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For courses in Capital Budgeting.

Capital Budgeting and Investment Analysis marries theory with practice by providing numerous illustrations of real-world applications. It includes a discussion of capital budgeting's link to the corporation's strategy for creating value as well as addressing the international aspects of capital budgeting.

Features

• Unique chapter on corporate strategy.
  • Helps students understand the origins and characteristics of positive net present value projects.

• Integration of international topics throughout, inlcluding estimating foreign project cash flows, determining the appropriate cost of capital for foreign projects, and designing a foreign expansion strategy.

  Provides students with a global perspective that will prove useful in their future careers.

• Extensive real-world examples.

  Enables students to see real-life applications of financial theories and demonstrates the use of financial analysis and reasoning to address various issues in capital budgeting .

• Detailed discussion of estimating project cash flows - Includes incremental flows versus total cash flows, the effects of inflation on cash flows, and the valuation of growth options.

  Teaches students how to do estimate project cash flows and gives students an appreciation for real-world difficulties in valuing projects.

• Highlight on biases in project cash flow estimates.

  Provides students with information about existing biases, and shows how to deal with them in Ch.4.

• Chapter on real options.

  Enables students to understand why the traditional discontinued cash flow (DCF) model might fail them when it comes to strategic investments in Ch.6.

• Positive net present values - Discusses the characteristics of projects that are most likely to have positive net present values, instead of presuming that such projects just exist.

  Uncovers for students positive NPV projects and allows them to determine whether a particular project's cash flow projections are credible.

CONTENTS

1. Introduction to Capital Budgeting.

2. Capital-Budgeting Principles and Techniques.

3. Estimating Project Cash Flows.

4. Real Options and Project Analysis.

5. Risk in Capital Budgeting.

6. Estimating the Project Cost of Capital.

7. Corporate Strategy and the Capital Budgeting Decision.

Paperback, 264 pages

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.