Present value and future value under uncertainty in the cost of capital

Abstract

In a recent article Pazner, Razin [ 19751 concluded that in the case of uncertainty in the cost of capital the expected present value criterion turns out to be more investment promoting than the expected future value criterion. In this paper it is shown that this proposition in general is not conclusive, but holds true if there is only one sign reversal in… (More)
DOI: 10.1007/BF01917641

Figures and Tables

Sorry, we couldn't extract any figures or tables for this paper.