期には、高利回り通貨は十分に減価せず、低利回り通貨は利回り差を相殺するほどには高くならないことが示されている。

Projects with shorter paybacks do not necessarily have a positive NPV.

the takeover premium should be computed based on the price prior to the run-up.

Financing costs are not subtracted from the cash flows for […]

Higher-than-expected inflation increases the corporation’s real taxes because it reduces the value of the depreciation tax shelter; it also decreases the real interest expense because payments to bondholders in r […]

The static trade-off theory indicates that there is a trade-off between the tax shield from interest on debt and the costs of financial distress, leading to an optimal amount of debt in a company’s capital s […]

Market value added = Market value of capital − Total capital

FCFE = NI – Net capital expenditure – WCInv + New debt financing

The major concepts are as follows:

EPS plus per-share depreciation, amort […]

Market value added = Market value of company – Accounting book value of total capital
Market value of firm = Market value of debt + Market value of e […]