Aswath Damodaran
@aswathdamodaran
Fascinated by finance & markets and like writing about them, but teaching is my passion.
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http://damodaran.com 19-04-2009 14:54:22
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Mark Rozeboom, CFA @NotQuiteMidlife @Wildcat_Finance Excess Spread Discount rates are blunt instruments that capture continuous risk in operations. Failure risk is discrete & often catastrophic. You cannot bring that into a DCF. It has to be a post DCF adjustment, consequential for young & distressed companies, and for all firms, during crises.