原版书课后题R27 Private Company Valuation 第2题，题干是Using the build-up method and assuming that no adjustment for industry risk is requires,calculate an equity discount rate for a small company.
已知条件给出了equity risk premium,midcap equity risk premium,small stock risk premium,company-specific risk premium等
答案的算法是 Rf+equity rp+company specific rp+small stock rp.
题干要求的是算small company的Re,不是在CAPM基础上加一个small stock risk就可以了吗？为什么还要加company specific的rp?
求解，谢谢
