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Betas are misunderstood, misapplied and, often, feared. A key feature of the CAPM is “beta” that represents an asset’s exposure to market risk. Practitioners using the CAPM or its modified form must determine a beta value to apply the model for cost of capital calculations. Join Dr. Michael Crain and Dr. Bill Kennedy for an exploration of the theory and evidence of CAPM beta, use of beta in valuation practice, and the link between capital structure and beta.
Program Agenda
The theory of CAPM and beta
The theory of using beta to estimate future returns (cost of capital) and asset pricing
Evidence on CAPM beta
Use of CAPM beta in practice
Capital structure and CAPM beta
Learning Objectives
Describe the theory and evidence of CAPM and CAPM beta that they likely did not receive in their BV training
Learn the details of how analysts determine beta values both present and past, the decisions that analysts make in calculating a beta from historical data, and the stability of firm betas
Explain how they might use beta values derived from observable data on listed firms to apply to cost of capital estimates of unlisted firms and capital investments
Describe how a firm’s capital structure (leverage) affects asset beta and how to unlever and relever equity beta
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