Investment Appraisal Methods and Models
Investment decisions are of vital importance to all companies. Getting these decisions right is crucial but, due to a complex and dynamic business environment, this remains a challenging management task. Effective appraisal methods are valuable tools in s
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Uwe Götze · Deryl Northcott · Peter Schuster
Investment Appraisal Methods and Models
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Prof. Dr. Uwe Götze TU Chemnitz Fakultät für Wirtschaftswissenschaften Thüringer Weg 7 09107 Chemnitz Germany [email protected]
Prof. Dr. Peter Schuster Schmalkalden University of Applied Sciences Faculty of Business and Economics P.O.Box 10 04 52 98564 Schmalkalden Germany and
Prof. Deryl Northcott School of Business The Auckland University of Technology 42 Wakefield Street Auckland 1142 New Zealand [email protected]
ISBN 978-3-540-39968-1
St. Mary’s University Bill Greehey School of Business Graduate Faculty One Camino Santa Maria San Antonio, Texas 78228-8607 USA [email protected]
e-ISBN 978-3-540-39969-8
DOI 10.1007/978-3-540-39969-8 Library of Congress Control Number: 2007937123 c 2008 Springer-Verlag Berlin Heidelberg This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Production: LE-TEX Jelonek, Schmidt & Vöckler GbR, Leipzig Coverdesign: WMX Design GmbH, Heidelberg Printed on acid-free paper 987654321 springer.com
Preface Investment decisions are of vital importance to all companies, since they determine both their potential to succeed and their ultimate cost structure. Investments usually entail high initial cash outflows and thus tie up substantial funds. Sound investment decisions are important, therefore. Yet, due to a highly complex and rapidly changing business environment they remain a challenging management task. Effective appraisal methods are valuable tools to support investment decisions. They have been the subject of discussion for several decades, particularly in the 1960s and 1970s. During this period, different approaches were examined, developed and refined to support aspects of investment appraisal such as multicriteria or simultaneous decision-making and the consideration of uncertainty. In the last decade these methods have been advanced further by insights from capital market theory, such as options pricing and risk-return models. A number of methods are included in this book, some of which – while examined in research journals – are not widely known, or at least not widely described in other textbooks. Investment appraisal methods are an important part of an academi
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