Author: Adrian Buckley Publisher: ISBN: Category : Capital budget Languages : en Pages : 392
Book Description
An advanced level text which covers the concepts and practice of appraising international capital budgeting decisions; it presents many pioneering ideas for the development of a logical appraisal framework.
Author: Thomas J. O'Brien Publisher: Business Expert Press ISBN: 1606497359 Category : Business & Economics Languages : en Pages : 183
Book Description
This text is designed for use in a course in an applied international corporate finance for managers and executives. Instead of the encyclopedic approach, the text focuses on the two main issues of interest to managers who deal with overseas operations. The first main issue is how uncertain foreign exchange (FX) rate changes affect a firm's ongoing cash flows and equity value, and what can be done about that risk. The second main issue is the estimation of the cost of capital for international operations and the evaluation of overseas investment proposals. Numerous examples of real world companies are used.
Author: Sandeep Goel Publisher: ISBN: 9781606499863 Category : Business enterprises Languages : en Pages : 0
Book Description
Capital budgeting is an important part of the financial management of a business organization. It is a process that business houses use to evaluate an investment proj- ect. The decision of whether to accept or deny an investment project is capital budgeting decision. Capital budgeting is important because it determines the long-term economic and nancial pro tability of any investment project. It lays down the future success of a business. Capital Budgeting aims to develop not only an understanding of the concepts of capital budgeting but also to provide its practical application to help students learn both theory and practice of capital budgeting used in the financial management of a business organization. It analyzes the capital budgeting practices of corporate enterprises in India in diverse sectors, on comparative basis, in order to provide the reader a better insight into the various issues and challenges regarding capital budgeting management.
Author: Alan C. Shapiro Publisher: Prentice Hall ISBN: Category : Business & Economics Languages : en Pages : 268
Book Description
The most complete book on this subject available on the market, Capital Budgeting blends theory with practice by providing numerous real-world examples of its applications. It includes a discussion of capital budgeting's link to the corporate strategy for creating value as well as addresses the international aspects of capital budgeting. After a comprehensive introduction to the subject, this book covers capital budgeting principles and techniques; estimating project cash flows; biases in cash flow estimates; foreign investment analysis; real options and project analysis; risk and incorporating risk in a capital budgeting analysis; estimating project cost; financing side effects; discount rates for foreign investments; and corporate strategy and the capital budgeting decision. An excellent handbook for chief financial officers, vice-presidents of finance; treasurers; and comptrollers.
Author: Thomas J. O'Brien Publisher: ISBN: 9781631579226 Category : Business & Economics Languages : en Pages : 0
Book Description
This volume is part of a three-volume set designed for use in applied international corporate finance courses for students, managers, and executives. Instead of an "encyclopedic" approach, the volumes focus on the main interests of managers who deal with international finance issues. This volume's issue is the cost of capital in international financial markets, hurdle rates for overseas operations, cross-border valuation, and international capital budgeting applications. The volume contains a hypothetical case that aims to tie the material together. The case company is evaluating an overseas expansion proposal and whether to locate the manufacturing facility in the home country or the overseas country. This volume reviews some basics of foreign exchange rates; for more information, see the first volume: Thomas J. O'Brien, Introduction to Foreign Exchange Rates, 2nd edition, Business Expert Press, 2016. The second volume deals how uncertain foreign exchange rate changes affect a firm's ongoing cash flows and equity value, and what can be done about this risk: Thomas J. O'Brien, Applied International Finance I: Managing Foreign Exchange Risk, 2nd edition, Business Expert Press, 2017
Author: Ian A. Cooper Publisher: ISBN: Category : Languages : en Pages :
Book Description
Evidence suggests that interntaional capital markets are neither fully integrated nor completely semented. There is, however, currently no general method available for computing the required return on corporate investments in such capital markets. This paper uses a model of partially integrated international capital markets to derive optimal international capital budgeting rules. We show how capital budgeting rules depend on the level of investor costs to cross-border investment, both directly and also indirectly through the portfolio specialization they induce. We explain how required returns differ for different companies raising capital in such markets and how these costs of capital may be estimated. We also explain how these differences in required return can be consistent with general equilibrium and the effects they have on incentives for foreign direct investment.
Author: Thomas J. O'Brien Publisher: Business Expert Press ISBN: 1631579231 Category : Business & Economics Languages : en Pages : 125
Book Description
This volume is the second of a three-volume set designed for use in a course in applied international corporate finance for managers and executives. This volume’s issue is how uncertain foreign exchange (FX) rate changes affect a firm’s ongoing cash flows and equity value, and what can be done in terms of hedging this risk using financial instruments. The accounting implications are also considered. Numerous examples of real-world companies are used. The volume contains a hypothetical case that ties the material together. The first volume reviews some basics of FX rates: Introduction to Foreign Exchange Rates, 2nd edition, Business Expert Press, 2016. The third volume deals with the estimation of the cost of capital for international operations and the evaluation of overseas investment proposals: Applied International Finance II: International Cost of Capital and Capital Budgeting, 2nd edition, Business Expert Press, 2017.
Author: Donald R. Lessard Publisher: Createspace Independent Publishing Platform ISBN: 9781974353057 Category : Languages : en Pages : 56
Book Description
The adjusted net present value approach to international capital budgeting has been questioned recently as to its theoretical correctness and ease of applicability. The alternative set forth by critics is a return to the weighted average cost of capital. In this paper we compare these two approaches, show the conceptual superiority of adjusted net present value to weighted average cost of capital (indeed the latter is a restrictive special case of the former), and reaffirm the usefulness of valuation by components in the international corporate setting. In particular, we illustrate its application to projects involving blocked funds, concessional finance, cash flows with differing exposures to nominal and real exchange rate movements, and political risks that depend on project cash flows as well as to sensitivity analysis in general...
Author: H. Kent Baker Publisher: John Wiley & Sons ISBN: 0470569506 Category : Business & Economics Languages : en Pages : 533
Book Description
An essential guide to valuation techniques and financial analysis With the collapse of the economy and financial systems, many institutions are reevaluating what they are willing to spend money on. Project valuation is key to both cost effectiveness measures and shareholder value. The purpose of this book is to provide a comprehensive examination of critical capital budgeting topics. Coverage extends from discussing basic concepts, principles, and techniques to their application to increasingly complex, real-world situations. Throughout, the book emphasizes how financially sound capital budgeting facilitates the process of value creation and discusses why various theories make sense and how firms can use them to solve problems and create wealth. Offers a strategic focus on the application of various techniques and approaches related to a firm's overall strategy Provides coverage of international topics based on the premise that managers should view business from a global perspective Emphasizes the importance of using real options Comprised of contributed chapters from both experienced professionals and academics, Capital Budgeting Valuation offers a variety of perspectives and a rich interplay of ideas related to this important financial discipline.
Author: Adrian Buckley
Author: Thomas J. O'Brien
Author: Sandeep Goel
Author: Alan C. Shapiro
Author: Arthur I. Stonehill
Author: Thomas J. O'Brien
Author: Ian A. Cooper
Author: Thomas J. O'Brien
Author: Donald R. Lessard
Author: H. Kent Baker