Active firm
Each scenario has fully independent state.
Appendix B + B.2.6
Phase-conditional CAPM/WACC/EVA + dual-channel correction
The classical formulas reformulated phase-by-phase. Phase 2 is the post-AI second valley: betas jump, WACC rises, EVA contracts. The dual-channel correction additionally scars projected free cash flow during the same window.
Phase-conditional cost of capital
Bars: WACC (red bars highlight Phase 2 — the second-valley window). Line: cost of equity (Ke).
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