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　    Question Three （b）
　　The requirement here was to discuss why market value WACC was preferred to book value WACC when making investment decisions. Many answers were not of a high standard and tried to make some general points about market efficiency or about the window-dressing of financial statements. The important point here is that the weightings used in the WACC calculation need to reflect the relative importance of the different sources of finance used by a company if the WACC is to be used in investment appraisal. The market value of equity is usually much higher than its book value, so using book value weighting would underestimate the contribution of the cost of equity to WACC and therefore underestimate WACC itself, leading to sub-optimal investment decisions.
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