Informed investors pursue their primary objectives by applying forest finance tools to understand performance over time, valuation fundamentals,

risk-adjusted discount rates, and the markets for wood and timberlands.

international transfers by Japanese-based corporations, Indian perspectives on technology transfer, the impact of foreign takeovers on innovation and productivity, technology transfer and improved health, acquiring technology for global competition, valuing technology in South Korea,

risk-adjusted discount rates for small-sized venture firms, and technology transfer in China.

Table 2 shows the risk-adjusted discount rates for various input values.

2000) established a risk-adjusted discount rate for a supply chain network model, but not for a specific facility.

For this reason, we will use un-leveraged beta to estimate the risk-adjusted discount rate.

APPLYING THE RISK-ADJUSTED DISCOUNT RATE TO SUPPLY CHAIN INVESTMENTS

This further allows the use of appropriately

risk-adjusted discount rates for each class of cash flows to be used, leading to a more precise and accurate valuation framework.

For example, Fama's [9] analysis implies that one can justify the use of risk-adjusted discount rates to value a level perpetuity by assuming that each period's expected operating cash flows follow a geometric random walk.

When risk-adjusted discount rate are appropriate (see [9], [24], [28]), (A5) can also be written in the more familiar form of Equation (7) in the text.