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Cost of Capital is the cost of a company's funds (both debt and equity), or, from an investor's point of view "the required rate of return on a portfolio company's existing securities". It is used to evaluate new projects of a company. It is the minimum return that investors expect for providing capital to the company, thus setting a benchmark that a new project has to meet. For an investment to be worthwhile, the expected return on capital has to be higher than the cost of capital. Given a number of competing investment opportunities, investors are expected to put their capital to work in order to maximize the return. In other words, the cost of capital is the rate of return that capital could be expected to earn in the best alternative investment of equivalent risk. ▲ Components of cost of capital: A company's securities typically include both debt and equity, one must therefore calculate both the cost of debt and the cost of equity to determine a company's cost of capital. Importantly, both cost of debt and equity must be forward looking, and reflect the expectations of risk and return in the future. Preference shares, new issues of common shares and retained earnings are the sources of equity. Generally, a firm raises its fund as debt, preference shares, new issues of common shares and retained earnings. Obviously firms try to keep the share of the above sources in optimal proportions. a. Cost of Debt: Debt capital is the capital that a business raises by taking out a loan. Company collect debt capital from capital market. It is a loan made to a company that is normally repaid at specific future date. The firms which collect debt capital have to pay yearly fixed rate interest for using it. This interest is called cost of debt. Cost of Debt, K D =K d (1-T) where, K D =Effective cost of debt , K d = Contractual cost of debt, T=firms corporate tax rate.
Documento de Trabajo / FCS-PEI;97, 2024
Este Documento de Trabajo es parte de los resultados de investigación que ha generado Lorena García Mourelle en el Programa de Estudios Internacionales por el transcurso de un año, desde mayo de 2023 hasta abril de 2024, en el marco de la extensión horaria que solicitara dicho programa y adjudicara el Consejo de la Facultad de Ciencias Sociales, para la realización de un trabajo de recopilación sobre la producción bibliográfica referida a la política exterior de Uruguay. La finalidad académica esencial de la extensión solicitada y asignada fue que, en el período de un año y con la orientación del profesor Wilson Fernández Luzuriaga, Lorena García Mourelle realizara un trabajo de sistematización de la producción bibliográfica nacional en materia de política exterior con miras a potenciar, en investigaciones a futuro, no solo los estudios sobre las propiedades más salientes de la política exterior del país desde 1828 a la actualidad, sino también originar y consolidar una nueva línea de investigación en el Programa de Estudios Internacionales sobre Historia de la Política Exterior Uruguaya. https://www.colibri.udelar.edu.uy/jspui/handle/20.500.12008/44877
A/Symmetrie — Interdisziplinäre Perspektiven, 2023
Woher kommt die vorherrschende Idee, die ‚muslimische Welt‘ nach ihrer Symmetrie zum ‚Westen‘ zu beurteilen? Der Beitrag zeigt auf, welche wissenschaftlichen Arbeiten für diesen Ansatz die Grundlage gelegt und so seine Popularisierung bis in die höchsten Höhen deutscher Bestsellerlisten ermöglicht haben. Zudem regt der Essay an, diese problematische und lediglich wenig belastbare Asymmetrien erzeugende Vergleichsfalle durch neue Ansätze zu überwinden.
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