{"product_id":"capital-budgeting-isbn-9780471218333","title":"Capital Budgeting","description":"Capital investment decisions are a constant challenge to all levels of financial managers. \u003cb\u003e\u003ci\u003eCapital Budgeting: Theory and Practice\u003c\/i\u003e\u003c\/b\u003e shows you how to confront them using state-of-the-art techniques.  \u003cp\u003eBroken down into four comprehensive sections, \u003cb\u003e\u003ci\u003eCapital Budgeting: Theory and Practice explores\u003c\/i\u003e\u003c\/b\u003e and illustrates all aspects of the capital budgeting decision process. Pamela Peterson and Frank Fabozzi examine the critical issues and limitations of capital budgeting techniques with an in-depth analysis of:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eClassifying capital budgeting proposals\u003c\/li\u003e \u003cli\u003eDetermining the relevant cash flows for capital budgeting proposals\u003c\/li\u003e \u003cli\u003eAssessing the economic value of a capital budgeting proposal using different techniques\u003c\/li\u003e \u003cli\u003eIncorporating risk into the capital budgeting decision\u003c\/li\u003e \u003cli\u003eEvaluating whether to lease or borrow-to-buy\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003cb\u003e\u003ci\u003eCapital Budgeting: Theory and Practice\u003c\/i\u003e\u003c\/b\u003e provides the knowledge, insight, and advice that will allow you to handle one of the most important aspects of your firm's financial management. Advanced enough for practitioners yet accessible enough for the novice, \u003cb\u003e\u003ci\u003eCapital Budgeting: Theory and Practice\u003c\/i\u003e\u003c\/b\u003e is your complete guide to understanding and benefiting from the essential techniques of capital budgeting.\u003c\/p\u003e\"Capital Budgeting\" - Der Band vermittelt Theorie und Praxis der Investitionsrechnung in einen ausgewogenen Verhältnis.\u003cbr\u003e \u003cbr\u003e Ein Buch für erfahrene Experten und Neulinge gleichermaßen.\u003cbr\u003e \u003cbr\u003e Analysiert die Vor- und Nachteile verschiedener Theorien zur Investitionsrechnung.\u003cbr\u003e \u003cbr\u003e Untersucht werden insbesondere die lang- und kurzfristigen Auswirkungen verschiedener Strategien der Investitionsrechnung.\u003cbr\u003e \u003cbr\u003e Ein Sonderabschnitt befasst sich mit aktuellen Theorien zur Frage, wann und wie Leasing oder Kauf sich besser auf das Grundgeschäft auswirken.  About the Authors.\u003cbr\u003e \u003cbr\u003e Preface.\u003cbr\u003e \u003cbr\u003e SECTION I: MAKING INVESTMENT DECISIONS.\u003cbr\u003e \u003cbr\u003e The Investment Problem and Capital Budgeting.\u003cbr\u003e \u003cbr\u003e Cash Flow Estimation.\u003cbr\u003e \u003cbr\u003e Integrative Examples and Cash Flow Estimation in Practice.\u003cbr\u003e \u003cbr\u003e SECTION II: CAPITAL BUDGETING EVALUATION TECHNIQUES.\u003cbr\u003e \u003cbr\u003e Payback and Discounted Payback Period Techniques.\u003cbr\u003e \u003cbr\u003e Net Present Value Technique.\u003cbr\u003e \u003cbr\u003e Profitability Index Technique.\u003cbr\u003e \u003cbr\u003e Internal Rate of Return Technique.\u003cbr\u003e \u003cbr\u003e Modified Internal Rate of Return Technique.\u003cbr\u003e \u003cbr\u003e Comparing Evaluation Techniques and Some Concluding Thoughts.\u003cbr\u003e \u003cbr\u003e SECTION III: CAPITAL BUDGETING AND RISK.\u003cbr\u003e \u003cbr\u003e Measurement of Project Risk.\u003cbr\u003e \u003cbr\u003e Incorporating Risk in the Capital Budgeting Decision.\u003cbr\u003e \u003cbr\u003e SECTION IV: ANALYZING THE LEASE VERSUS BORROW-TO-BUY PROBLEM.\u003cbr\u003e \u003cbr\u003e Valuing a Lease.\u003cbr\u003e \u003cbr\u003e Uncertainty and the Lease Valuation Model.\u003cbr\u003e \u003cbr\u003e Generalization of the Lease Valuation Model.\u003cbr\u003e \u003cbr\u003e Appendix: The Fundamental of Equipment Leasing.\u003cbr\u003e \u003cbr\u003e Index.  \u003cp\u003e\u003cb\u003ePAMELA P. PETERSON, PhD, CFA,\u003c\/b\u003e is Professor of Finance at Florida State University where she teaches undergraduate courses in corpo-rate finance and doctoral courses in empirical research methods. Professor Peterson has published articles in journals such as the \u003ci\u003eJournal of Finance,\u003c\/i\u003e the \u003ci\u003eJournal of Financial Economics,\u003c\/i\u003e the \u003ci\u003eJournal of Banking and Finance, Financial Management,\u003c\/i\u003e and the \u003ci\u003eFinancial Analysts Journal.\u003c\/i\u003e She is the coauthor with David R. Peterson of \u003ci\u003eCompany Performance and Measures of Value Added\u003c\/i\u003e and coauthor with Frank J. Fabozzi of \u003ci\u003eAnalysis of Financial Statements.\u003c\/i\u003e \u003c\/p\u003e\u003cp\u003e\u003cb\u003eFRANK J. FABOZZI, PhD, CPA, CFA,\u003c\/b\u003e is Editor of the \u003ci\u003eJournal of Portfolio Management\u003c\/i\u003e and an Adjunct Professor of Finance at Yale University's School of Management. Dr. Fabozzi is on the board of directors of the Guardian Life family of funds and the BlackRock complex of funds. He earned a doctorate in economics from the City University of New York in 1972 and, in 1994, received an honorary doctorate of humane letters from Nova Southeastern University. Dr. Fabozzi is a Fellow of the International Center for Finance at Yale University.   \u003c\/p\u003e\u003cp\u003eCorporate financial managers continually invest funds in assets, and these assets produce income and cash flows that the firm will then either reinvest in more assets or pay to the owners. Capital investment refers to a firm's investment in assets, and these investments may be either short-term or long-term in nature. A capital budgeting decision involves the long-term commitment of a firm's scarce resources. When such a decision is made, the firm is commit-ted to a current and possibly future outlay of funds. \u003c\/p\u003e\u003cp\u003eCapital budgeting decisions play a prominent role in determining whether a firm will be successful. The commitment of funds to a particular capital project can be enormous and may be irreversible. While some capital budgeting decisions are routine and don't change the course or risk of a firm, there are strategic capital budgeting decisions that will either have an impact on the firm's future market position in its current product lines or permit it to expand into a new product line. The annals of business history are replete with examples of how capital budgeting decisions have turned the tide for a company. \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eCapital Budgeting: Theory and Practice,\u003c\/i\u003e Pamela Peterson and Frank Fabozzi discuss and illustrate the capital budgeting decision process. In Section I (\"Making Investment Decisions and Cash Flows\"), they cover the stages of the capital budgeting process (investment screening and selection, capital budgeting proposal, budgeting approval and authorization, project tracking, and postcompletion audit), classification of investment projects, and the critical task of cash flow estimation. \u003c\/p\u003e\u003cp\u003eIn Section II, Peterson and Fabozzi cover the techniques for evaluating capital budgeting proposals and for selecting projects. These techniques include payback and discounted payback techniques, net present value technique, profitability index technique, internal rate of return technique, and modified internal rate of return technique. Section III clearly explains the critical task of incorporating risk into the capital budgeting decision. \u003c\/p\u003e\u003cp\u003eIn the final section, Peterson and Fabozzi explain a common capital budgeting decision: the decision to buy an asset with borrowed funds or lease the same asset. This is the classic \"lease versus borrow-to-buy decision.\" The coverage includes valuing a lease, how to incorporate uncertainty into the lease valuation, and how a firm should analyze a lease if it's in a current tax-paying position or has an operating loss to carry forward. \u003c\/p\u003e\u003cp\u003eCapital budgeting is one of the most important, and sometimes most difficult, parts of financing. Through expert advice and questions and problems at the end of each section, \u003ci\u003eCapital Budgeting: Theory and Practice\u003c\/i\u003e provides a detailed explanation of capital budgeting that will allow you to excel in this area.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988883161317,"sku":"NP9780471218333","price":70.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780471218333.jpg?v=1761781908","url":"https:\/\/k12savings.com\/products\/capital-budgeting-isbn-9780471218333","provider":"K12savings","version":"1.0","type":"link"}