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Risk Capital Costs And Project Financing Decisions
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Book Synopsis Risk, Capital Costs, and Project Financing Decisions by : F.G.J. Derkinderen
Download or read book Risk, Capital Costs, and Project Financing Decisions written by F.G.J. Derkinderen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ending of the decade of the seventies and the dawning of the eighties can be characterized as a period of great uncertainty with prospects for economic political instability. High inflation and fluctuating exchange rates in the de veloped Western world have served to strengthen the forces of disequilibrium in the fmancial markets, leading to an investment situation with several unusual but significant factors. Capital spending by business, leading to the creation of new jobs, has not been reduced substantially during this period of uncertainty, as happened in similar periods in the past. This is shown in part by the continuing low unemployment rates in evidence during the period, which are in contradic tion to the trend exhibited in similar past periods. The expanding financing re quirements resulting from high price inflation have led to an increase in the capital intensity of firms, and thus to enhanced sensitivity of their income streams to economic fluctuations. At the same time, the record high interest rates that companies have had to pay to acquire this inflated amount of capital have caused a deterioration in the safety or quality indica tors by which the creditworthiness of the firms is judged. These developments tend to increase vii viii INTRODUCTION the stakes involved in business decision making. One important repercussion of this is that greater attention is now being focused on improving the quality of investment decisions.
Book Synopsis Capital Structure and Corporate Financing Decisions by : H. Kent Baker
Download or read book Capital Structure and Corporate Financing Decisions written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-03-31 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
Book Synopsis Risk, Taxpayers, and the Role of Government in Project Finance by : Michael W. Klein
Download or read book Risk, Taxpayers, and the Role of Government in Project Finance written by Michael W. Klein and published by World Bank Publications. This book was released on 1999 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: December 1996 A perennial question has been the relative cost of public and private finance for investment projects in infrastructure. Klein argues that the apparent cheapness of sovereign funds stems from taxpayers' not being remunerated for the contingent liability they effectively assume. So the proper role for government is to reduce the cost of risk-bearing for all projects by providing a stable and efficient policy framework. Klein concludes that government, through the tax system, cannot really do better than private financial markets at funding infrastructure projects. All the financial advantages of sovereign finance are due purely to coercive powers and are of no social value. Under government finance the taxpayers would bear a contingent liability that, if properly remunerated, would wipe out any cost advantage of sovereign borrowing. Governments should then refrain from investing in projects or firms, whether with equity or with debt. They should not cover commercial risks. In particular, one cannot argue that there is a tradeoff between the low cost of government finance and private efficiency. Private markets will do the best they can to tap low-cost funds while maintaining project discipline. They solve whatever tradeoff there is. The government cannot do better by raising funds. As a corollary, discount rates for private and public sector projects would not be expected to differ (contrary to standard practice). Arguing that the government cannot be expected to improve on the outcome of free financial markets is not to argue that all is the best in the best of all possible worlds and that there is no role for government. Private markets may not always find the best solutions. Market participants constantly search for better ways of trading risks. On average we could not expect governments to do better. More important, governments can significantly reduce the cost of risk-bearing by following prudent macroeconomic policies, supporting secure property rights, and deregulating and liberalizing financial markets so that private players can take the best advantage of low-cost funding opportunities. But it is inefficient to offset the risks created through bad policy by taxpayer-supported funding (which would amount to stealing from investors and compensating them by taking from taxpayers). Multilateral finance institutions should apply their financial instruments to support the development of better government policies - for example, by granting guarantees against policy failures where new policy regimes are not yet credible - and not simply invest in projects or guarantee the full credit risk of loans. This paper - a product of the Private Participation in Infrastructure Group, Private Sector Development Department - is part of a larger effort in the department to analyze issues relating to private participation in infrastructure.
Book Synopsis Investment Project Design by : Lech Kurowski
Download or read book Investment Project Design written by Lech Kurowski and published by John Wiley & Sons. This book was released on 2011-03-01 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: Make more informed project investment decisions by knowing what issues to examine in the planning process and how to analyze their impacts Poor or insufficient planning is primarily responsible for the inordinate number of idle and rusting capital facilities around the world, with investment decisions often made on the basis of either intuition or inadequate analysis. Investment Project Design: A Guide to Financial and Economic Analysis with Constraints alerts potential investors and other stakeholders to precipitous changes in the investment milieu as a result of constraints on resources and infrastructure, economic and political turmoil, and population growth. The guide Includes descriptions of specific methods of financial and economic analysis for new investments and for expansion of an existing enterprise Covers project risk assessment, mitigation and avoidance Provides real-life case studies, adapted for presentation, and addresses the design of projects large and small, as well as those in both private and public sectors Features spreadsheet layouts and computations Investment Project Design is the ultimate resource in the methods of designing and appraising investment projects
Book Synopsis MS-42 Capital Investment and Financing Decision by : Sudhir Kochhar
Download or read book MS-42 Capital Investment and Financing Decision written by Sudhir Kochhar and published by Gullybaba Publishing House Pvt Limited. This book was released on 2010-02-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: MS-42 Capital Investment and Financing Decision Block 1 - Overview of Financial Decisions Unit 1 - Nature of Long Term Financial Decisions Unit 2 - Cost of Capital Unit 3 - Capital Structure Decision Block 2 - Investment Decisions Under Certainity Unit 1 - Project Planning Unit 2 - Capital Budgeting Decisions Unit 3 - Economic Appraisal Unit 4 - Project Monitoring and Control Block 3 - Investment Decisions Under Uncertainity Unit 1 - Capital Budgeting Decisions and the Capital Asset Pricing Model Unit 2 - Project Evaluation under Risk and Uncertainty Unit 3 - Risk Analysis in Investment Decisions Block 4 - Financing Decisions Unit 1 - Financing Through Capital Markets (Domestic Sources) Unit 2 - Globalisation of Financial System and Sources of Financing Unit 3 - Financing Through FIs Unit 4 - Other Modes of Financing Block 5 - Strategic Financing Decisions Unit 1 - Management of Earnings Unit 2 - Financial Engineering Unit 3 - Investors Relations Unit 4 - Financial Restructuring Total-27, Solved-9, Unsolved-18 June (2005, 2007-2019) December (2007-2019)
Book Synopsis Capital Budgeting Valuation by : H. Kent Baker
Download or read book Capital Budgeting Valuation written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-06-28 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. Offers a strategic focus on the application of various techniques and approaches related to a firm's overall strategy Provides coverage of international topics based on the premise that managers should view business from a global perspective Emphasizes the importance of using real options 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.
Book Synopsis The Capital Budgeting Decision by : Harold Bierman
Download or read book The Capital Budgeting Decision written by Harold Bierman and published by Routledge. This book was released on 2007 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fully updated and revised by international authorities on the topic, this new version of a classic and established text returns to its roots as a clear and concise introduction to this complex but essential topic in corporate finance. Retaining the authority and reputation of previous editions, it now covers several topics in-depth which are frequently under explored, including distribution policy and capital budgeting. Features new to this edition include: a new chapter on real options new material on uncertainty in decision-making. Easily understandable, and covering the essentials of capital budgeting, this book helps readers to make intelligent capital budgeting decisions for corporations of every type.
Book Synopsis The Real Cost of Capital by : Tim Ogier
Download or read book The Real Cost of Capital written by Tim Ogier and published by Pearson UK. This book was released on 2012-12-27 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book is required reading for anyone involved in the practical issues of cost of capital decisions. It is written in a way that engages the novice, and yet challenges the professional to rethink the real issues." Brendan Scholey, Bloomberg. The cost of capital is the fundamental financial tool for business decision-making. It drives measures of value creation and destruction, and forms the basis of financial analysis using cash flow and other frameworks. This book is here to help the business world to use the cost of capital for real. The Real Cost of Capital describes the key issues in understanding and using the cost of capital today, taking principles from the world of managerial finance and putting them into the context of major investment decisions. Should, for example, a company use its own cost of capital to appraise new investments and acquisitions? What cost of capital might a US company use when appraising an investment in, say, the Philippines? For a typical investment, which type of risk is more important – specific risk or systematic risk? How should these risks be reflected in, say, a venture capital situation? Debt is cheaper than equity – so why don’t companies raise more debt than they do? Most practitioners use the weighted average cost of capital ("WACC") in valuation and appraisal – but when should an alternative approach be used? This book will help you find the answers. The Real Cost of Capital is required reading for anyone involved in the practical issues of cost of capital decisions. It brings together the latest academic thinking with practical requirements in a real-life context, and the authors have used their combined experience of advising governments and international blue-chip companies to bring readers up to date with current issues. The Real Cost of Capital includes chapters on choosing models, calculating the cost of capital using real-life data sources, and calculating the cost of capital in an international context (a subject not usually covered in academic texts). It also has chapters and worked examples on the practical application of the cost of capital in business valuations, high-tech situations and the wide range of premia and discounts that can be applied to the cost of capital. The book has an associated website www.costofcapital.net which contains some current links. The site also gives access to tax rate information and financial data relevant to using cost of capital around the world. The objective is to make sure that the corporate planner, student, adviser or decision maker, when she/he is on the road, can simply open the book or dial in and take advantage of a wealth of decision-making support, without the pain of extended academic study.
Book Synopsis The Capital Budgeting Decision by : Harold Bierman, Jr.
Download or read book The Capital Budgeting Decision written by Harold Bierman, Jr. and published by Routledge. This book was released on 2012-11-12 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fully updated and revised by international authorities on the topic, this new version of a classic and established text returns to its roots as a clear and concise introduction to this complex but essential topic in corporate finance. Retaining the authority and reputation of previous editions, it now covers several topics in-depth which are frequently under explored, including distribution policy and capital budgeting. Features new to this edition include: a new chapter on real options new material on uncertainty in decision-making. Easily understandable, and covering the essentials of capital budgeting, this book helps readers to make intelligent capital budgeting decisions for corporations of every type.
Book Synopsis Investment Appraisal and Financing Decisions by : Stephen Lumby
Download or read book Investment Appraisal and Financing Decisions written by Stephen Lumby and published by Taylor & Francis. This book was released on 1988 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Evaluation of Risk in Business Investment by : J.C. Hull
Download or read book The Evaluation of Risk in Business Investment written by J.C. Hull and published by Elsevier. This book was released on 2014-06-28 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides finance specialists in industry and students of management with a comprehensive set of practical procedures for evaluating the total risk in the major capital investment decisions facing a business. It discusses in detail how companies can make effective use of sensitivity analyses, risk simulations and other techniques, and deals in depth with important issues, such as: How should the results of a sensitivity analysis be interpreted?; How can adequate subjective probability distributions be obtained? How can dependencies between variables be dealt with in a practical way?; The emphasis throughout is on 'how to do it' and the reader needs only a slight knowledge of statistics. A particularly important feature of the book is the FORTRAN subroutines in Appendices A and B which the author prepared for calculating risk evaluations
Book Synopsis Firms' Investment and Finance Decisions by : Paul Butzen
Download or read book Firms' Investment and Finance Decisions written by Paul Butzen and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides coherent theoretical and empirical analysis of firms’ investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed.
Book Synopsis Capital Structure Decisions by : Yamini Agarwal
Download or read book Capital Structure Decisions written by Yamini Agarwal and published by John Wiley & Sons. This book was released on 2013-03-29 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inside the risk management and corporate governance issues behind capital structure decisions Practical ways of determining capital structures have always been mysterious and riddled with risks and uncertainties. Dynamic paradigm shifts and the multi-dimensional operations of firms further complicate the situation. Financial leaders are under constant pressure to outdo their competitors, but how to do so is not always clear. Capital Structure Decisions offers an introduction to corporate finance, and provides valuable insights into the decision-making processes that face the CEOs and CFOs of organizations in dynamic multi-objective environments. Exploring the various models and techniques used to understand the capital structure of an organization, as well as the products and means available for financing these structures, the book covers how to develop a goal programming model to enable organization leaders to make better capital structure decisions. Incorporating international case studies to explain various financial models and to illustrate ways that capital structure choices determine their success, Capital Structure Decisions looks at existing models and the development of a new goal-programming model for capital structures that is capable of handling multiple objectives, with an emphasis throughout on mitigating risk. Helps financial leaders understand corporate finance and the decision-making processes involved in understanding and developing capital structure Includes case studies from around the world that explain key financial models Emphasizes ways to minimize risk when it comes to working with capital structures There are a number of criteria that financial leaders need to consider before making any major capital investment decision. Capital Structure Decisions analyzes the various risk management and corporate governance issues to be considered by any diligent CEO/CFO before approving a project.
Book Synopsis Modern Project Finance by : Benjamin C. Esty
Download or read book Modern Project Finance written by Benjamin C. Esty and published by John Wiley & Sons. This book was released on 2003-10-17 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: This cutting-edge financial casebook is divided into four modules: Structuring Projects, Valuing Projects, Managing Project Risk, and Financing Projects. The cases have been carefully selected to reflect actual use of project finance over the past five years in terms of geographic location (the cases come from 15 different countries) and industrial sectors. * Benjamin Esty, of the Harvard Business School, is one of the leading scholars in project finance. * Project finance is becoming the financing mechanism of choice for many private firms. * Cases require the reader to integrate knowledge from multiple disciplines when making a single managerial decision. This integration of functional areas such as strategy, operations, ethics, and human resource management encourages the reader to adopt a more integrative perspective and understanding of the interconnectedness of managerial decision-making.
Book Synopsis The capital budgeting decision by : Harold Bierman
Download or read book The capital budgeting decision written by Harold Bierman and published by . This book was released on 1971 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advanced Capital Budgeting by : Harold Bierman, Jr.
Download or read book Advanced Capital Budgeting written by Harold Bierman, Jr. and published by Routledge. This book was released on 2014-02-04 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by authors of established texts in this area, this book is a companion volume to the classic The Capital Budgeting Decision. Exploring this key topic in corporate finance the authors examine the complexities of capital budgeting as well as the opportunities to improve the decision process where risk and time are important elements. Containing ‘Global Aspects’ sections that cover cross-border decision-making, this book also emphasizes the application of capital budgeting techniques to a variety of issues, including the hugely significant ‘buy versus lease’ decision that cost corporations billions each year. It gives in-depth coverage to: real options - the value of a project must take into consideration the flexibility that it provides management, acknowledging the option of making decisions in the future when more information is available decomposing cash flows - a project consists of many series of cash flows and each series deserves its own specific risk-adjusted discount rate. Decomposing the cash flows of an investment highlights the fact that while managers are generally aware that divisions and projects have different risks, too often they neglect the fact that the cash flow components may also have different risks, with severe consequences on the quality of the decision-making. Designed to assist those making business decisions at all levels, this volume is essential reading for all those working in or studying capital budgeting.
Book Synopsis Costs & Benefits of each Source of Capital by : Junaid Javaid
Download or read book Costs & Benefits of each Source of Capital written by Junaid Javaid and published by GRIN Verlag. This book was released on 2014-09-24 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: C, University of Bedfordshire, course: MSc Finance & Business Management, language: English, abstract: There are many cases that have been observed where the shareholders’ capital was not adequate enough to support the company’s working capital requirement which matter a lot to the companies’ growth and survival. Majority of time it has been observed and analysed that the companies considering to meet its working capital through the external sources are aware of every aspect of the different financial sources. It is important for the companies to take certain parameter (interest rate, term of usage, impact on company’s financial leverage, conditions of lending agreement, time to get the lending approval and the impact of proposed source on the company’s financial ratios) into consideration while making the financing decisions. The theory of Capital Structure is extensively be used to get insight that how much risky is the company’s approach in using external sources (prominently debt). The Trade-off theory intended that companies must have to balance the costs and the benefits of debts flow within the enterprises. Different sources of capital can be classified in various manners but for the convenience, the all of these sources are classified in to following categories (Security Financing, Internal Financing, Loan Financing, Lease Financing and Other sources). Shanghai General Motors Corporation (SGMC) is regarded as the largest international joint venture undertook in China. This venture was made for the accomplishment of long-term goals established by the both firms’ executive. The capital contributed by General Motors (GM)-China of $350 Million to the SGMC. $350 Million equivalent was contributed by SAIC to the SGMC. For meeting the working capital needs, SGMC required $821 Million Of which about the equivalent of $460 Million contributed through Chinese Banks and the Equivalent of of $361 Million was contributed through the International Banks. It has been understood that Different sources of capital have their positive and weak aspects to the associated companies. Therefore the company should use more than source of capital which thus would be resulted in forming company’s efficient portfolio of financing. In this manner by capitalising on different sources of capital, the company would be able to leverage its risk level. And if the associated company is risk averse then it should go for Security Financing or Loan Financing.
