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19 Pages • Complete Study Notes • Year: Pre-2021
1. Interest Rates and Cash Flows Valuation Principle The value of an asset to its investors is determined by its competitive market price. When the value of the benefits exceeds the costs, the decision will increase the market value of the firm Law of One Price In an efficient market markets, investment opportunities with the same cash flows must trade for the same prices in all markets so there is no arbitrate opportunity, i.e. profit without any risks Interest Rates Different types of interest rates allow comparison of different compounding periods:
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