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In my experience (outside the financial services sector, but within a large publicly quoted global enterprise) the benchmark was a standardised cost of funds derived from the cost of bank borrowings as investor funds were rarely sought for individual projects.  The latter really only applied when evaluating the cost benefit of a significant business acquisition or merger which might require raising funds directly from new investors or existing shareholders..

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Feb 25th, 2011 at 08:37:14 AM EST
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