Advanced capital budgeting decision: refinements in the economic analysis of investment projects
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York, NY [u.a.]
Routledge
2007
|
| Ausgabe: | 1. ed. |
| Online-Zugang: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index The state of the art of capital budgeting -- Amounts discounted and discount rates -- Capital budgeting with uncertainty -- Elements of time and uncertainty -- The state preference approach -- Resolution of uncertainty -- Diversification and risk reduction -- Projects with components having different risks -- Practical solutions to capital budgeting with uncertainty -- Real options and capital budgeting -- Growth constraints -- The valuation of a firm -- Using economic income (residual income) for valuation -- Present-value accounting -- Performance measurement and managerial compensation -- Fluctuating rates of output -- Investment decisions with additional information -- Investment timing -- Buy versus lease |
| Beschreibung: | XVIII, 367 S. graph. Darst. |
| ISBN: | 0415772060 9780415772068 0415772052 9780415772051 |
Internformat
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| 100 | 1 | |a Bierman, Harold |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Advanced capital budgeting decision |b refinements in the economic analysis of investment projects |c Harold Bierman and Seymour Smidt |
| 250 | |a 1. ed. | ||
| 264 | 1 | |a New York, NY [u.a.] |b Routledge |c 2007 | |
| 300 | |a XVIII, 367 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes bibliographical references and index | ||
| 500 | |a The state of the art of capital budgeting -- Amounts discounted and discount rates -- Capital budgeting with uncertainty -- Elements of time and uncertainty -- The state preference approach -- Resolution of uncertainty -- Diversification and risk reduction -- Projects with components having different risks -- Practical solutions to capital budgeting with uncertainty -- Real options and capital budgeting -- Growth constraints -- The valuation of a firm -- Using economic income (residual income) for valuation -- Present-value accounting -- Performance measurement and managerial compensation -- Fluctuating rates of output -- Investment decisions with additional information -- Investment timing -- Buy versus lease | ||
| 700 | 1 | |a Smidt, Seymour |e Verfasser |4 aut | |
| 856 | 4 | |u http://www.loc.gov/catdir/toc/ecip0615/2006019474.html |3 Inhaltsverzeichnis | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020082377&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-020082377 | ||
Datensatz im Suchindex
| _version_ | 1804142628387684352 |
|---|---|
| adam_text | Contents
List of illustrations xiii
Preface xvii
PARTI
CAPITAL BUDGETING AND VALUATION UNDER CERTAINTY 1
1 THE STATE OF THE ART OF CAPITAL BUDGETING 3
Decision-making and corporate objectives 3
The evolution of capital budgeting practice 5
Surveys of practice 5
The discount rate 7
Cash flow components 8
The calculation of the discount rate 8
The time risk interaction 8
Real options g
Three problems 10
Time discounting 10
Present value addition rule 11
Present value multiplication rule 11
The term structure of interest rates 11
Risk and diversification 13
Strategic considerations 14
Three basic generalizations 16
The capital market 16
Global business aspects 17
Conclusions 17
Problems 18
Discussion question 19
Bibliography 19
2 AMOUNTS DISCOUNTED AND DISCOUNT RATES 21
The FCF method 23
The CCF method 24
The adjusted present value method 25
CONTENTS
Equivalence of the methods 26
The FCF method 27
The CCF calculation: the value to investors 27
Adjusted présent value 28
Costs of financial distress 29
The costs of capital 29
The WACC with debt 31
Valuation: a summary 32
With no debt 33
With $600 of debt substituted for stock 33
With debt (use of APV) 34
The use of r* (the CCF method) 34
Calculation of discount rates 35
Finite-lived assets 36
Global business aspects 36
Conclusions 37
Problems 38
Discussion question 39
Bibliography 39
Appendix dérivations 39
PART II
CAPITAL BUDGETING AND VALUATION UNDER UNCERTAINTY 41
3 CAPITAL BUDGETING WITH UNCERTAINTY 43
Tree diagrams 43
Period-by-period summaries 46
Sensitivity analysis 46
Simulation 48
Risk préférences 50
Certainty équivalents 52
Time and risk 53
Risk adjusted discount rates 54
The required return 55
Default-free rate of discount 55
The borrowing rate 57
Changing the uncertainty 57
Global business aspects 58
Conclusions 58
Problems 59
Discussion question 60
Bibliography 60
4 E LE M ENTSOF TIME AND UNCERTAINTY 62
The investment process 63
The discount rate 66
Converting expected cash flows 68
The discount rate assumption 69
Capital budgeting with constant risk aversion 69
CONTENTS
Capital budgeting with a constant risk adjusted rate 71
A capital market perspective 73
A qualification of the CAPM décision rule 74
Global business aspects 74
Conclusions 74
Quiz 75
Problems 75
Discussion question 76
Solution to quiz 76
Bibliography 77
5 THE STATE PREFERENCE APPROACH 79
Prices with certainty 79
Prices with uncertainty 80
The three factors 82
The expected risk-adjustment 84
Countercyclical assets 84
Required rates of return 85
Application of the risk-adjusted présent value approach 86
Multiperiod investments 86
Applying the risk-adjusted présent value factors 88
Global business aspects 90
Conclusions 90
Problems 91
Discussion question 93
Bibliography 94
6 RESOLUTION OF UNCERTAINTY 95
Risks, returns and the resolution of uncertainty 95
Introducing the three assets 97
Asset values by node 101
Expected rates of return by asset and node 102
Conclusions about the three assets 104
An alternative calculation 106
Introducing the two projects 107
Global business aspects 108
Generalizations 108
Problems 109
Discussion question 111
Bibliography 111
7 DIVERSIFICATION AND RISK REDUCTION 112
Systematic and unsystematic risk 113
Diversification 114
Introduction to portfolio analysis 115
The portfolio problem in perspective 116
The co-variance 117
The efficient frontier of investment alternatives 120
Perfect positive corrélation 120
CONTENTS
Perfect négative corrélation 121
Imperfect corrélation 122
The power of diversification: independent investments 122
Positively correlated investments 124
Observations regarding diversification 126
The risk-free asset 127
The assumptions 127
Portfolio analysis with a riskless security: the capital asset pricing model 128
The expected return 130
Use of the CAPM 131
Systematic and unsystematic risk 131
Implications for corporate investment policy 133
Unsystematic risk 134
Global business aspects 134
Conclusions 135
Review problem 1 136
Review problem 2 136
Review problem 3 136
Problems 137
Discussion question 140
Solution to review problem 1 140
Solution to review problem 2 141
Solution to review problem 3 141
Bibliography 142
Appendix: Statistical background 143
8 PROJECTS WITH COMPONENTS HAVING DIFFERENT RISKS 145
A new product project with two différent cash flow components 146
Calculating the value of an asset by discounting its net cash flow 147
Increasing the proceeds 150
A new market for an old product 150
Disadvantages of using a single discount rate 152
Finding the composite discount rate for projects with a finite life 152
Buy versus lease 154
Discount rates and corporate income taxes 156
The présent value calculation technique used 157
Global business aspects 157
Conclusions 158
Problems 158
Discussion question 160
Bibliography 160
Appendix: Dérivation of the formula for the after-tax discount rate for
a cash flow component 160
9 PRACTICAL SOLUTIONS TO CAPITAL BUDGETING
WITH UNCERTAINTY 162
The two basic approaches 162
Approach 1: Using payback, présent value profile, and sensitivity analysis 163
Approach 2: Calculate the net présent value of the expected cash flows 164
CONTENTS
WACC: The weighted average cost of capital 165
The cost of retained earnings 167
Costs of retained earnings and of equity with investor taxes 168
Costs of retained earnings with investor taxes 168
Cost of new equity capital with investor taxes 169
Debt and income taxes 171
The relevant source of funds 171
Global business aspects 172
Computing the firm s weighted average cost of capital 172
Capital structure and the effect on the WACC 173
The optimum capital structure 174
The firm s WACC and investments 175
The project s WACC 177
The pure play 177
Default-free rate of discount 178
Discounting stock equity flows 179
Simulation and the Monte Carlo method 181
Value-at-risk 183
Conclusions 183
Problems 184
Discussion question 185
Bibliography 186
PART III
OPTION THEORY AS A CAPITAL BUDGETING TOOL 187
10 REAL OPTIONS AND CAPITAL BUDGETING 189
Two types of stock options 192
Valuing call options on common stock 193
The value of a call option on common stock: a numerical example 193
Formulas for call option valuation 195
Formulas for composition of the replicating portfolio 196
Certainty équivalent formulas for the value of an option 198
A multi-period call option 199
The replicating portfolio method for a two-period option 199
The certainty équivalent method for a two-period option 201
Number of periods 202
Valuing real options 202
Description and valuation of the underlying asset without flexibility 203
An option to abandon 206
An option to expand 209
Multiple options on the same asset 210
Conclusions 210
Problems 211
Discussion question 211
Bibliography 212
Appendix A: Increasing accuracy by using a large number of short periods 213
Appendix B: Valuation with multiple options on an asset 215
CONTENTS
PART IV
APPLICATIONS OF CAPITAL BUDGETING 219
11 GROWTH CONSTRAINTS 221
External capital rationing 221
Internal capital rationing 222
Scarce factors of production 223
Ranking of investments 223
Programming solutions 224
Global business aspects 224
Conclusions 224
Problems 225
Discussion question 227
Bibliography 227
12 THE VALUATION OF A FIRM 228
Present value of dividends 229
Present value of earnings minus new investment 230
Present value of growth opportunities 230
A terminal value model 231
Multipliers 231
Free cash flow 232
Book value 233
Value with zero debt 233
Market capitalization 236
Substitution of debt for equity 236
Option theory 237
Present value of economic income 237
Valuation for acquisition 238
DCF versus comparables 238
Mergers and acquisitions 238
Forecasting the post-acquisition price 239
Global business aspects 241
Conclusions 241
Problems 241
Discussion question 242
Bibliography 242
13 USING ECONOMIC INCOME (RESIDUAL INCOME)
FOR VALUATION 243
The discounted cash flow model accepted by finance theorists 244
The economic income model 244
Valuation using economic income 246
Other methods of valuation 248
Comparing ROI and economic income 249
Global business aspects 250
Conclusions 250
Problems 250
Discussion question 254
Bibliography 254
CONTENTS
14 PRESENT VALUE ACCOUNTING 255
A management seminar 255
Basic concepts 256
Economic depreciation, income, and return on investment 256
Application to assets with zero present value 257
An investment with a positive net present value 258
Combining investments 259
Two investments with different risks 260
Better income measures 262
Internal rate of return and taxes 263
Global business aspects 265
Conclusions 265
Problems 266
Discussion question 270
Bibliography 270
15 PERFORMANCE MEASUREMENT AND MANAGERIAL
COMPENSATION 272
Problems of agency 273
Performance measurement and managerial compensation 274
Accounting measures 274
Income 275
Return on investment (ROD 275
ROI and investment decision-making 277
The case of the resource benefiting the future 277
The computation of income and ROI 278
Comparing ROI and economic income 280
Summary of complexities 280
Summary of economic income advantages 282
Time adjusted revenues 282
A non-zero net present value 283
Incentive consideration 284
PVA 286
Cash flow return on investment 286
Planning implications 287
In conclusion: To measure performance 288
Some generalizations regarding compensation 290
Rewarding bad performance 290
Global business aspects 290
Conclusions 290
Problems 291
Discussion question 295
Bibliography 296
16 FLUCTUATING RATES OF OUTPUT 297
A plant limited to one type of equipment and two alternatives 298
Optimum equipment mix 301
More periods or more equipment types 304
Conclusions 305
Problems 305
Bibliography 310
CONTENTS
17 INVESTMENT DECISIONS WITH ADDITIONAL INFORMATION 311
The opportunity to replicate 312
The basic model 312
Delaying other investments 315
The winner s curse 316
Conclusions 317
Problems 317
Discussion question 318
Bibliography 318
18 INVESTMENTTIMING 320
Basic principles of when to start and stop a process 321
Growth-type investments 322
Example: The tree farm 325
Equipment replacement 328
The strategy of capacity decisions 329
The basic decision 329
Performance measurement and the timing decision 330
Competitors: Preempting the market 331
Perfect predictions of interest rates 333
Conclusions 334
Problems 334
Discussion question 338
Bibliography 338
19 BUY VERSUS LEASE 339
Borrow or lease: The financing decision 340
A lease is debt 341
Buy or lease with taxes : using the after-tax borrowing rate (method 1) 342
Using a risk-adjusted discount rate (method 2) 345
Computing the implied interest rate on the lease (method 3) 346
Risk considerations in lease-versus-borrow decisions 347
The rate of discount 347
Recommendations 349
Leases and purchase options 349
Importance of terminal value 350
Leveraged leases 352
Cancelable leases 354
The alternative minimum tax 355
Global business aspects 355
Conclusions 355
Problems 356
Discussion question 359
Bibliography 360
Name index 361
Subject index 363
Illustrations
FIGURES
3.1 Tree diagrams 45
3.2 Two choices and two outcomes 51
3.3 Risk-adjusted required rate of return 54
5.1 Tree diagram of cash flow 80
5.2 Cash-flow pattern of countercyclical asset 85
5.3 Probabilities for a two-period investment (tree diagram) 87
5.4 Cash flows of an investment that costs $300 (tree diagram) 88
5.5 Investment cash flows (tree diagram) 89
5.6 Value of the asset one period from now (tree diagram) 89
5.7 Tree diagram of investment 92
5.8 Tree diagram of single-period RAPVFs 93
6.1 Assets A, B and C and their cash flows 98
6.2 Asset values by asset and node 103
6.3 Expected rates of return by asset and node 105
7.1 Available investments 115
7.2 Examples of co-variation 117
7.3 Choosing portfolios 120
7.4 Perfect linear dependence 121
7.5 Perfect negative correlation 121
7.6 Two securities and different values of p 122
7.7 One investment: investment E 123
7.8 Two independent investments (half of E and half of F) 123
7.9 Risk and number of securities 124
7.10 The capital market line 128
7.11 Risk reduction by diversification 132
7.12 Expected return and risks for different portfolios 138
9.1 Relationship between amount of risk, the required return, and the
weighted average cost of capital (WACO 177
10.1 The underlying stock prices over two periods 200
10.2 Underlying asset 204
10.3 Decision tree for the option to abandon 206
16.1 Total costs for the two alternatives 301
ILLUSTRATIONS
17.1 The basic decision model 313
17.2 Investment decision tree 314
18.1 Contribution to overhead at time t 321
18.2 Determination of optimum time to harvest trees 323
TABLES
1.1 What firms do: a survey in 1976 of capital budgeting techniques in use 6
1.2 Percentage of firms using method 6
1.3 Use of DCF (IRR or NPV) as primary or secondary methods 7
1 4 Distribution of responses: the five investment evaluation methods
used as primary or secondary methods 7
3.1 An investment with uncertainty 44
3.2 Period-by-period summary of the cash flow of an uncertain investment 47
3.3 Summary measures of the worth of an uncertain investment,based
on best estimate of cash flows 47
3.4 Sensitivity analysis 47
3.5 Frequency distribution of net present value of an uncertain investment 49
3.6 Risk analyses of an uncertain investment based on net present
value using a 10% discount rate 49
4.1 Values of rn given constant values of/; values of rn if j = 1.10,
r, = 0.04 71
4.2 With implied values of the risk conversion factors (/„);
constant discount rate (/-„ = 0.144) and rf = 0. 04 71
6.1 Common economic environment for assets A, B and C 99
6.2 Asset values by asset and node ($) 101
6.3 Expected rates of return by asset and node (%) 103
6.4 Uncertainty resolution and expected rate of return
for assets A, B and C 106
6.5 Project values by project and node ($) 107
6.6 Expected rates of return by project and node (%) 107
6.7 Uncertainty resolution and expected rate of return for
projects 1 and 2 108
7.1 Portfolio variance as fraction of individual security variance where
var(R) = 1 and the number of securities is changed 125
8.1 Project A: cash flow 146
8.2 Project A: present value using the component cash flow procedure 147
8.3 Present value of project A using the project cash flow procedure
with a 10% hurdle rate 148
8.4 Comparison of the project A N PVs that result from using the project
cash flow procedure (PCFP) and the component cash flow
procedure (CCFP) ($) 148
8.5 Project A present value using the project cash flow procedure
with a 13.88% hurdle rate 149
8.6 Project B cash flows 151
8.7 Project B present value using the component cash flow procedure
mutually exclusive alternative to project B 151
ILLUSTRATIONS
8.8 Project B-l present value using the component cash flow procedure.
Project B-l is a mutually exclusive alternative to Project B 151
8.9 Project C present value using the component cash flow procedure 153
8.10 Buy versus lease: summary of recommended analysis 156
9.1 Estimate of weighted average cost of capital 173
9.2 Frequency distribution of net present value of an uncertain investment 182
10.1 Variables for stock option valuation example 196
10.2 Calculation of the certainty equivalent at time 2 202
10.3 Variables for real option valuation example 205
10.4 Valuing the investment with the abandonment option 208
10.5 Calculating factory values at the expiration with an expansion option 209
10.6 Calculating factor values prior to expiration with an expansion option 209
14.1 Calculation of the net present value of asset A at times 0 and 1
(/- = 10%) 257
14.2 Computation of net present value for asset B at 10% 258
14.3 Computation of internal rate of return for investment B (r = 20%) 258
14.4 Calculation of the net present value of asset E at times 1 and 2
(r =10%) 260
14.5 Cash flows of asset F 261
14.6 Calculation of NPV of asset D at times 0 and 1 (r = 0.20) 261
15.1 Income and investments for each of the three years in use 279
15.2 Present value of the investment at three moments in time 279
16.1 Basic data on equipment types 298
16.2 Seasonal production pattern 300
16.3 Seasonal production schedule form for multiple equipment
plant - analysis for first increment (thousands) 302
16.4 Step 2: seasonal production schedule for multiple equipment
plant - analysis for first two increments (thousands) 303
16.5 Final version seasonal production schedule for multiple equipment
plant - analysis for all three increments (thousands) 304
16.6 Final version seasonal combining quarters with equal production -
seasonal production schedule for multiple equipment
plant (thousands) 305
16.7 Cost characteristics of alternative types of widget
production facilities 306
16.8 Estimated demand for widgets 306
16.9 Cost data 308
16.10 Two alternative sizes 308
16.11 Predicted demand for automobiles 309
16.12 Types of generating equipment and costs 309
16.13 Generating units and characteristics 309
18.1 Net realizable value from one growth cycle 326
18.2 Calculations when land value is $500 327
18.3 Value of land when crops are harvested at various ages 327
18.4 Return earned 328
18.5 Data for years 1 and 2 of the two investments 330
18.6 Values and depreciation expenses 331
18.7 Incomes and returns on investment B 331
18.8 Firm A s net present value conditional on B s actions 332
ILLUSTRATIONS
18.9 Firm B s net present value conditional on A s actions 332
18.10 York State Electric refunding calculations 337
18.11 Analysis of Bi-State Electric position 337
19.1 Cash flows 347
19.2 Balloon payment debt and after-tax cash flows 351
19.3 Cash flows 353
19.4 Debt amortization 353
19.5 Lease analysis (1) 358
19.6 Lease analysis (2) 359
|
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| author_variant | h b hb s s ss |
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| edition | 1. ed. |
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| id | DE-604.BV025466968 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:34:47Z |
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| isbn | 0415772060 9780415772068 0415772052 9780415772051 |
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| publisher | Routledge |
| record_format | marc |
| spelling | Bierman, Harold Verfasser aut Advanced capital budgeting decision refinements in the economic analysis of investment projects Harold Bierman and Seymour Smidt 1. ed. New York, NY [u.a.] Routledge 2007 XVIII, 367 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index The state of the art of capital budgeting -- Amounts discounted and discount rates -- Capital budgeting with uncertainty -- Elements of time and uncertainty -- The state preference approach -- Resolution of uncertainty -- Diversification and risk reduction -- Projects with components having different risks -- Practical solutions to capital budgeting with uncertainty -- Real options and capital budgeting -- Growth constraints -- The valuation of a firm -- Using economic income (residual income) for valuation -- Present-value accounting -- Performance measurement and managerial compensation -- Fluctuating rates of output -- Investment decisions with additional information -- Investment timing -- Buy versus lease Smidt, Seymour Verfasser aut http://www.loc.gov/catdir/toc/ecip0615/2006019474.html Inhaltsverzeichnis HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020082377&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bierman, Harold Smidt, Seymour Advanced capital budgeting decision refinements in the economic analysis of investment projects |
| title | Advanced capital budgeting decision refinements in the economic analysis of investment projects |
| title_auth | Advanced capital budgeting decision refinements in the economic analysis of investment projects |
| title_exact_search | Advanced capital budgeting decision refinements in the economic analysis of investment projects |
| title_full | Advanced capital budgeting decision refinements in the economic analysis of investment projects Harold Bierman and Seymour Smidt |
| title_fullStr | Advanced capital budgeting decision refinements in the economic analysis of investment projects Harold Bierman and Seymour Smidt |
| title_full_unstemmed | Advanced capital budgeting decision refinements in the economic analysis of investment projects Harold Bierman and Seymour Smidt |
| title_short | Advanced capital budgeting decision |
| title_sort | advanced capital budgeting decision refinements in the economic analysis of investment projects |
| title_sub | refinements in the economic analysis of investment projects |
| url | http://www.loc.gov/catdir/toc/ecip0615/2006019474.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020082377&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT biermanharold advancedcapitalbudgetingdecisionrefinementsintheeconomicanalysisofinvestmentprojects AT smidtseymour advancedcapitalbudgetingdecisionrefinementsintheeconomicanalysisofinvestmentprojects |
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Inhaltsverzeichnis