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Determinants Of Capital Budgeting Methods And Hurdle Rates In Nordic Firms
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Book Synopsis Determinants of Capital Budgeting Methods and Hurdle Rates in Nordic Firms by : Tor Brunzell
Download or read book Determinants of Capital Budgeting Methods and Hurdle Rates in Nordic Firms written by Tor Brunzell and published by . This book was released on 2014 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using survey data for 157 Nordic firms, we study the determinants for the choice of capital budgeting methods and the setting of hurdle rates (WACCs) in five Nordic countries. We combine survey data with a rich set of determinants, including ownership data, CFO characteristics, as well as financial data (firm characteristics). We find that the use of the NPV method as a primary method, and the sophistication of the capital budgeting, is related both to firm characteristics, variables proxying for real option features in investments, as well as to CFO characteristics (age and education). We also find support for a significant positive hurdle rate premium (i.e. a hurdle rate higher than motivated by economic theory). The premium is weakly related to managerial short-term pressure, and strongly negatively to the sophistication level of the firm's capital budgeting. This relationship goes in line with the predictions from real options and agency theory, since explanations from both categories combine the use of higher hurdle rates with a higher use of multiple methods and "rules of thumb"
Book Synopsis Procedures for Capital Budgeting Under Uncertainty by : Stewart C. Myers
Download or read book Procedures for Capital Budgeting Under Uncertainty written by Stewart C. Myers and published by Forgotten Books. This book was released on 2015-06-25 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Procedures for Capital Budgeting Under Uncertainty Accordingly, the cost of capital is defined as the minimum expected rate of return on a project (with given risk characteristics) such that share price is increased by the project's adoption. The cost of capital is thus used as a hurdle rate, with the height of the barrier depending on the risk characteristics of the project compared with those of alternative investments open to shareholders. It is easy to point out deficiencies in this "NPV approach" - for instance, most authors are conspicuously vague about how to measure the hurdle rates appropriate to projects with different risk characteristics. The important point for our purposes, however, is that the NPV approach presumes projects to be risk-independent. That is, it presumes that the value of project B does not depend on the risk characteristics of the firm's existing assets, or of other investments the firm may undertake. 2. Treat capital budgeting as a problem of portfolio selection. - The framework for portfolio selection originally presented by Markowitz [10] [11] is now well-known and widely accepted, although difficulties in assembling data and performing the required calculations have limited its use in practice. The similarity between the tasks of portfolio selection and capital budgeting has led Lintner, among others, to conclude that "the problem of determining the best capital budget of any given size is formally identical to the solution of a security portfolio analysis." About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis The Cross-Section of Hurdle Rates for Capital Budgeting: An Empirical Analysis of Survey Data by :
Download or read book The Cross-Section of Hurdle Rates for Capital Budgeting: An Empirical Analysis of Survey Data written by and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :John M. Boersema Publisher :[Toronto]: L'Institut canadien des comptables agréés ISBN 13 : Total Pages :252 pages Book Rating :4.:/5 (51 download)
Book Synopsis Capital Budgeting Practices Including the Impact of Inflation by : John M. Boersema
Download or read book Capital Budgeting Practices Including the Impact of Inflation written by John M. Boersema and published by [Toronto]: L'Institut canadien des comptables agréés. This book was released on 1978 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis 8th International Conference on Engineering, Project, and Product Management (EPPM 2017) by : Sümer Şahin
Download or read book 8th International Conference on Engineering, Project, and Product Management (EPPM 2017) written by Sümer Şahin and published by Springer. This book was released on 2018-03-14 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the proceedings of the 8th International Conference on Engineering, Project, and Product Management (EPPM 2017), highlighting the importance of engineering, project and product management in a region of the world that is in need of transformation and rebuilding. The aim of the conference was to bring together the greatest minds in engineering and management and offer them a platform to share their innovative, and potentially transformational, findings. The proceedings are comprehensive, multidisciplinary, and advanced in their approach with an appeal not only for academicians and university students but also for professionals in various engineering fields, especially construction, manufacturing and production.
Book Synopsis Cost-of-Capital in Managerial Finance by : Dennis Schlegel
Download or read book Cost-of-Capital in Managerial Finance written by Dennis Schlegel and published by Springer. This book was released on 2015-02-24 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines cost-of-capital models and their application in the context of managerial finance. This includes the use of hurdle rates in capital allocation decisions, as well as target returns in performance management. Besides a review of classical finance models such as the Capital Asset Pricing Model (CAPM), other contemporary models and techniques to determine the cost-of-capital of business units and private companies are discussed. Based on a mixed methods approach, current cost-of-capital practices and their determinants are empirically analyzed among German companies.
Book Synopsis Corporate Finance, 4e by : David Hillier
Download or read book Corporate Finance, 4e written by David Hillier and published by McGraw Hill. This book was released on 2019-12-18 with total page 891 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fourth edition of Corporate Finance takes an applied approach to cover all the latest research and topic areas important to students taking Finance courses. The new edition provides an international perspective on all areas of corporate finance and has been updated to include discussion on current trends such as the rise of populism and trade barriers on international finance, the advent of Financial Technology, and key regulatory changes impacting the sector. Understanding and Application •Clear, user-friendly style •Example boxes in every chapter provide hypothetical examples to illustrate theoretical concepts such as cash flow timing, dividend smoothing and differential growth. •Real World Insight boxes use real companies like Siemens, Avast and Adidas to show how they have applied corporate finance theories and concepts to their businesses and business decisions. •Chapter links in the margin provide quick cross-referencing to show students the connections between topics. Practice and Proficiency •Mini and Practical cases present scenarios and questions to practice applying what you have learnt. •Rigorous testing: between 30 and 40 Questions and Problems per chapter are categorised by topic and level of difficulty. •Numbered maths equations and key notation boxes listing the variables and acronyms that will be encountered in each chapter, designed to encourage mastery of Maths. •Exam Questions designed to take 45 minutes and test you on material learned in a more formal exam style. •Connect® resources include algorithmic questions designed to ensure equations and calculations are not learned by rote but by thorough understanding and practice New to This Edition •Updated discussions on peer-to-peer trading, cash flow forecasting methods, import/export partners and additional investment appraisal methods •Updated chapters on corporate governance to reflect global changes, efficient markets and mergers and acquisition to reflect new research, financial distress to reflect new data with discussion on trends and insolvencies and fully updated chapter on Leasing to reflect new IFRS standards •New section on Modified Internal Rate of Return and Margin of Safety in Investment Appraisal, Net Asset Value, Islamic Financing, and alternatives to CAPM to reflect research developments • NEW: This edition has now been updated with 8 new videos that covers a worked example from the text and each video has associated concept check questions. The videos are now available on Connect® and cover: • Chapter 1 & 2: Introduction to Finance and Corporate Governance • Chapter 5: Long-Term Financing • Chapter 6: Investment Appraisal • Chapter 9 & 10: Risk and Return • Chapter 15 and 16: Equity and Debt Valuation • Chapter 20: Advanced Capital Budgeting • Chapter 21: Dividends • Chapter 22: Options David Hillier is Associate Principal and Executive Dean of the University of Strathclyde Business School. A Professor of Finance, David was recognized as being in the top 3 per cent of the most prolific finance researchers in the world over the past 50 years (Heck and Cooley, 2009) and appears regularly in the media as a business commentator.
Book Synopsis eBook: Corporate Finance 5e by : David Hillier
Download or read book eBook: Corporate Finance 5e written by David Hillier and published by McGraw Hill. This book was released on 2024-02-12 with total page 955 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fifth European edition of Corporate Finance takes an applied approach to cover all the latest research and topic areas important to students taking Finance courses. The new edition provides an international perspective on all areas of corporate finance and has been updated to include discussion on current trends such as the integrated nature of global supply chains, financial risk management, and key regulatory changes impacting the sector. It addresses the impact that FinTech, the climate and geopolitics are having on the development of corporate finance, considers the questions brought about by the global corona virus pandemic, and looks to the future of the industry. Understanding and Application •Clear, user-friendly style •Example boxes in every chapter provide hypothetical examples to illustrate theoretical concepts such as cash flow timing, dividend smoothing and differential growth. •Real World Insight boxes use companies like Apple, Volkswagen and Adidas to show how they have applied corporate finance theories and concepts to their business decisions. •Chapter links throughout provide quick cross-referencing to show the connections between topics. Practice and Proficiency •Mini and Practical cases present scenarios and questions to practice application and learning. •Questions and Problems in each chapter, categorised by topic and level of difficulty, allow for rigorous testing of the chapter content. •Numbered maths equations and key notation boxes listing the variables and acronyms that will be encountered in each chapter, designed to encourage mastery of Maths. •Exam Questions designed to take 45 minutes and test you on material learned in a more formal exam style. •Connect® resources include algorithmic questions designed to ensure equations and calculations are not learned by rote but by thorough understanding and practice. New to This Edition •Sustainability in Action boxes draw on issues relating to the environment, society, the economy and climate change to show how corporate finance is so important to the resolution of sustainability challenges. •Updated discussions and new sections on sustainable value added, green bonds, dividend policy and share repurchases, Islamic Financing, intangible valuation, and the differential value method. Available on McGraw Hill’s Connect®, the well-established online learning platform, which features our award-winning adaptive reading experience as well as resources to help faculty and institutions improve student outcomes and course delivery efficiency. To learn more, visit mheducation.co.uk/connect David Hillier is Associate Principal and Executive Dean of the University of Strathclyde Business School. A Professor of Finance, David was recognized as being in the top 3 per cent of the most prolific finance researchers in the world over the past 50 years (Heck and Cooley, 2009) and appears regularly in the media as a business commentator. His YouTube channel of finance lectures (professordavidhillier) has attracted nearly half a million views worldwide. This European edition is originally based on the Corporate Finance text by Stephen A. Ross, Randolph W. Westerfield, Jeffrey F. Jaffe, and Bradford D. Jordan.
Book Synopsis Dynamical Corporate Finance by : Umberto Sagliaschi
Download or read book Dynamical Corporate Finance written by Umberto Sagliaschi and published by Springer Nature. This book was released on 2021-07-29 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: The way in which leverage and its expected dynamics impact on firm valuation is very different from what is assumed by the traditional static capital structure framework. Recent work that allows the firm to restructure its debt over time proves to be able to explain much of the observed cross-sectional and time-series variation in leverage, while static capital structure predictions do not. The purpose of this book is to re-characterize the firm’s valuation process within a dynamical capital structure environment, by drawing on a vast body of recent and more traditional theoretical insights and empirical findings on firm evaluation, also including asset pricing literature, offering a new setting in which practitioners and researchers are provided with new tools to anticipate changes in capital structure and setting prices for firm’s debt and equity accordingly.
Book Synopsis A Study of the Association of Capital Budgeting Techniques with Firm Performance and Firm Characteristics by : Thomas P. Klammer
Download or read book A Study of the Association of Capital Budgeting Techniques with Firm Performance and Firm Characteristics written by Thomas P. Klammer and published by . This book was released on 1971 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis eBook Fundamentals of Corporate Finance 4e by : David Hillier
Download or read book eBook Fundamentals of Corporate Finance 4e written by David Hillier and published by McGraw Hill. This book was released on 2021-10-05 with total page 755 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in its fourth edition, Fundamentals of Corporate Finance continues to use its engaging, accessible narrative to give students an introductory overview of the key concepts in modern corporate finance, and the strategies used by firms in this continually changing field. The author uses years of expertise to guide readers through a framework of corporate finance, providing readers with a solid foundation of knowledge. With integrated theories and real-world European examples, the new edition presents the fundamentals of corporate finance in a clear and captivating way. Key Features • New Sustainability in Finance boxes provide awareness on how sustainability and corporate finance are interconnected in every-day life. • Example boxes in every chapter provide real and hypothetical examples, illustrating theoretical concepts such as calculating returns, bond yields and equity. • Real World Insight boxes on prominent topics like mortgages, investing and price models illustrate how corporate finance theories and concepts have been applied to business and decisions. • Up-to-date content reflecting the latest developments in the field, including the growth of ethics and sustainability, the emergence of cryptocurrencies and financial technology, and the impact of Brexit on corporate finance practice. • Coverage of the Covid-19 pandemic and how this has and will impact the field of corporate finance in the future. • Material aligns with external syllabi from professional bodies including ACCA, CIMA and ICAEW.
Book Synopsis Fundamental (versus Market) Risk and Capital Budgeting Decisions by : Guochang Zhang
Download or read book Fundamental (versus Market) Risk and Capital Budgeting Decisions written by Guochang Zhang and published by . This book was released on 2017 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Employing a basic model of an economy comprising both the real and financial sectors, I show that the primitive risk measure for real investment decisions is earnings beta -- defined as the (normalized) covariance between firm profitability (return on investment) and the aggregate profitability of all firms in the economy, not market beta. Earnings beta determines the risk premium required to convert a project's risky cash flow to its certainty equivalent and is the basis for setting the hurdle rate for project selection. Earnings beta is also the origin of market beta for asset pricing, but the mapping of earnings beta into market beta is intervened by the profitability level of the underlying project. For a given earnings beta, a firm with higher expected profitability (hence higher market value) has a smaller market beta because investors holding the firm's stock bear a smaller fraction of total firm risk per unit of investment capital they contribute. I show that the optimal hurdle rate for project selection which maximizes investor wealth is different from the cost of capital concerning a specific project except when the project has zero net present value. Finally, I demonstrate that the standard capital budgeting techniques prescribed in textbooks and widely adopted in practice -- which are centered on the notion of market risk rather than fundamental risk -- cause suboptimal decisions, and I offer remedies to correct the misvaluation problems.
Book Synopsis Routledge Handbook of Hospitality Marketing by : Dogan Gursoy
Download or read book Routledge Handbook of Hospitality Marketing written by Dogan Gursoy and published by Routledge. This book was released on 2017-10-02 with total page 788 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook analyzes the main issues in the field of hospitality marketing by focusing on past, present and future challenges and trends from a multidisciplinary global perspective. The book uniquely combines both theoretical and practical approaches in debating some of the most important marketing issues faced by the hospitality industry. Parts I and II define and examine the main hospitality marketing concepts and methodologies. Part III offers a comprehensive review of the development of hospitality marketing over the years. The remaining parts (IV–IX) address key cutting-edge marketing issues such as innovation in hospitality, sustainability, social media, peer-to-peer applications, Web 3.0 etc. in a wide variety of hospitality settings. In addition, this book provides a platform for debate and critical evaluation that enables the reader to learn from the industry’s past mistakes as well as future opportunities. The handbook is international in its constitution as it attempts to examine marketing issues, challenges and trends globally, drawing on the knowledge of experts from around the world. Because of the nature of hospitality, which often makes it inseparable from other industries such as tourism, events, sports and even retail, the book has a multidisciplinary approach that will appeal to these disciplines as well as others including management, human resources, technology, consumer behavior and anthropology.
Book Synopsis Monetary Policy after the Great Recession by : Arkadiusz Sieroń
Download or read book Monetary Policy after the Great Recession written by Arkadiusz Sieroń and published by Routledge. This book was released on 2020-11-09 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Walter Bagehot noticed once that “John Bull can stand many things, but he cannot stand two per cent.” Well, for several years, he has had to stand interest rates well below that, in some countries even below zero. However, despite this sacrifice, the economic recovery from the Great Recession has been disappointingly weak. This book’s aim is to answer this question. The central thesis of the book is that the standard understanding of the monetary transmission mechanism is flawed. That understanding adopts erroneous assumptions—such as, that low interest rates always stimulate economic growth by boosting the credit supply, investment, and consumption—and does not fully take into account several unintended channels of monetary policy, such as risk-taking, high level of debt, or zombification of the economy. In other words, the effectiveness of monetary policy is limited during economic downturns accompanied by the debt overhang and the balance sheet recession, and generates negative effects, which can make the policy counterproductive. The author provides a thorough analysis of the issues related to the interest rates in the conduct of monetary policy, such as the risk-taking channel of monetary policy, the portfolio-balance channel and the wealth effect, zombie firms in the economy, the misallocation of resources, as well as the neutral interest rate targeting and the difference between the neutral and natural interest rate and the negative interest rate policy. The book is written in an accessible and engaging manner and will be a valuable resource for scholars of monetary economics as well as readers interested in (unconventional) monetary policy.
Book Synopsis Real Options and Investment Under Uncertainty by : Eduardo S. Schwartz
Download or read book Real Options and Investment Under Uncertainty written by Eduardo S. Schwartz and published by MIT Press. This book was released on 2004 with total page 890 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of investment under uncertainty was stagnant for several decades until developments in real options revitalized the field. The topics covered in this book include the reasons behind the under-investment programme.
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Understanding Financial Management by : H. Kent Baker
Download or read book Understanding Financial Management written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2009-02-09 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed for those who want to gain an understanding of the fundamental concepts and techniques used in financial management. An underlying premise of the book is that the objective of the firm is to maximize value or wealth. Drawing on a wealth of experience in the academic and professional worlds, the authors discuss how firms can accomplish this objective by making appropriate investment and financing decisions. Bridging the gap between financial theory and practice, the authors present fundamental concepts in an intuitive and nontechnical way, and provide numerous practical financial tips to readers. The focus is on current practice, using results from recent surveys to show the most popular techniques and approaches used by financial managers today. A range of instructor’s resources are available at the accompanying website. Visit www.blackwellpublishing.com/baker for full details.
