摘要:

A survey of firms in the chemical, computer, and pharmaceutical Industries provides insight into Investment decision making practices under environmental/ social uncertainty. The practices are fairly simple, appropriate only when a new product is very similar to existing products. The practices ' perceived advantages and disadvantages establish a general blueprint for the development of new decision making techniques. The new techniques need to improve accuracy as much as possible without losing simplicity, and need to be generally acceptable to all the firms in the industry

ISSN:0013-791X    

DOI:10.1080/00137918708902969

出版商:Taylor & Francis Group    

年代:1987

数据来源: Taylor

摘要:

This paper makes two refinements to the theory of debt displacement of leasing and Incorporates then into a model of firms' debt capacity. First, the debt displacement effects of particular types of cash flows are explicitly distinguished from the displacement effects of a lease or debt transaction In toto. Second, the tax shield multiplier process originally Identified by Idol is Improved. Estimates of displacement are generated for alternative assumptions about the relationship between the present value of lease obligations and the cost of the underlying asset. For a reasonable set of parameters, we find that leasing displaces seven to twenty-one percent more debt capacity than debt finance

ISSN:0013-791X    

DOI:10.1080/00137918708902970

出版商:Taylor & Francis Group    

年代:1987

数据来源: Taylor

摘要:

The raiments of the net present value of probabilistic investment alternatives are presented in this paper An investment alternative is characterized by Its Initial Investment,I, economic life,Tcashflow profileR(t), 0⩾ t‘ges; T and salvage valueS. In the case of uncertainty surrounding these quantities, expected present value criterion becomes an important decision tool in evaluating the Investment alternatives Variance and higher moments of the net present value also play an additionally important role in the selection of probabilistic investment projects. A wide class of functions ore used in their most general form to representI, R(t), andS.In addition, T is assumed to be n random variable with any probability density function provided that its moment generaring function exist. Our purpose is to generalize enhance, and unify the subject area which has received considerable attention in the last several years

ISSN:0013-791X    

DOI:10.1080/00137918708902971

出版商:Taylor & Francis Group    

年代:1987

数据来源: Taylor

摘要:

This study compares two discounting methods for evaluating multi-period stochastic income streams that are identical and independent over time. These two methods are based on the single-risk-adjusted-dlscount factor (SRADF), and the certainty-equivalent-discount factor (CEDF) They involve two alternative assumptions regarding the time pattern of the exchange rate between flaky and riskless Income streams. We demonstrate that the standardSRADFmethod leads to a different result than that implied by theCEDFmethod when the time horizon is longer than one period

ISSN:0013-791X    

DOI:10.1080/00137918708902972

出版商:Taylor & Francis Group    

年代:1987

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137918708902973

出版商:Taylor & Francis Group    

年代:1987

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137918708902974

出版商:Taylor & Francis Group    

年代:1987

数据来源: Taylor