{"id":1169,"date":"2025-08-09T13:01:16","date_gmt":"2025-08-09T09:01:16","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1169"},"modified":"2026-04-11T21:04:03","modified_gmt":"2026-04-11T17:04:03","slug":"non-equity-betas","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/08\/09\/non-equity-betas\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10d0\u10e0\u10d0-\u10e1\u10d0\u10d9\u10e3\u10e2\u10d0\u10e0\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10d1\u10d4\u10e2\u10d0<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">The table presents an example illustrating a widespread and significant error in valuation, related to the assumption of ignoring the beta coefficient of debt or other non-equity sources of financing\u2014in this example, the error amounts to 38%.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-30.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"954\" height=\"522\" data-attachment-id=\"6951\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/09\/non-equity-betas\/image-483\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-30.png?fit=954%2C522&amp;ssl=1\" data-orig-size=\"954,522\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-30.png?fit=954%2C522&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-30.png?resize=954%2C522&#038;ssl=1\" alt=\"\" class=\"wp-image-6951\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd: <em>Corporate Valuation: Theory, Evidence, and Practice<\/em>, Mark E. Zmijewski; Robert W. Holthausen<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A common practical mistake is ignoring the beta of bonds, preferred stock, and other financial liabilities different from common stock. More precisely, when \u201cunlevering\u201d and \u201crelevering\u201d beta, widely used formulas are applied that rest on the assumption that the beta of all liabilities other than common equity is equal to zero.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Below are the beta un-levering formulas for four different specific situations (see <a href=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/02\/4-versions-of-un-levering-formulas\/\"><em>4 Versions of Unlevering Formulas<\/em> for details)<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-31.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1036\" height=\"550\" data-attachment-id=\"6954\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/09\/non-equity-betas\/image-484\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-31.png?fit=1036%2C550&amp;ssl=1\" data-orig-size=\"1036,550\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-31.png?fit=1024%2C544&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-31.png?resize=1036%2C550&#038;ssl=1\" alt=\"\" class=\"wp-image-6954\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Essentially, if we assume that the beta of debt is equal to zero, this implies that the cost of debt for that instrument is equal to the risk-free rate. Such an assumption ultimately results in a higher cost of equity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Below is the difference between the main formulas, under the assumption that the beta of debt and preferred stock is equal to zero:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-32.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"973\" height=\"532\" data-attachment-id=\"6958\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/09\/non-equity-betas\/image-485\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-32.png?fit=973%2C532&amp;ssl=1\" data-orig-size=\"973,532\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-32.png?fit=973%2C532&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-32.png?resize=973%2C532&#038;ssl=1\" alt=\"\" class=\"wp-image-6958\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, in such a case, the valuation obtained using the WACC method will not match that obtained using the APV method (because the interest tax shield cannot be negative). It will appear that the value of a levered company is higher than that of an unlevered company, which contradicts the fundamental principles of financial theory.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is the second example in which an incorrect assumption leads to a serious error, this time in a negative direction.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-33.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"952\" height=\"493\" data-attachment-id=\"6960\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/09\/non-equity-betas\/image-486\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-33.png?fit=952%2C493&amp;ssl=1\" data-orig-size=\"952,493\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-33.png?fit=952%2C493&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-33.png?resize=952%2C493&#038;ssl=1\" alt=\"\" class=\"wp-image-6960\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">*Corporate Valuation Theory, Evidence and Practice<br \/>Mark E. Zmijewski; Robert W. Holthausen<br \/>Second Edition<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>\u10ea\u10ee\u10e0\u10d8\u10da\u10e8\u10d8 \u10db\u10dd\u10ea\u10d4\u10db\u10e3\u10da\u10d8\u10d0 \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d8, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10e4\u10d0\u10e0\u10d7\u10dd\u10d3 \u10d2\u10d0\u10d5\u10e0\u10ea\u10d4\u10da\u10d4\u10d1\u10e3\u10da \u10d3\u10d0 \u10db\u10eb\u10d8\u10db\u10d4 \u10ea\u10d3\u10dd\u10db\u10d8\u10da\u10d4\u10d1\u10d0\u10e1, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10e3\u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10d3\u10d0\u10e8\u10d5\u10d4\u10d1\u10d0\u10e1 \u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10d0\u10dc \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e1\u10ee\u10d5\u10d0 \u10d0\u10e0\u10d0 &#8220;Equity&#8221; \u10ec\u10e7\u10d0\u10e0\u10dd\u10e1 \u10d1\u10d4\u10e2\u10d0 \u10d9\u10dd\u10d4\u10e4\u10d8\u10ea\u10d8\u10d4\u10dc\u10e2\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 &#8211; \u10d0\u10db \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10e8\u10d8 \u10ea\u10d3\u10dd\u10db\u10d8\u10da\u10d4\u10d1\u10d0 38%-\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10d8\u10d0&#8230; \u10ec\u10e7\u10d0\u10e0\u10dd: Corporate [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":6960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675951,37372,772049227],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445728],"eon_content_type":[],"eon_source":[784445710],"eon_idea":[784445690,784445692],"eon_framework":[],"class_list":["post-1169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthausen","category-risk","category-wacc-coc-structure","eon_level-advanced","eon_source-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthause","eon_idea-risk","eon_idea-wacc-coc-structure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Non-Equity Betas - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/09\/non-equity-betas\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Non-Equity Betas - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10ea\u10ee\u10e0\u10d8\u10da\u10e8\u10d8 \u10db\u10dd\u10ea\u10d4\u10db\u10e3\u10da\u10d8\u10d0 \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d8, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10e4\u10d0\u10e0\u10d7\u10dd\u10d3 \u10d2\u10d0\u10d5\u10e0\u10ea\u10d4\u10da\u10d4\u10d1\u10e3\u10da \u10d3\u10d0 \u10db\u10eb\u10d8\u10db\u10d4 \u10ea\u10d3\u10dd\u10db\u10d8\u10da\u10d4\u10d1\u10d0\u10e1, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10e3\u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10d3\u10d0\u10e8\u10d5\u10d4\u10d1\u10d0\u10e1 \u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10d0\u10dc \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e1\u10ee\u10d5\u10d0 \u10d0\u10e0\u10d0 &quot;Equity&quot; \u10ec\u10e7\u10d0\u10e0\u10dd\u10e1 \u10d1\u10d4\u10e2\u10d0 \u10d9\u10dd\u10d4\u10e4\u10d8\u10ea\u10d8\u10d4\u10dc\u10e2\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 - \u10d0\u10db \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10e8\u10d8 \u10ea\u10d3\u10dd\u10db\u10d8\u10da\u10d4\u10d1\u10d0 38%-\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10d8\u10d0... \u10ec\u10e7\u10d0\u10e0\u10dd: Corporate [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/09\/non-equity-betas\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-09T09:01:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-11T17:04:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-33.png?fit=952%2C493&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"952\" \/>\n\t<meta property=\"og:image:height\" content=\"493\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"neoinsight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"neoinsight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u10ec\u10e3\u10d7\u10d8\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1169\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"author\":{\"name\":\"neoinsight\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\"},\"headline\":\"\u10d0\u10e0\u10d0-\u10e1\u10d0\u10d9\u10e3\u10e2\u10d0\u10e0\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10d1\u10d4\u10e2\u10d0\",\"datePublished\":\"2025-08-09T09:01:16+00:00\",\"dateModified\":\"2026-04-11T17:04:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/08\\\/09\\\/non-equity-betas\\\/\"},\"wordCount\":272,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/08\\\/09\\\/non-equity-betas\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/image-33.png?fit=952%2C493&ssl=1\",\"articleSection\":[\"Corporate Valuation Theory, Evidence and Practice - by M. 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