Capital Budgeting and Investment Analysis

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Pearson/Prentice Hall, 2005 - Business & Economics - 238 pages
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The most complete book on this subject available on the market, Capital Budgeting blends theory with practice by providing numerous real-world examples of its applications. It includes a discussion of capital budgeting's link to the corporate strategy for creating value as well as addresses the international aspects of capital budgeting.After a comprehensive introduction to the subject, this book covers capital budgeting principles and techniques; estimating project cash flows; biases in cash flow estimates; foreign investment analysis; real options and project analysis; risk and incorporating risk in a capital budgeting analysis; estimating project cost; financing side effects; discount rates for foreign investments; and corporate strategy and the capital budgeting decision.An excellent handbook for chief financial officers, vice-presidents of finance; treasurers; and comptrollers.

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Contents

Introduction to Capital Budgeting
1
CapitalBudgeting Principles and Techniques
13
Estimating Project Cash Flows
41
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About the author (2005)

Alan C. Shapiro is the Ivadelle and Theodore Johnson Professor of Banking and Finance and past chairman of the Department of Finance and Business Economics, Marshall School of Business, University of Southern California. Prior to joining USC in 1978, he was an Assistant Professor at the Wharton School of the University of Pennsylvania (1971-1978). He has also been a Visiting Professor at Yale University, UCLA, the Stockholm School of Economics, University of British Columbia, and the U.S. Naval Academy. Professor Shapiro received a B.A. in Mathematics from Rice University (1967) and a Ph.D. in Economics from Carnegie Mellon University (1971).

His specialties are corporate and international financial management. His best-selling textbook Multinational Financial Management (Seventh Edition, 2003) is in use in most of the leading MBA programs around the world. He has also written Modern Corporate Finance (1990), cited by the Journal of Finance as potentially the "standard reference volume in corporate finance," Foundations of Multinational Financial Management (Fifth Edition, 2004), International Corporate Finance (1989), and, with Sheldon Balbirer, Modern Corporate Finance: An Interdisciplinary Approach to Value Creation (Prentice Hall, 2000).

Dr. Shapiro is currently researching the links between corporate finance and corporate strategy. One outcome of this research is the article "Corporate Stakeholders and Corporate Finance," for which he and co-author Brad Cornell received the 1987 Distinguished Applied Research Award from the Financial Management Association and which is the most frequently cited article published in Financial Management since 1985.

Dr. Shapiro has consulted with the FBI, the Federal Home Loan Bank, RTC, the American Law Institute, the Department of Justice, SEC, the Department of Energy, the Internal Revenue Service, FDIC, and numerous firms and banks, including Dow Chemical, Abbott Laboratories, Aetna, Anheuser-Busch, IBM, Caltex, Texas Instruments, Arco Chemical, NCR, GTE, SBC Communications, Scott Paper, Time Warner, Pacific Enterprises, Northrop Grumman, OKC, Computer Sciences Corporation, General Foods, Vulcan Materials, Flying Tiger Line, Wells Fargo, Pepsico, North Broken Hill, BankAmerica, and Citicorp. He frequently serves as an expert witness in cases involving valuation, economic damages, S&Ls, international finance, takeovers, and transfer pricing. In addition, he is a director of Remington Oil and Gas Corp., a government-appointed director of Lincoln S&L, and a past director of OKC Corp.

He has won several teaching awards and has taught in numerous executive education programs, including programs sponsored by Yale University, the Wharton School of Business, University of Southern California, UCLA, UC Berkeley, Columbia University, University of Hawaii, University of Washington, University of Melbourne, Stockholm School of Economics, and the American Management Association. Dr. Shapiro also conducts numerous in-house training and executive programs for banks, corporations, government agencies, consulting firms, and law firms in the areas of corporate finance and international finance and economics. He has lectured on problems of international finance and economics in Munich, Tokyo, Frankfurt, Seoul, Hong Kong, Singapore, Guangzhou, Shanghai, London, Oxford, Sydney, Melbourne, Mexico City, Monterey, Santiago, Rome, Budapest, Vienna, Buenos Aires, and Paris. In October 1993, Business Week recognized him as one of the ten most in-demand business school professors in the United States for teaching in in-house corporate executive education programs.

Dr. Shapiro has published more than 50 articles in such leading academic and professional journals as the Journal of Finance, Harvard Business Review, Columbia Journal of World Business, Journal of Financial and Quantitative Analysis, Review of Financial Studies, Journal of Business, Journal of International Money and Finance, Financial Management, Management Science, and Journal of Applied Corporate Finance. In 1988, he was cited as one of the "100 Most Prolific Authors in Finance." Another study published in 1991 ranked him as one of the most prolific contributors to international business literature. He has also published two monographs, International Corporate Finance: Survey and Synthesis and Foreign Exchange Risk Management.

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