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Synopsis
Excerpt from Procedures for Capital Budgeting Under Uncertainty
The theory of capital budgeting under uncertainty is in a state of unusual flux, and none of the techniques advocated by different authors can be advertised as general. However, it is not difficult.
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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.
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- PublisherForgotten Books
- Publication date2018
- ISBN 10 1330395220
- ISBN 13 9781330395226
- BindingPaperback
- LanguageEnglish
- Number of pages71
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Procedures for Capital Budgeting Under Uncertainty (Classic Reprint)
Print on DemandSeller: Forgotten Books, London, United Kingdom
Seller rating 5 out of 5 stars
Paperback. Condition: New. Print on Demand. This book delves into the intricate world of capital budgeting under uncertainty, a topic of ongoing debate and evolution within financial theory. The author dissects two primary approaches to navigating investment decisions amidst uncertainty: adjusting the hurdle rate based on project risk and applying portfolio selection techniques. While the hurdle rate approach, using net present value calculations, is widely adopted, it assumes risk independence among projects. In contrast, the portfolio selection approach, inspired by Markowitz's framework, acknowledges the interdependence of project risks, considering covariances with existing assets and other potential investments. The author argues for the validity of the risk-independence assumption, asserting that projects with similar risk profiles to existing securities can be evaluated independently. This book challenges the notion that diversification through mergers benefits shareholders, demonstrating that the combined value remains equivalent to the sum of the individual firms' pre-merger values. The author contends that financial decisions, including capital budgeting and mergers, create value only by enabling the construction of portfolios with unique risk-return characteristics. This exploration of capital budgeting under uncertainty provides valuable insights for financial managers and investors alike, urging a reassessment of traditional investment evaluation methods and diversification strategies. The book concludes that understanding the relationship between risk characteristics and market value is crucial for making sound investment choices in an uncertain environment. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781330395226_0
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Procedures for Capital Budgeting Under Uncertainty Classic Reprint
Seller: PBShop.store US, Wood Dale, IL, U.S.A.
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9781330395226
Quantity: 15 available
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Procedures for Capital Budgeting Under Uncertainty Classic Reprint
Seller: PBShop.store UK, Fairford, GLOS, United Kingdom
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9781330395226
Quantity: 15 available
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Procedures for Capital Budgeting Under Uncertainty (Classic Reprint)
Seller: Buchpark, Trebbin, Germany
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Condition: Hervorragend. Zustand: Hervorragend | Seiten: 72 | Sprache: Englisch | Produktart: Bücher. Seller Inventory # 25789757/1
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Procedures for Capital Budgeting Under Uncertainty (Classic Reprint)
Seller: dsmbooks, Liverpool, United Kingdom
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paperback. Condition: New. New. book. Seller Inventory # D8S0-3-M-1330395220-6
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