Description

Book Synopsis
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 vi

    Table of Contents

    Acknowledgments ix

    1 Capital Budgeting: An Overview 1
    H. Kent Baker and Philip English

    Part I Foundation and Key Concepts 17

    2 Corporate Strategy and Investment Decisions 19
    Daniel Ferreira

    3 Corporate Governance and Investment Decisions 37
    Fodil Adjaoud, Dorra Charfi, and Lamia Chourou

    Part II Capital Investment Choice 57

    4 Measuring Investment Value: Free Cash Flow, Net Present Value, and Economic Value Added 59
    Tom Arnold and Terry Nixon

    5 Alternative Methods of Evaluating Capital Investments 79
    Tom Arnold and Terry Nixon

    6 Capital Rationing for Capital Budgeting 95
    Alexander Brüggen

    7 Analyzing Foreign Investments 111
    Wim Westerman and John Henry Hall

    8 Postcompletion Auditing of Capital Investments 131
    Jari Huikku

    9 Capital Budgeting Techniques in Practice: U.S. Survey Evidence 151
    Tarun K. Mukherjee and Naseem M. Al Rahahleh

    Part III Project Cash Flows and Inflation 173

    10 Estimating Project Cash Flows 175
    Kyle Meyer and Halil Kiymaz

    11 Capital Budgeting and Inflation 197
    Ignacio Vélez-Pareja and Joseph Tham

    Part IV Risk and Investment Choice 215

    12 Basic Risk Adjustment Techniques in Capital Budgeting 217
    John H. Hall and Wim Westerman

    13 Capital Budgeting with Political/Country Risk 241
    Yacine Belghitar and Ephraim Clark

    14 Risk Management in Project Finance 259
    Stefano Gatti and Stefano Caselli

    15 Risk Simulation Concepts and Methods 279
    Tom Arnold and David North

    Part V Real Options and Project Analysis 299

    16 Real Options Analysis: An Introduction 301
    Tom Arnold and Bonnie Buchanan

    17 Applications of Real Options Analysis 321
    Tom Arnold and Bonnie Buchanan

    Part VI Estimating the Project Cost of Capital 337

    18 Cost of Capital: An Introduction 339
    Octavian Ionici, Kenneth Small, and Frank D’Souza

    19 Using the Capital Asset Pricing Model and Arbitrage Pricing Theory in Capital Budgeting 363
    S. David Young and Samir Saadi

    20 Financing Mix and Project Valuation: Alternative Methods and Possible Adjustments 381
    Alex Pierru and Denis Babusiaux

    Part VII Special Topics 403

    21 Capital Budgeting for Government Entities 405
    Davina F. Jacobs

    22 Decision Making Using Behavioral Finance for Capital Budgeting 421
    Yuri Biondi and Giuseppe Marzo

    23 Merger and Acquisition Pricing: The Valuation of Synergy 445
    Rainer Lenz

    24 Multicriteria Analysis for Capital Budgeting 463
    Fernando R. Fernholz

    Answers to Discussion Questions 483

    Index 507

Capital Budgeting Valuation

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    A Hardback by H. Kent Baker, Philip English

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      Publisher: John Wiley & Sons Inc
      Publication Date: Publication Date: 01/07/2011
      ISBN13: 9780470569504, 978-0470569504
      ISBN10: 0470569506

      Description

      Book Synopsis
      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 vi

        Table of Contents

        Acknowledgments ix

        1 Capital Budgeting: An Overview 1
        H. Kent Baker and Philip English

        Part I Foundation and Key Concepts 17

        2 Corporate Strategy and Investment Decisions 19
        Daniel Ferreira

        3 Corporate Governance and Investment Decisions 37
        Fodil Adjaoud, Dorra Charfi, and Lamia Chourou

        Part II Capital Investment Choice 57

        4 Measuring Investment Value: Free Cash Flow, Net Present Value, and Economic Value Added 59
        Tom Arnold and Terry Nixon

        5 Alternative Methods of Evaluating Capital Investments 79
        Tom Arnold and Terry Nixon

        6 Capital Rationing for Capital Budgeting 95
        Alexander Brüggen

        7 Analyzing Foreign Investments 111
        Wim Westerman and John Henry Hall

        8 Postcompletion Auditing of Capital Investments 131
        Jari Huikku

        9 Capital Budgeting Techniques in Practice: U.S. Survey Evidence 151
        Tarun K. Mukherjee and Naseem M. Al Rahahleh

        Part III Project Cash Flows and Inflation 173

        10 Estimating Project Cash Flows 175
        Kyle Meyer and Halil Kiymaz

        11 Capital Budgeting and Inflation 197
        Ignacio Vélez-Pareja and Joseph Tham

        Part IV Risk and Investment Choice 215

        12 Basic Risk Adjustment Techniques in Capital Budgeting 217
        John H. Hall and Wim Westerman

        13 Capital Budgeting with Political/Country Risk 241
        Yacine Belghitar and Ephraim Clark

        14 Risk Management in Project Finance 259
        Stefano Gatti and Stefano Caselli

        15 Risk Simulation Concepts and Methods 279
        Tom Arnold and David North

        Part V Real Options and Project Analysis 299

        16 Real Options Analysis: An Introduction 301
        Tom Arnold and Bonnie Buchanan

        17 Applications of Real Options Analysis 321
        Tom Arnold and Bonnie Buchanan

        Part VI Estimating the Project Cost of Capital 337

        18 Cost of Capital: An Introduction 339
        Octavian Ionici, Kenneth Small, and Frank D’Souza

        19 Using the Capital Asset Pricing Model and Arbitrage Pricing Theory in Capital Budgeting 363
        S. David Young and Samir Saadi

        20 Financing Mix and Project Valuation: Alternative Methods and Possible Adjustments 381
        Alex Pierru and Denis Babusiaux

        Part VII Special Topics 403

        21 Capital Budgeting for Government Entities 405
        Davina F. Jacobs

        22 Decision Making Using Behavioral Finance for Capital Budgeting 421
        Yuri Biondi and Giuseppe Marzo

        23 Merger and Acquisition Pricing: The Valuation of Synergy 445
        Rainer Lenz

        24 Multicriteria Analysis for Capital Budgeting 463
        Fernando R. Fernholz

        Answers to Discussion Questions 483

        Index 507

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