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  Peter Atrill, Financial Management for Decision Makers , 6 th  Edition, © Pearson Education Limited 2012 Slide 8.1 Relationship between risk and return   Return (%) Risk Risk    premium Risk-free rate  Peter Atrill, Financial Management for Decision Makers , 6 th  Edition, © Pearson Education Limited 2012 Slide 8.2 The traditional view of the relationship between levels of borrowing and expected returns      C  o  s   t  o   f  c  a  p   i   t  a   l Level of borrowing Optimal level of borrowing (i.e. point at which overall cost of capital is minimised) Cost of loan capital Overall cost of capital Cost of ordinary share capital  Peter Atrill, Financial Management for Decision Makers , 6 th  Edition, © Pearson Education Limited 2012 Slide 8.3 Relationship between the level of borrowing, the cost of capital and business value: the traditional view      C  o  s   t  o   f  c  a  p   i   t  a   l Level of borrowing    V  a   l  u  e  o   f   t   h  e   b  u  s   i  n  e  s  s Level of borrowing  Peter Atrill, Financial Management for Decision Makers , 6 th  Edition, © Pearson Education Limited 2012 Slide 8.4 The MM view of the relationship between levels of borrowing and expected returns   Cost of capital Level of borrowing Cost of loan capital Overall cost of capital Cost of ordinary share capital
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