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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "The table provides a comparative analysis of cost of debt, tax rates, and equity risk premiums across 10 countries.",
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      "text": "It is a weakness of CAPM to understate ERP when looking at high interest rate local markets coupled with low equity index returns.",
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      "text": "Developed Market – 7% - 10%\nEmerging Markets – 10% - 17%\nFrontier Markets – 17% - 25%",
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      "text": "The second method we used was the more standard CAPM model. This model has certain problems mentioned earlier, but it is important to consider in addition to the Damodaran model.",
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      "text": "The above table contains certain assumptions. Because the Company does not fund locally in each market, we used proxies or the company's credit spread in dollars in order to determine cost of debt in the local market.",
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      "text": "The Company operates in three primary regional areas: developed, emerging, and frontier markets. Based on discussions with local tower company operators, and international investors, we believe companies that are considering an investment in a region, the following IRR hurdle rates are used:",
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      "text": "Table showing 10y Svo Rate, Proxy Used, 10y CDS, Cost of Debt, Tax Rate, After tax cost of debt, Equity Risk Premium, Cost of Equity, WACC - Country Debt, Weighted for 10 countries.",
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