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Models for valuing an option to exchange one commodity for another, or any combination of n commodities for some combination of m others, are applied to the capital budgeting problem. By analyzing a project in the exchange option pricing framework, it is possible to draw wellfounded conclusions...
In a departure from the usual questionnairebased survey, this study attempts to understand the capital budgeting process of large U.S. firms by examining capital budgeting manuals that Fortune 500 companies use to explain their respective capital budgeting policies and procedures. The paper...
Textbooks often portray capital budgeting as a rather mechanical process Top management decides whether or not to accept a project by requesting an estimate of net present value from its staff and to see if the number is positive or negative. This paper suggests that the textbook net present...
The traditional approach to capital expenditure analysis is based on the neoclassical economic paradigm. According to this paradigm, managers are assumed to strive for profit maximization in an effort to maximize the wealth of the firm's stockholders. In their pursuit of this objective, the...
Perhaps there is no area in which the practice of financial management and its academic treatment are more divergent than in the area of corporate strategy or strategic planning. The practice of financial management or financial engineering has for many years been involved in assessing various...
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