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Capital Budgeting Valuation
Financial Analysis for Today's Investment Projects
H. Kent Baker (Edited by), Philip English (Edited by)
9780470569504, Wiley
Hardback, published 1 July 2011
528 pages, Charts: 23 B&W, 0 Color; Tables: 66 B&W, 0 Color
25.4 x 18.3 x 4.3 cm, 0.93 kg
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. 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.
Acknowledgments ix 1 Capital Budgeting: An Overview 1 Part I Foundation and Key Concepts 17 2 Corporate Strategy and Investment Decisions 19 3 Corporate Governance and Investment Decisions 37 Part II Capital Investment Choice 57 4 Measuring Investment Value: Free Cash Flow, Net Present Value, and Economic Value Added 59 5 Alternative Methods of Evaluating Capital Investments 79 6 Capital Rationing for Capital Budgeting 95 7 Analyzing Foreign Investments 111 8 Postcompletion Auditing of Capital Investments 131 9 Capital Budgeting Techniques in Practice: U.S. Survey Evidence 151 Part III Project Cash Flows and Inflation 173 10 Estimating Project Cash Flows 175 11 Capital Budgeting and Inflation 197 Part IV Risk and Investment Choice 215 12 Basic Risk Adjustment Techniques in Capital Budgeting 217 13 Capital Budgeting with Political/Country Risk 241 14 Risk Management in Project Finance 259 15 Risk Simulation Concepts and Methods 279 Part V Real Options and Project Analysis 299 16 Real Options Analysis: An Introduction 301 17 Applications of Real Options Analysis 321 Part VI Estimating the Project Cost of Capital 337 18 Cost of Capital: An Introduction 339 19 Using the Capital Asset Pricing Model and Arbitrage Pricing Theory in Capital Budgeting 363 20 Financing Mix and Project Valuation: Alternative Methods and Possible Adjustments 381 Part VII Special Topics 403 21 Capital Budgeting for Government Entities 405 22 Decision Making Using Behavioral Finance for Capital Budgeting 421 23 Merger and Acquisition Pricing: The Valuation of Synergy 445 24 Multicriteria Analysis for Capital Budgeting 463 Answers to Discussion Questions 483 Index 507
H. Kent Baker and Philip English
Daniel Ferreira
Fodil Adjaoud, Dorra Charfi, and Lamia Chourou
Tom Arnold and Terry Nixon
Tom Arnold and Terry Nixon
Alexander Brüggen
Wim Westerman and John Henry Hall
Jari Huikku
Tarun K. Mukherjee and Naseem M. Al Rahahleh
Kyle Meyer and Halil Kiymaz
Ignacio Vélez-Pareja and Joseph Tham
John H. Hall and Wim Westerman
Yacine Belghitar and Ephraim Clark
Stefano Gatti and Stefano Caselli
Tom Arnold and David North
Tom Arnold and Bonnie Buchanan
Tom Arnold and Bonnie Buchanan
Octavian Ionici, Kenneth Small, and Frank D’Souza
S. David Young and Samir Saadi
Alex Pierru and Denis Babusiaux
Davina F. Jacobs
Yuri Biondi and Giuseppe Marzo
Rainer Lenz
Fernando R. Fernholz
Subject Areas: Finance & accounting [KF]
