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This study examines the direct outofpocket flotation costs of new capital issues by bank holding companies between 1980 and 1986 and the total costs including any market effects of security issuance. A regression model is developed that relates the direct selling costs to the type of security...
In response to a call for more research on the why of capital budgeting practices, a survey was sent to the Fortune 500 firms to 1 look at the detailed reasons they used particular capital budgeting techniques, 2 to determine if and why they had changed their emphasis on any of those techniques...
Interviews in South Korea, Taiwan, Singapore, and India indicate net present value NPV is not widely employed in making capital investment decisions in these newly industrialized and developing countries. It is not from lack of knowledge about net present value rather, it is due to 1 widespread...
There are techniques available for deciding on initial project viability. Net Present Value NPV, Internal Rate of Return IRR, Modified Internal Rate of Return MIRR and other techniques are well known and widely used in an effort to estimate a project's initial profitability and feasibility. The...
Despite its shortcomings, the IRR method continues to be a widely employed evaluation technique in capital budgeting. This paper demonstrates the reasons for its continued popularity. Specifically, the nonrequirement of a discount rate is suggested to be an important factor in the choice of IRR...
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