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Real Cost of Capital

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Table of Contents

Author's acknowledgements Publisher's acknowledgements Prologue: The cost of capital world is a real world Chapter 1: Risk and Return Revisited Chapter 2: CAPM @ Work Chapter 3: The Great EMRP Debate Chapter 4: CAPM is Dead: Long Live CAPM Chapter 5: The Cost of Debt and Optimal Capital Structure Chapter 6: International WACC and Country Risk Chapter 7: Cash Flows, the Dot.Com Bubble, and All That Chapter 8: Using the Cost of Capital in Business Valuations Chapter 9: International Valuation and Appraisal Chapter 10: Premia and Discounts Epilogue Index

About the Author

The authors work within the UK Valuation and Strategy practice at PricewaterhouseCoopers. They advise top private and public sector clients on cost of capital issues in the context of mergers and acquisitions, investment appraisal, shareholder value analysis, business strategy, price setting, and regulatory and anti-trust inquiries. Tim Ogier is a Partner and leads the UK Economic Advisory Services team. He holds undergraduate and masters degrees in economics from the London School of Economics. Formerly Chief Economic Adviser at British Rail and author of the Economist Intelligence Unit's UK country reports, Tim is married and lives in London. John Rugman is the Director who leads the PwC Financial Economics team. He has a background working in the City of London in investment management and equity research, and holds an undergraduate degree in economics and a masters degree in economics and finance. He is married with two children and lives in Oxfordshire. Lucinda Spicer is a Partner and the former head of the UK Valuation and Strategy practice at PricewaterhouseCoopers. She is a Council member of the Society of Share and Business Valuers, holds an MA degree from the University of Cambridge and is a member of the Institute of Chartered Accountants in England and Wales. She has a background in business valuation, venture capital and tax mergers and acquisitions restructuring, and is married with children and lives in Scotland.


"This book is required reading for anyone involved in the practical issues of cost of capital decisions. It is written in a way that engages the novice, and yet challenges the professional to rethink the real issues." Brendan Scholey, Bloomberg. "Capital is the lifeblood of any business and taking into account its cost is critical for sound decision-taking. This book provides a very accessible and comprehensive guide to the topic and should be of great value to all those involved in strategic and financial issues within business." Dr Andrew Sentance, Chief Economist, British Airways. "The authors have succeeded in translating the technical jargon often surrounding cost of capital, creating a highly useful guide for corporate executives." Roger J. Grabowski, Managing Director, Standard & Poor's Corporate Value Consulting. "An excellent book that achieves the right balance between theory and practice, and provides comprehensive and practical guidance regarding the main problems faced by valuation practitioners attempting to use discounted cash flow techniques." Peter Elwin, Head of Accounting and Valuation Research, Cazenove." " "International valuation has always been confusing. There are many approaches and few guides. Ogier, Rugman and Spicer fill an important void. This book will be required reading for those doing international deals." Professor Campbell R. Harvey, J. Paul Sticht Professor of International Business, Duke University. "Ogier, Rugman and Spicer have given us a clear and practical guide to this important and complex subject, which can be so difficult to apply in the real world."Penny Adomakoh, Technical Director, Rothschild "It has been eight years since my MBA and five years since my CFA. This book provided me with advanced up-to-date discussion of all the latest arguments and controversies surrounding the cost of capital. The authors have set out a no nonsense, no jargon approach and the book is a must read for business professionals, investment advisers and students." Paul Ginocchio, Media equity analyst, Deutsche Bank North America.

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