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financial academics think they have to offer CFOs, corporate treasurers, investment bankers, and practitioners of all stripes. In fact, it is not uncommon to spend a considerable amount of time in class making sure that the student understands all the wrong ways of thinking about investment decision making-from the IRR rule to the payback period. Wrong, of course, because they don't coincide with the NPV rule.
Stephen A. Ross (Sun,) studied this question.