Unlevered beta 是在公司没有负债下股权的系统性风险系数 Levered beta 是在公司有负债情况下股权的系统...
首先Unlevered beta等式中，你针对的是n家同行业公司，目的是Unload debt Risk： 将他们两种风险中的Debt...
提问者提到，杠杆贝塔是未杠杆贝塔经过债务/股权比率调整后的结果，从理论上说，这是一致的。但在实际应用中，这种理解可能不够准确。杠杆贝塔是指考虑了公司资本结构的实际贝塔值。未杠杆贝塔则是一种假设状态，假设公司不存在杠杆时的贝塔值是多少。既然这是一种假设，那么未杠杆贝塔有何用处呢？引申出...
If levered comparable betas have been gathered, they may be de-levered to yield unlevered asset betas (beta without debt risk) for each comparable company security. The unlevered beta then may be re-levered at a tax rate and debt-to-equity ratio appropriate for the target. A comparable ...
Beta Company = Unlevered Beta [1+(1- Tax) Debt/Equity] Calculation of Unlevered Beta with Example Let’s take an example to understand how it is calculated. Company X is a non-listed private company. Here are some details available to you: ...
We prove that in a world without leverage cost the relationship between the levered beta ( L) and the unlevered beta ( u) is the No-costs-of-leverage formula: L = u + ( u - d) D (1 - T) / E. We also analyze 6 alternative valuation theories proposed in the literature to estima...
Unlevered beta is generally lower than the levered beta. However, unlevered beta could be higher than levered beta when the net debt is negative (meaning that the company has more cash than debt).Many different betas can be calculated for a given stock. The main common variables that affect ...
paring two otherwise equal firms, the beta of the mon stock of a levered firm is ___ than the beta of the mon stock of an unlevered firm.A.equal toB.significantly lessC.slightly less___greaterE.None of the above. Difficulty level: MediumTopic: LEVERED VS. UNLEVERED BETAType: CONCEPTS相...
Levered Beta Formula – Example #2 Let us take the example of Apple Inc. to demonstrate how levered beta is computed for real-life companies. According to information available at one of the stock market database, the 1-year unlevered beta of the company’s stock is 1.08. On the other ...
levered betaasset betavalue of tax shieldsrequired return to equityleverage costWe prove that in a world without leverage cost the relationship between the levered beta ( L) and the unlevered beta ( u) is the No-costs-of-leverage formula: L = u + ( u - d) D (1 - T) / E. We ...