Capital budgeting

Corporate financial managers continually invest funds in assets, and these assets produce income and cash flows that the firm can then either reinvest in more assets or distribute to the owners of the firm. Capital investment refers to the firm’s investment in assets, and these investments may be either short term or long term in nature. Capital budgeting decisions involve the longterm commitment of a firm’s scarce resources in capital investments. When such a decision is made, the firm is committed to a current and possibly future outlay of funds....
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Chapter 1 introduces the concept of capital budgeting, and sets out the structure of the book. The important points are: Capital budgeting is the most significant financial activity of the firm. Capital budgeting determines the core activities of the firm over a long term future. Capital budgeting decisions must be made carefully and rationally.
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Bài giảng Chapter 10: The Basics of Capital Budgeting: Evaluating Cash Flows provides about Overview and “vocabulary”, Methods (Payback, discounted payback; NPV; IRR, MIRR; Profitability Index), Unequal lives, Economic life.
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Lecture "Fundamentals of finance management  Chapter 12: Other topics in capital budgeting" has contents: Evaluating projects with unequal lives, identifying embedded options, valuing real options in projects.
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The term capital budgeting is used to describe how managers plan significant cash outlays on projects that have longterm implications, such as the purchase of new equipment and the introduction of new products. This chapter describes several tools that can be used by managers to help make these types of investment decisions.
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After studying chapter 12, you should be able to: Define “capital budgeting” and identify the steps involved in the capital budgeting process, explain the procedure used to generate longterm project proposals within the firm, justify why cash, not income, flows are the most relevant to capital budgeting decisions,...
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In this chapter: Compare the capital budgeting analysis of an MNC’s subsidiary versus its parent, demonstrate how multinational capital building can be applied to determine whether an international project should be implemented, show how multinational capital budgeting can be adapted to account for special situations such as alternative exchange rate scenarios or when subsidiary financing is considered, explain how the risk of international projects can be assessed.
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Once we have determined the relevant cashflow information necessary to make capital budgeting decisions, we need to evaluate the attractiveness of the various investment proposals under consideration. The investment decision will be to either accept or reject each proposal. In this chapter we study alternative methods of project evaluation and selection.
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(BQ) Part 2 book "Capital budgeting  Theory and practice pamela" has contents: Comparing evaluation techniques and some concluding thoughts, measurement of project risk, incorporating risk in the capital budgeting decision, valuing a lease, uncertainty and the lease valuation model, generalization of the lease valuation model.
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Lecture Fundamentals of financial management  Chapter 10: The basics of capital budgeting. This chapter presents the following content: What is capital budgeting? Steps to capital budgeting, What is the difference between independent and mutually exclusive projects? Calculating payback, strengths and weaknesses of payback,...
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Lecture Fundamentals of financial management  Chapter 12: Other topics in capital budgeting. This chapter presents the following content: Evaluating projects with unequal lives, identifying embedded options, valuing real options in projects.
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The goals of this chapter are: To discuss the characteristics and development of FDI, to outline the theories of FDI, to describe the techniques of international capital budgeting, to examine the implications of taxation, country risk and transfer prices for international capital budgeting.
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(BQ) Part 1 book "Capital budgeting  Theory and practice pamela" has contents: The investment problem and capital budgeting, cash flow estimation, integrative examples and cash flow estimation in practice, payback and discounted payback period techniques,...and other contents.
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Lecture Multinational financial management  Topic 15: Global capital budgeting and country risk. In this chapter, students will be able to understand value foreign investments using sovereign risk premiums, foreign proxies, cashflow adjustments and exchange rate forecasts.
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Lecture Intermediate corporate finance – Chapter 12: Capital budgeting: Decision criteria. This chapter presents the following content: Overview and “vocabulary”; methods: NPV, IRR, MIRR, profitability index, payback, discounted payback; unequal lives; economic life.
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Chapter 13  Capital budgeting: Estimating cash flows and analyzing risk. This chapter presents the following content: Estimating cash flows: relevant cash flows, working capital treatment, inflation; risk analysis: sensitivity analysis, scenario analysis, and simulation analysis.
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Lecture "Fundamentals of finance management  Chapter 10: The basics of capital budgeting" has contents: Steps to capital budgeting, calculating payback, strengths and weaknesses of payback, discounted payback period, financial calculator solution,...and other contents.
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After studying chapter 14, you should be able to: Define the “riskiness” of a capital investment project; understand how cashflow riskiness for a particular period is measured, including the concepts of expected value, standard deviation, and coefficient of variation; describe methods for assessing total project risk, including a probability approach and a simulation approach.
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Contents: Capital Budgeting and Cash Flows, Incremental Cash Flows, Pro Forma Financial Statements, Operating Cash Flows Replacement Decisions, Discounted Cash Flow Analysis.
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.This page intentionally left blank .Capital Budgeting This book explains the ﬁnancial appraisal of capital budgeting projects. The coverage extends from the development of basic concepts, principles and techniques to the application of them in increasingly complex and realworld situations. Identiﬁcation and estimation (including forecasting) of cash ﬂows, project appraisal formulae and the application of net present value (NPV), internal rate of return (IRR) and other project evaluation criteria are illustrated with a variety of calculation examples.
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