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This book is a companion volume to the author's classic The Capital
Budgeting Decision and explores the complexities of capital
budgeting as well as the opportunities to improve the decision
process where risk and time are important elements.
There is a long list of contenders for the next breakthrough for
making capital budgeting decisions and this book gives in-depth
coverage to:
- Real options. The value of a project must take into
consideration the flexibility that it provides management,
acknowledging the option of making decisions in the future when
more information is available. This book emphasizes the need to
assign a value to this flexibility, and how option-pricing theory
(also known as contingent claims analysis) sometimes provides a
method for valuing flexibility.
- Decomposing cash flows. A project consists of many series of
cash flows and each series deserves its own specific risk-adjusted
discount rate. Decomposing the cash flows of an investment
highlights the fact that while managers are generally aware that
divisions and projects have different risks, too often they neglect
the fact that the cash flow components may also have different
risks, with severe consequences on the quality of the
decision-making.
Designed to assist business decisions at all levels, the emphasis
is on the applications of capital budgeting techniques to a variety
of issues. These include the hugely significant buy versus lease
decision which costs corporations billions each year. Current
business decisions also need to be made considering the
cross-border implications, and global business aspects, identifying
the specific aspects of internationalinvestment decisions, appear
throughout the book.
This book is a companion volume to the author's classic The Capital
Budgeting Decision and explores the complexities of capital
budgeting as well as the opportunities to improve the decision
process where risk and time are important elements.
There is a long list of contenders for the next breakthrough for
making capital budgeting decisions and this book gives in-depth
coverage to:
- Real options. The value of a project must take into
consideration the flexibility that it provides management,
acknowledging the option of making decisions in the future when
more information is available. This book emphasizes the need to
assign a value to this flexibility, and how option-pricing theory
(also known as contingent claims analysis) sometimes provides a
method for valuing flexibility.
- Decomposing cash flows. A project consists of many series of
cash flows and each series deserves its own specific risk-adjusted
discount rate. Decomposing the cash flows of an investment
highlights the fact that while managers are generally aware that
divisions and projects have different risks, too often they neglect
the fact that the cash flow components may also have different
risks, with severe consequences on the quality of the
decision-making.
Designed to assist business decisions at all levels, the emphasis
is on the applications of capital budgeting techniques to a variety
of issues. These include the hugely significant buy versus lease
decision which costs corporations billions each year. Current
business decisions also need to be made considering the
cross-border implications, and global business aspects, identifying
the specific aspects of internationalinvestment decisions, appear
throughout the book.
Harold Bierman, Jr., is the Nicholas H. Noyes Professor of
Business Administration at the Johnson Graduate School of
Management, Cornell University.
Seymour Smidt is Professor Emeritus at the Johnson Graduate
School of Management, Cornell University.
Fully updated and revised by international authorities on the
topic, this new version of a classic and established text returns
to its roots as a clear and concise introduction to this complex
but essential topic in corporate finance.
Retaining the authority and reputation of previous editions, it
now covers several topics in-depth which are frequently under
explored, including distribution policy and capital budgeting.
Features new to this edition include:
- a new chapter on real options
- new material on uncertainty in decision-making.
Easily understandable, and covering the essentials of capital
budgeting, this book helps readers to make intelligent capital
budgeting decisions for corporations of every type.
Fully updated and revised by international authorities on the
topic, this new version of a classic and established text returns
to its roots as a clear and concise introduction to this complex
but essential topic in corporate finance.
Retaining the authority and reputation of previous editions, it
now covers several topics in-depth which are frequently under
explored, including distribution policy and capital budgeting.
Features new to this edition include:
- a new chapter on real options
- new material on uncertainty in decision-making.
Easily understandable, and covering the essentials of capital
budgeting, this book helps readers to make intelligent capital
budgeting decisions for corporations of every type.
Bierman (business administration, Cornell University) and Smidt
(economics and finance, Cornell University) build on the basic
capital budgeting framework in this introduction to corporate
finance for a first or intermediate course in financial management.
The theoretical formulations that are most
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