摘要:

This paper addresses the loan environment in which (a) the asset funded by the loan serves as collateral for the loan, (b) the funded asset decreases in value over the period of the loan at a known constant rate, and (c) the loan is repaid in a finite number of equal end-of-period payments. Of particular concern are the conditions under which the value of the collateral may be less than the unpaid principal during the loan period, thereby creating an unwelcome situation for the lender. The loan interest rate is determined such that the unpaid loan principal is at all times equal to or smaller than the current market value of the collateral.

ISSN:0013-791X    

DOI:10.1080/00137919508903141

出版商:Taylor & Francis Group    

年代:1995

数据来源: Taylor

摘要:

This study reports the results of a survey of project evaluation techniques used in capital budgeting. Using the Friedman Two-Way ANOVA, this study compares four types of evaluation techniques over three types of investments. Not only does the study confirm the increasing popularity of discounted cash flow techniques as suggested by previous surveys, it also finds a wide use of non-financial techniques in evaluating competing projects. Furthermore, using the Friedman ANOVA and the Mann-Whitney U test, this study examines the impact of investment types and firm characteristics and provides explanations for practical variations in the use of capital budgeting techniques.

ISSN:0013-791X    

DOI:10.1080/00137919508903142

出版商:Taylor & Francis Group    

年代:1995

数据来源: Taylor

摘要:

One of the major risks encountered in economic evaluation of foreign direct investment is the changes in future exchange rates that may affect the accuracy of the estimated economic worm of the investment. The objective of this article is to present a model for reducing the uncertainty associated with changes in foreign exchange rates when conducting economic evaluations of foreign direct investments. The model uses the Purchasing Power Parity Theorem and weighted averages for creating a procedural approach in which future changes in exchange rates are considered and included in the calculation of an overall profitability measure.

ISSN:0013-791X    

DOI:10.1080/00137919508903143

出版商:Taylor & Francis Group    

年代:1995

数据来源: Taylor

摘要:

In his three recent papers [3], [4], and [5], R.G. Beaves develops an Overall Rate of Return (ORR) project evaluation criterion based on the concept of the so-called transition point (TP) which he has defined in two different versions.1In the present contribution, it is shown that some projects may produce undefined ORRs for either TP version, and that other ORR-like criteria [7] may also generate undefined results for projects for which the Net Present Value (NPV) criterion is defined. To eliminate the cases of the ORR undefinability, a generalization of the ORR criterion is proposed that makes this criterion fully NPV compatible and applicable to both investment and financing projects. This criterion embraces all the existing ORR approaches that are based on the notions of the initial and terminal wealths, including both of Beaves' approaches.

ISSN:0013-791X    

DOI:10.1080/00137919508903144

出版商:Taylor & Francis Group    

年代:1995

数据来源: Taylor

摘要:

The presence of inflation has induced the financial institutions to implement procedures devised to protect the real values of their loans. Two of such procedures, the floating rate scheme and the monetary correction mechanism, tend to lead to very different streams of payments. However, whenever the floating rate scheme follows the rule of strict adherence to the Fisher equation, the two procedures are financially equivalent.

ISSN:0013-791X    

DOI:10.1080/00137919508903145

出版商:Taylor & Francis Group    

年代:1995

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919508903146

出版商:Taylor & Francis Group    

年代:1995

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919508903147

出版商:Taylor & Francis Group    

年代:1995

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919508903148

出版商:Taylor & Francis Group    

年代:1995

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919508903149

出版商:Taylor & Francis Group    

年代:1995

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919508903150

出版商:Taylor & Francis Group    

年代:1995

数据来源: Taylor