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PDG95AbstractIarguethatthemainstreamapproachtocapitalbudgetingfocusesexcessivelyonthespecialcasewherediversifiablerisksdonotaffectthecontributionofaprojecttothevalueofthefirm.Thisapproachignorestheimpactofanewprojectonafirm’stotalriskandthereforeoftenleadstoaninappropriateassessmentofthevalueoftheproject.Ipresentargumentsforwhytotalriskisoftencostlyanddiscusshowtakingtotalriskintoaccountincapitalbudgetingisnecessarytomakecapitalbudgetingandcapitalstructuredecisionsconsistent.EveryMBAknowsattheendofherstudieshowtovalueaproject.Shewillhavebeentaughtthataprojectincreasesshareholderwealthifthenetpresentvalueofthatprojectispositive.Tocomputethatnetpresentvalue,shehastoforecastthecashflowsoftheprojectanddiscountthematadiscountratethatreflectsthepricechargedbythecapitalmarketsfortheriskofthecashflows.Incomputingthenetpresentvalueoftheproject,theMBAstudentistoldrepeatedlythatthevolatilityoftheproject’scashflowsinnowayaffectsitsvalue.Comparingtwoprojectsthathavethesameexpectedcashflows,theprojectwithmorevolatilecashflowscanbemoreorlessvaluablethantheprojectwiththelessvolatilecashflows.Furthermore,thestudentwillbetoldthatitdoesnotmatterhowthecashflowsoftheprojectarecorrelatedwiththecashflowsofthefirmbecausethefirm’stotalriskdoesnotaffectitsvalue.Asaresultofthesearguments,thediscountratedependsonlyontheproject’sriskasmeasuredbythecapitalmarkets.Hence,unlesstherearesynergiesbetweentheprojectandtheexistinginvestmentsofthefirm,theproject’svalueisthesameirrespectiveofthefirmthatundertakesit.Thewaycapitalbudgetingistaughtandpracticedpresentsahugeparadox.Muchoftheacademicresearchincorporatefinanceofthelasttwenty-fiveyearshasfocusedonemphasizingtheimplicationsforcapitalstructureandinvestmentdecisionsofreallifeimpedimentstocontractingsuchastheimpossibilityofwritingcontractsthatspecifyeverycontingencyandtheexistenceofimportantinformationasymmetriesbetweenmanagersandinvestorsthathinderfirms’abilitytoraisefunds.Paradoxically,however,ifthesedevelopmentshaveanimpactwhenitcomestotheteachingcapitalbudgetingorwhenfirmsimplementcapitalbudgetingastheirmanagersweretoldtodoinbusinessschools,itisalmostasanafterthought.ModerncorporatefinancestartedwiththeModigliani-Millerpropositions.
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