[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-29377":3,"doc-seo-29377":26},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"file_id":15,"file_url":16,"file_type":17,"file_size":18,"view_count":4,"is_deleted":4,"is_public":19,"is_downloadable":19,"audit_status":19,"page_count":20,"language":21,"language_code":22,"table_of_contents":23,"faqs":23,"seo_title":13,"seo_description":14,"update_tm":24,"read_time":25},29377,1099514068035,"Ezra","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","Security Valuation and the Cost of Capital","Session 10 focuses on security valuation and the cost of capital framework from the ACCA study materials. It connects perfect capital markets to zero NPV trading, then derives share valuation through the dividend valuation model by discounting expected future dividends at shareholders’ required return. It also develops bond valuation as the present value of future interest and principal discounted at bondholders’ required return, clarifying the distinction between required returns and the firm’s cost of debt due to the corporate tax interest tax shield. The session further explains equity and debt relative costs via creditor hierarchy and repayment priority on liquidation, covering secured loans and bonds, unsecured debt, preference shares, and ordinary shares.","cbCaib2Ptyi9dGG9","https://ap.wps.com/l/cbCaib2Ptyi9dGG9","pdf",446222,1,22,"English","en","",1778282788,55,{"code":4,"msg":27,"data":28},"ok",{"site_id":29,"language":22,"slug":30,"title":13,"keywords":23,"description":14,"schema_data":31,"social_meta":65,"head_meta":67,"extra_data":69,"updated_unix":24},105,"security-valuation-and-the-cost-of-capital",{"@graph":32,"@context":64},[33,50],{"@type":34,"itemListElement":35},"BreadcrumbList",[36,40,44,47],{"item":37,"name":38,"@type":39,"position":19},"https://docshare.wps.com","Home","ListItem",{"item":41,"name":42,"@type":39,"position":43},"https://docshare.wps.com/document/","Document",2,{"item":45,"name":12,"@type":39,"position":46},"https://docshare.wps.com/document/research-report/",3,{"item":48,"name":13,"@type":39,"position":49},"https://docshare.wps.com/document/security-valuation-and-the-cost-of-capital/29377",4,{"url":48,"name":13,"@type":51,"author":52,"headline":13,"publisher":54,"fileFormat":57,"description":14,"dateModified":58,"datePublished":58,"encodingFormat":57,"isAccessibleForFree":59,"interactionStatistic":60},"DigitalDocument",{"name":9,"@type":53},"Person",{"url":37,"name":55,"@type":56},"DocShare","Organization","application/pdf","2026-05-08",true,{"@type":61,"interactionType":62,"userInteractionCount":4},"InteractionCounter",{"@type":63},"ViewAction","https://schema.org",{"og:url":48,"og:type":66,"og:title":13,"og:site_name":55,"og:description":14},"article",{"robots":68,"canonical":48},"index,follow",{"doc_id":7,"site_id":29}]