Strategic capital budgeting: developing and implementing the corporate capital allocation program
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Chicago, Ill. u.a.
Probus Publ. Co.
1994
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIII, 324 S. graph. Darst. |
| ISBN: | 1557384266 |
Internformat
MARC
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| 100 | 1 | |a Johnson, Hazel J. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Strategic capital budgeting |b developing and implementing the corporate capital allocation program |c Hazel J. Johnson |
| 264 | 1 | |a Chicago, Ill. u.a. |b Probus Publ. Co. |c 1994 | |
| 300 | |a XIII, 324 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 7 | |a Empresas multinacionais |2 larpcal | |
| 650 | 7 | |a Financas das empresas |2 larpcal | |
| 650 | 7 | |a Investimentos |2 larpcal | |
| 650 | 7 | |a Orcamento empresarial |2 larpcal | |
| 650 | 4 | |a Multinationales Unternehmen | |
| 650 | 4 | |a Capital budget | |
| 650 | 4 | |a Capital investments | |
| 650 | 4 | |a Corporations |x Finance | |
| 650 | 4 | |a International business enterprises |x Finance | |
| 650 | 0 | 7 | |a Strategische Planung |0 (DE-588)4309237-8 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Investitionsplanung |0 (DE-588)4114044-8 |2 gnd |9 rswk-swf |
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Datensatz im Suchindex
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|---|---|
| adam_text | Table of Contents
Preface xi
Acknowledgments xiii
1 The Connection between Capital Projects
and the Value of The Firm 1
Introduction 1
The Finn s Financial Statements 2
The Balance Sheet 2
The Income Statement 9
Maximizing Shareholder Wealth 14
The Concept 14
The Constraints 15
Determinants of Firm Value 19
The Connection between Earnings, Stock Price,
and Capital Budgeting Decisions 22
Classification of Capital Projects by Function 24
Classification of Capital Projects by Relationship
to Each Other 26
Conclusion 28
Endnotes 29
2 The Time Value of Money 31
Introduction 31
v
Individual Cash Flows 31 j
Future Value 32 |
Present Value 34 I
Implied Rate of Return 36
Implied Rate of Return vs. Required Rate of Return 37
Point of Valuation 38
Intrayear Compounding 39
Continuous Compounding 42
General Concepts 47
Annuities 48
Future Value 49
Present Value 51
Interpreting Factors 53
Financial Calculators 58
Electronic Spreadsheet Applications 62
Conclusion 64
Endnotes 65
3 Capital Budgeting Techniques 67
Introduction 67
Payback Period 69
Accounting Rate of Return 71
Internal Rate of Return 72
Net Present Value 79
Profitability Index 81
Mutually Exclusive Projects 82
Financial Calculators 86
Conclusion 86
Endnotes 89
4 Relevant Cash Flows 91
Introduction 91
i
Cash Row Classifications 93
Depreciation 100
Depreciation Methods 100
MACRS Classifications 102
MACKS Depreciation Schedule 104
Expansion Project 105
Net Annual Cash Flows 107
Cash Flow Analysis 109
Replacement Project 111
Net Annual Cash Flows 114
Cash Flow Analysis 117
Conclusion 118
Endnotes 119
5 Special Situations 121
Introduction 121
Conflicting Rankings 122
NPV vs. IRR 123
Net Present Value Profile 125
Projects of Different Scale 129
Projects with Unequal Lives 131
Equivalent Annual Annuity 132
Replication 134
Equity Residual Method 136
Bond Type Debt Service 138
Installment Debt Service 139
Adjusting for Inflation 141
The Fisher Effect 142
Adjusting Cash Flows 144
Net Present Value 146
Conclusion 147
Endnotes 148
6 The Mathematics of Uncertainty 151
Introduction 151
Expected Rate of Return 152
Probability Distribution 153
Financial Calculator Application 154
Alternative Probability Distribution 155
Historical Data 156
Financial Calculator Application 160
Variability of Return 161
Variance and Standard Deviation 162
Coefficient of Variation 165
Conclusion 166
Endnotes 167
7 Risk and the Capital Project 169
Introduction 169
Expected Net Present Value 170
Adjusting Cash Flows for Risk 173
Certainty Equivalent 173
Net Present Value 174
Decision Tree Analysis 175
The Abandonment Decision 179
The Certainty Case 179
Abandonment under Uncertainty 181
Sensitivity Analysis 185
Conclusion 187
Endnotes 189
8 Portfolio Theory Applications 191
Introduction 191
Portfolio Theory 191
Two Separate Lines of Business 192
A Portfolio of Businesses 195
Portfolio Parameters 197
Expected Return and Variance 198
Correlation Coefficient 200
A Two Asset Portfolio 202
Capital Asset Pricing Model 207
Conclusion 211
Endnotes 212
9 Multinational Operations 215
Introduction 215
Critical Issues for International Investment 216
Foreign Currency Exposure 216
Political Risk 219
Parent vs. Project Cash Flows 220
A Proposed Investment in the
People s Republic of China 221
An Overview of the Project 223
Project Cash Flows 227
Parent Cash Flows 233
Conclusion 241
Endnotes 241
10 Cost of Capital 243
Introduction 243
Factors That Influence the Cost of Capital 244
An Overview of WACC 246
The Market Value of Capital 249
Bond Pricing 249
Pricing Preferred Stock 255
Pricing Common Stock 257
Market Value of Capital for
Howell Manufacturing 261
The WACC Schedule 262
Component Costs of Capital
and Flotation Costs 263
Break Points 266
WACC Schedule 273
Investment Opportunity Schedule 275
Optimal Capital Budget 277
Conclusion 278
Endnotes 279
11 Lease vs. Purchase 281
Introduction 281
Types of Leases 281
The Capital Lease 284
The Test for a Capital Lease 285
The Lease Liability 287
The Lease Asset 290
The Financial Lease 290
An Example for the Purchase Decision 292
An Example of the Lease Decision 295
Conclusion 297
Endnote 298
Appendixes
A l Future Value of 299
A 2 Future Value of an Annuity of 303
A 3 Present Value of 307
A 4 Present Value of an Annuity of 311
i
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| id | DE-604.BV009978136 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:44:17Z |
| institution | BVB |
| isbn | 1557384266 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006612914 |
| oclc_num | 30780897 |
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| owner_facet | DE-19 DE-BY-UBM DE-384 DE-188 |
| physical | XIII, 324 S. graph. Darst. |
| publishDate | 1994 |
| publishDateSearch | 1994 |
| publishDateSort | 1994 |
| publisher | Probus Publ. Co. |
| record_format | marc |
| spelling | Johnson, Hazel J. Verfasser aut Strategic capital budgeting developing and implementing the corporate capital allocation program Hazel J. Johnson Chicago, Ill. u.a. Probus Publ. Co. 1994 XIII, 324 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Empresas multinacionais larpcal Financas das empresas larpcal Investimentos larpcal Orcamento empresarial larpcal Multinationales Unternehmen Capital budget Capital investments Corporations Finance International business enterprises Finance Strategische Planung (DE-588)4309237-8 gnd rswk-swf Investitionsplanung (DE-588)4114044-8 gnd rswk-swf Investitionsplanung (DE-588)4114044-8 s Strategische Planung (DE-588)4309237-8 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006612914&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Johnson, Hazel J. Strategic capital budgeting developing and implementing the corporate capital allocation program Empresas multinacionais larpcal Financas das empresas larpcal Investimentos larpcal Orcamento empresarial larpcal Multinationales Unternehmen Capital budget Capital investments Corporations Finance International business enterprises Finance Strategische Planung (DE-588)4309237-8 gnd Investitionsplanung (DE-588)4114044-8 gnd |
| subject_GND | (DE-588)4309237-8 (DE-588)4114044-8 |
| title | Strategic capital budgeting developing and implementing the corporate capital allocation program |
| title_auth | Strategic capital budgeting developing and implementing the corporate capital allocation program |
| title_exact_search | Strategic capital budgeting developing and implementing the corporate capital allocation program |
| title_full | Strategic capital budgeting developing and implementing the corporate capital allocation program Hazel J. Johnson |
| title_fullStr | Strategic capital budgeting developing and implementing the corporate capital allocation program Hazel J. Johnson |
| title_full_unstemmed | Strategic capital budgeting developing and implementing the corporate capital allocation program Hazel J. Johnson |
| title_short | Strategic capital budgeting |
| title_sort | strategic capital budgeting developing and implementing the corporate capital allocation program |
| title_sub | developing and implementing the corporate capital allocation program |
| topic | Empresas multinacionais larpcal Financas das empresas larpcal Investimentos larpcal Orcamento empresarial larpcal Multinationales Unternehmen Capital budget Capital investments Corporations Finance International business enterprises Finance Strategische Planung (DE-588)4309237-8 gnd Investitionsplanung (DE-588)4114044-8 gnd |
| topic_facet | Empresas multinacionais Financas das empresas Investimentos Orcamento empresarial Multinationales Unternehmen Capital budget Capital investments Corporations Finance International business enterprises Finance Strategische Planung Investitionsplanung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006612914&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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