Asset Selection with Changing Capital Structure

Edwin J. Elton and Martin J. Gruber

Journal of Financial and Quantitative Analysis, 1973, vol. 8, issue 3, 459-474

Abstract: One of the major problems in finance is that of combining the separate costs of debt and equity into an appropriate cutoff rate for new investment; this problem is particularly acute when the firm is changing its capital structure. Solutions to this problem which have been proposed include various types of both marginal costing and average costing.

Date: 1973
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