The capital budgeting decision: economic analysis of investment projects
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York, NY [u.a.]
Routledge
2007
|
| Edition: | 9. ed. |
| Subjects: | |
| Online Access: | Klappentext Inhaltsverzeichnis |
| Item Description: | Frühere Aufl. im Verl. Macmillan, New York, NY erschienen |
| Physical Description: | XX, 402 S. graph. Darst. |
| ISBN: | 041540004X 9780415400046 0415400031 9780415400039 |
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MARC
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| 245 | 1 | 0 | |a The capital budgeting decision |b economic analysis of investment projects |c Harold Bierman and Seymour Smidt |
| 250 | |a 9. ed. | ||
| 264 | 1 | |a New York, NY [u.a.] |b Routledge |c 2007 | |
| 300 | |a XX, 402 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Frühere Aufl. im Verl. Macmillan, New York, NY erschienen | ||
| 650 | 4 | |a Budget d'investissement | |
| 650 | 4 | |a Investissements de capitaux - Évaluation | |
| 650 | 4 | |a Capital budget | |
| 650 | 4 | |a Capital investments |x Evaluation | |
| 650 | 0 | 7 | |a Finanzplanung |0 (DE-588)4017200-4 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Finanzierung |0 (DE-588)4017182-6 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Kapitalanlage |0 (DE-588)4073213-7 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Investitionsrechnung |0 (DE-588)4027575-9 |2 gnd |9 rswk-swf |
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Record in the Search Index
| _version_ | 1804135367200210944 |
|---|---|
| adam_text | Here in its ninth edition, this classic text returns to its roots as a clear and concise introduction to
investment decision-making. In this edition,
for uncertainty and added a new chapter exploring the use of real options. Retaining the authority and
reputation of previous editions, it now covers in depth several under-explored topics, including:
•
•
•
Easily understandable, and covering the essentials of capital budgeting, this book will help readers to
make intelligent capital budgeting decisions for corporations of every type.
Harold
Graduate School of Management, Cornell University.
Seymour Smidt is Professor Emeritus at the Johnson Graduate School of Management, Cornell University.
Contents
List
XIII
Preface
xvii
Extracts from the preface to the first edition
xix
INVESTMENT DECISIONS AND CORPORATE OBJECTIVES
1
Investment decisions
2
The limitations of quantification
3
The state of business practice
4
Time; risk, and the risk-return trade-off
4
Three basic generalizations
4
Relevance of cash flows
5
Cash flows versus earnings
6
The capital market
6
The weighted average cost of capital
7
Tactical and strategic decisions
7
The role of strategic planning
8
The two capital budgeting revolutions
8
Conclusions
9
Pop quiz
10
Problems
10
Answer to pop quiz
11
Bibliography
11
THE TIME VALUE OF MONEY
12
Time discounting
12
Future value
13
Present value
15
Computing present value factors
16
Annual equivalent amounts
23
A growing annuity
24
A constant interest bond
25
Present value factors derived from market prices
26
Conclusions
31
CONTENTS
Pop quiz
32
Review problem
32
Problems
32
Answer to pop quiz
35
Solution to review problem
36
Bibliography
36
Appendix A
36
Appendix
37
3
43
A capital budgeting decision
43
Rate of discount
43
Classification of cash flows
44
Classifying investments
44
Measures of investment worth
46
Two discounted cash flow methods
48
Net present value profile
53
Payback period
54
Return on investment
55
What firms do
60
Cash flows
61
Working capital
63
Excluding interest payment
64
Conclusions
73
Pop quiz
74
Review problems
75
Problems
75
Answers to pop quiz
83
Solutions to review problems
83
Bibliography
84
4
85
Accept or reject decisions
86
Mutually exclusive investment
87
Incremental benefits: the scale problem
87
Timing
88
Reinvestment assumption
91
Reinvestment rate of return
91
Loan-type flows
92
Multiple internal rates of return
93
Interpretation of multiple IRRs
94
A paradox
95
Converting multiple IRRs to a single
97
Significance of nonconventional cash flows
99
Ranking independent investments
100
Mutually exclusive alternatives with different risks
101
Duration: a sensitivity measure
102
Why the internal rate of return method is popular
103
Choosing the required rate of return
103
Conclusions
104
VI
CONTENTS
Review
105
Problems
106
Solution
111
Bibliography
112
5
Annual equivalent cost
113
Make or buy decisions
114
Comparability
116
Mutually exclusive alternatives with different lives
116
Annual equivalent cost
118
Lowest common multiple life
119
A perpetuity
119
Components of unequal lives
120
Cost of excess capacity
121
The equal cost assumption
122
The replacement decision
122
Replacement chains
125
Conclusions
125
Review problem
126
Problems
127
Solution to review problem
133
Bibliography
134
6
135
External capital rationing
136
Internal capital rationing
141
Internal capital rationing and dividend policy
141
Ranking of investments
142
Index of present value (or profitability index)
144
Programming solutions
145
Capital rationing and risk
148
Conclusions
148
Problems
148
Bibliography
150
7
AND OTHER RATES OF DISCOUNT
152
The sources of cash
153
The cost of retained earnings
153
A theory of stock values
154
Changes in stock prices
157
Accumulated depreciation and the cost of capital
158
Issuing common stock
160
Cost of retained earnings: with investor taxes
160
Cost of new equity capital
161
Issuing common stock: the element of timing
161
Delaying the investment
163
Cost of long-term debt
164
Cost of short-term debt
165
VII
CONTENTS
Debt and income taxes
Weighted average cost of capital
The optimum capital structure
Summary of weighted average cost of capital
Default-free rate of discount
Adjusting the default-free rate
Comparing average and marginal returns
Conclusions
Problems
Bibliography
8
The assumptions
Introduction to portfolio analysis
Forming portfolios
The investors
Portfolio analysis with a diskless security
The efficient frontier
The capital market line
The expected rate of return of a security
The security characteristic line
Systematic and unsystematic risks
The security market line
Required rate of return versus WACC
Making investment decisions
Conclusions
Review problem
Problems
Solution to review problem
Bibliography
9
The weighted average cost of capital
Definition
The weights
Capital budgeting decisions
Investments and taxes
Existence of a unique optimal financial structure
No taxes
A constant WACC (no taxes)
A constant value
Levering a firm
Taxes
Implications of the zero corporate tax model
The value of a levered firm with taxes
Valuing a firm: capital structure and corporate taxes
Personal taxes
Conclusions
Problems
Bibliography
VIII
CONTENTS
10 DISTRIBUTION
231
A cash dividend: from retained earnings
231
Investment: new capital
232
Share repurchase versus real investment
233
A different required return
234
Model
234
Maintenance cap-ex
236
The capital structure
236
Risk assumptions
236
The derivation of
237
Conclusions
240
Problems
240
Bibliography
241
11
242
Tax implications
243
Anti-raiding maneuver
244
Antitrust considerations
244
An acquisition for cash
244
Determining the premium
245
Analysis with capital gains
247
A holding company
249
Valuation for acquisition
249
The P/E ratio
251
Dilution of earnings: the period of dilution
254
Elimination of dilution
254
Forecasting the post-acquisition price
256
Dividend versus an acquisition of shares
257
Conclusions
259
Problems
259
Bibliography
261
12
262
Decisions affecting cash
263
Timing strategies
264
Acquiring the cash from long-term sources
266
A reformulation
268
Timing considerations
271
Near-cash securities
271
Managing accounts receivable
273
Calculation of costs
275
One-period case with time discounting
275
lvi
277
Systematic revision of probabilities
278
Problems in application
280
Inventory and finance
281
Inventory models versus just in time
282
Inventory models
282
Conclusions
285
Problems
287
Bibliography
289
IX
CONTENTS
13
Currency translation
A different approach
The irrelevance of future plans
The leverage consideration
Taxes
One-period example
Multiperiod case
Remission of funds
Foreign investment and risk
Conclusions
Problems
Bibliography
14
Three basic problems of analysis
One incorrect method
The two correct methods
Residual value
The investment decision
The lease decision with taxes
Risk-adjusted discount rates
The calculation that is not made
Cash flows and discount rate: debt
Pros and cons of leasing
Three decisions
Conclusions
Problems
Bibliography
15
Black-Scholes
Option valuation when there is no hedge portfolio
The value of waiting
An option to expand
Put options on real assets: an opportunity to sell
Embedded options: the value of future uses
Valuation: expected value less than liabilities
Advantages of the option approach
Disadvantages of the option approach
Conclusions
Problems
Discussion question
Bibliography
16
What is inflation?
Real cash flows
Real cash flows and nominal flows
CONTENTS
The use of specific prices
336
Real and nominal discount rates
338
Inflation analysis: a simplified approach
340
Tax effects
342
A tax-exempt alternative
343
The real return and the rate of inflation
343
Conclusions
346
Problems
346
Bibliography
348
17
350
The criticisms of NPV
350
Cash on cash
351
Real options
352
Cash flow components
353
The compounding of risk
353
Investing in other countries
353
Conclusions
354
Problems
354
18
APPENDICES
Table A: Present value of
Table B: Present value of
Name index
Subject index
XI
|
| adam_txt |
Here in its ninth edition, this classic text returns to its roots as a clear and concise introduction to
investment decision-making. In this edition,
for uncertainty and added a new chapter exploring the use of real options. Retaining the authority and
reputation of previous editions, it now covers in depth several under-explored topics, including:
•
•
•
Easily understandable, and covering the essentials of capital budgeting, this book will help readers to
make intelligent capital budgeting decisions for corporations of every type.
Harold
Graduate School of Management, Cornell University.
Seymour Smidt is Professor Emeritus at the Johnson Graduate School of Management, Cornell University.
Contents
List
XIII
Preface
xvii
Extracts from the preface to the first edition
xix
INVESTMENT DECISIONS AND CORPORATE OBJECTIVES
1
Investment decisions
2
The limitations of quantification
3
The state of business practice
4
Time; risk, and the risk-return trade-off
4
Three basic generalizations
4
Relevance of cash flows
5
Cash flows versus earnings
6
The capital market
6
The weighted average cost of capital
7
Tactical and strategic decisions
7
The role of strategic planning
8
The two capital budgeting revolutions
8
Conclusions
9
Pop quiz
10
Problems
10
Answer to pop quiz
11
Bibliography
11
THE TIME VALUE OF MONEY
12
Time discounting
12
Future value
13
Present value
15
Computing present value factors
16
Annual equivalent amounts
23
A growing annuity
24
A constant interest bond
25
Present value factors derived from market prices
26
Conclusions
31
CONTENTS
Pop quiz
32
Review problem
32
Problems
32
Answer to pop quiz
35
Solution to review problem
36
Bibliography
36
Appendix A
36
Appendix
37
3
43
A capital budgeting decision
43
Rate of discount
43
Classification of cash flows
44
Classifying investments
44
Measures of investment worth
46
Two discounted cash flow methods
48
Net present value profile
53
Payback period
54
Return on investment
55
What firms do
60
Cash flows
61
Working capital
63
Excluding interest payment
64
Conclusions
73
Pop quiz
74
Review problems
75
Problems
75
Answers to pop quiz
83
Solutions to review problems
83
Bibliography
84
4
85
Accept or reject decisions
86
Mutually exclusive investment
87
Incremental benefits: the scale problem
87
Timing
88
Reinvestment assumption
91
Reinvestment rate of return
91
Loan-type flows
92
Multiple internal rates of return
93
Interpretation of multiple IRRs
94
A "paradox"
95
Converting multiple IRRs to a single
97
Significance of nonconventional cash flows
99
Ranking 'independent investments
100
Mutually exclusive alternatives with different risks
101
Duration: a sensitivity measure
102
Why the internal rate of return method is popular
103
Choosing the required rate of return
103
Conclusions
104
VI
CONTENTS
Review
105
Problems
106
Solution
111
Bibliography
112
5
Annual equivalent cost
113
Make or buy decisions
114
Comparability
116
Mutually exclusive alternatives with different lives
116
Annual equivalent cost
118
Lowest common multiple life
119
A perpetuity
119
Components of unequal lives
120
Cost of excess capacity
121
The equal cost assumption
122
The replacement decision
122
Replacement chains
125
Conclusions
125
Review problem
126
Problems
127
Solution to review problem
133
Bibliography
134
6
135
External capital rationing
136
Internal capital rationing
141
Internal capital rationing and dividend policy
141
Ranking of investments
142
Index of present value (or profitability index)
144
Programming solutions
145
Capital rationing and risk
148
Conclusions
148
Problems
148
Bibliography
150
7
AND OTHER RATES OF DISCOUNT
152
The sources of cash
153
The cost of retained earnings
153
A theory of stock values
154
Changes in stock prices
157
Accumulated depreciation and the cost of capital
158
Issuing common stock
160
Cost of retained earnings: with investor taxes
160
Cost of new equity capital
161
Issuing common stock: the element of timing
161
Delaying the investment
163
Cost of long-term debt
164
Cost of short-term debt
165
VII
CONTENTS
Debt and income taxes
Weighted average cost of capital
The optimum capital structure
Summary of weighted average cost of capital
Default-free rate of discount
Adjusting the default-free rate
Comparing average and marginal returns
Conclusions
Problems
Bibliography
8
The assumptions
Introduction to portfolio analysis
Forming portfolios
The investors
Portfolio analysis with a diskless security
The efficient frontier
The capital market line
The expected rate of return of a security
The security characteristic line
Systematic and unsystematic risks
The security market line
Required rate of return versus WACC
Making investment decisions
Conclusions
Review problem
Problems
Solution to review problem
Bibliography
9
The weighted average cost of capital
Definition
The weights
Capital budgeting decisions
Investments and taxes
Existence of a unique optimal financial structure
No taxes
A constant WACC (no taxes)
A constant value
Levering a firm
Taxes
Implications of the zero corporate tax model
The value of a levered firm with taxes
Valuing a firm: capital structure and corporate taxes
Personal taxes
Conclusions
Problems
Bibliography
VIII
CONTENTS
10 DISTRIBUTION
231
A cash dividend: from retained earnings
231
Investment: new capital
232
Share repurchase versus real investment
233
A different required return
234
Model
234
Maintenance cap-ex
236
The capital structure
236
Risk assumptions
236
The derivation of
237
Conclusions
240
Problems
240
Bibliography
241
11
242
Tax implications
243
Anti-raiding maneuver
244
Antitrust considerations
244
An acquisition for cash
244
Determining the premium
245
Analysis with capital gains
247
A holding company
249
Valuation for acquisition
249
The P/E ratio
251
Dilution of earnings: the period of dilution
254
Elimination of dilution
254
Forecasting the post-acquisition price
256
Dividend versus an acquisition of shares
257
Conclusions
259
Problems
259
Bibliography
261
12
262
Decisions affecting cash
263
Timing strategies
264
Acquiring the cash from long-term sources
266
A reformulation
268
Timing considerations
271
Near-cash securities
271
Managing accounts receivable
273
Calculation of costs
275
One-period case with time discounting
275
lvi
277
Systematic revision of probabilities
278
Problems in application
280
Inventory and finance
281
Inventory models versus "just in time"
282
Inventory models
282
Conclusions
285
Problems
287
Bibliography
289
IX
CONTENTS
13
Currency translation
A different approach
The irrelevance of future plans
The leverage consideration
Taxes
One-period example
Multiperiod case
Remission of funds
Foreign investment and risk
Conclusions
Problems
Bibliography
14
Three basic problems of analysis
One incorrect method
The two correct methods
Residual value
The investment decision
The lease decision with taxes
Risk-adjusted discount rates
The calculation that is not made
Cash flows and discount rate: debt
Pros and cons of leasing
Three decisions
Conclusions
Problems
Bibliography
15
Black-Scholes
Option valuation when there is no hedge portfolio
The value of waiting
An option to expand
Put options on real assets: an opportunity to sell
Embedded options: the value of future uses
Valuation: expected value less than liabilities
Advantages of the option approach
Disadvantages of the option approach
Conclusions
Problems
Discussion question
Bibliography
16
What is inflation?
Real cash flows
Real cash flows and nominal flows
CONTENTS
The use of specific prices
336
Real and nominal discount rates
338
Inflation analysis: a simplified approach
340
Tax effects
342
A tax-exempt alternative
343
The real return and the rate of inflation
343
Conclusions
346
Problems
346
Bibliography
348
17
350
The criticisms of NPV
350
Cash on cash
351
Real options
352
Cash flow components
353
The compounding of risk
353
Investing in other countries
353
Conclusions
354
Problems
354
18
APPENDICES
Table A: Present value of
Table B: Present value of
Name index
Subject index
XI |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Bierman, Harold 1924- Smidt, Seymour |
| author_GND | (DE-588)133245861 |
| author_facet | Bierman, Harold 1924- Smidt, Seymour |
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| edition | 9. ed. |
| format | Book |
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| id | DE-604.BV021590661 |
| illustrated | Illustrated |
| index_date | 2024-07-02T14:44:20Z |
| indexdate | 2024-07-09T20:39:22Z |
| institution | BVB |
| isbn | 041540004X 9780415400046 0415400031 9780415400039 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014806152 |
| oclc_num | 69483924 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-706 |
| owner_facet | DE-355 DE-BY-UBR DE-706 |
| physical | XX, 402 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | Routledge |
| record_format | marc |
| spelling | Bierman, Harold 1924- Verfasser (DE-588)133245861 aut The capital budgeting decision economic analysis of investment projects Harold Bierman and Seymour Smidt 9. ed. New York, NY [u.a.] Routledge 2007 XX, 402 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Frühere Aufl. im Verl. Macmillan, New York, NY erschienen Budget d'investissement Investissements de capitaux - Évaluation Capital budget Capital investments Evaluation Finanzplanung (DE-588)4017200-4 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 gnd rswk-swf Investitionsrechnung (DE-588)4027575-9 gnd rswk-swf Investitionsentscheidung (DE-588)4162244-3 gnd rswk-swf Investitionsplanung (DE-588)4114044-8 gnd rswk-swf Investitionsrechnung (DE-588)4027575-9 s DE-604 Investitionsplanung (DE-588)4114044-8 s Kapitalanlage (DE-588)4073213-7 s Finanzierung (DE-588)4017182-6 s 1\p DE-604 Finanzplanung (DE-588)4017200-4 s 2\p DE-604 Investitionsentscheidung (DE-588)4162244-3 s 3\p DE-604 Smidt, Seymour Verfasser aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014806152&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Klappentext Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014806152&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Bierman, Harold 1924- Smidt, Seymour The capital budgeting decision economic analysis of investment projects Budget d'investissement Investissements de capitaux - Évaluation Capital budget Capital investments Evaluation Finanzplanung (DE-588)4017200-4 gnd Finanzierung (DE-588)4017182-6 gnd Kapitalanlage (DE-588)4073213-7 gnd Investitionsrechnung (DE-588)4027575-9 gnd Investitionsentscheidung (DE-588)4162244-3 gnd Investitionsplanung (DE-588)4114044-8 gnd |
| subject_GND | (DE-588)4017200-4 (DE-588)4017182-6 (DE-588)4073213-7 (DE-588)4027575-9 (DE-588)4162244-3 (DE-588)4114044-8 |
| title | The capital budgeting decision economic analysis of investment projects |
| title_auth | The capital budgeting decision economic analysis of investment projects |
| title_exact_search | The capital budgeting decision economic analysis of investment projects |
| title_exact_search_txtP | The capital budgeting decision economic analysis of investment projects |
| title_full | The capital budgeting decision economic analysis of investment projects Harold Bierman and Seymour Smidt |
| title_fullStr | The capital budgeting decision economic analysis of investment projects Harold Bierman and Seymour Smidt |
| title_full_unstemmed | The capital budgeting decision economic analysis of investment projects Harold Bierman and Seymour Smidt |
| title_short | The capital budgeting decision |
| title_sort | the capital budgeting decision economic analysis of investment projects |
| title_sub | economic analysis of investment projects |
| topic | Budget d'investissement Investissements de capitaux - Évaluation Capital budget Capital investments Evaluation Finanzplanung (DE-588)4017200-4 gnd Finanzierung (DE-588)4017182-6 gnd Kapitalanlage (DE-588)4073213-7 gnd Investitionsrechnung (DE-588)4027575-9 gnd Investitionsentscheidung (DE-588)4162244-3 gnd Investitionsplanung (DE-588)4114044-8 gnd |
| topic_facet | Budget d'investissement Investissements de capitaux - Évaluation Capital budget Capital investments Evaluation Finanzplanung Finanzierung Kapitalanlage Investitionsrechnung Investitionsentscheidung Investitionsplanung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014806152&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014806152&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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