30 views

Uploaded by seema_tt

- rwj08
- braun3-12-tif.doc
- B280F_Lecture06T
- Chapter10 Test bank in Manegerial Finance
- Capital Budgeting
- The Dilemma at Day 21
- The Capital Budgeting Process
- Financial Management:Techniques of capital budgeting
- Capital Budgeting Decisions
- Chap008_000
- Capital Budgeting
- tmp_5567-PK10-191431902.doc
- TB_Chapter10 The Basics of Capital Budgeting.pdf
- IPPTChap008 mjp.ppt
- Unit - 2 (Investment Decisions)
- Solutions Nss Nc 11
- 2. Capital Budgeting Methods
- Caoital Case Study
- Capital Budgeting
- Corporate Finance Final

You are on page 1of 23

Chapter 4

Capital Budgeting

Unit 2

Long-term investment decisions

Describe and be able to use the IRR technique for evaluating capital

investments.

Understand the acceptance criteria for IRR.

Explain some potential difficulties of several methods.

Compare IRR with NPV.

Understand and explain the use and role of capital rationing.

The other important discounted cash flow technique of evaluation of capital budgeting

proposals is known as IRR technique. The IRR of a proposal is defined as the discount

rate, which produces a zero NPV i. e., the IRR is the discount rate which will quite the

present value of cash inflows with the present value of cash outflow. The IRR is also

known as Marginal Rate of Return or Time Adjusted Rate of Return. Like the NPV, the

IRR is also based on the discounting technique. In the IRR technique, the future cash

inflows are discounted in such a way that their total present value is just equal to the

present value of total cash outflows. The time-schedule of occurrence of the future cash

flows is known but the rate of discount is not. Rather this discount rate is ascertained, by

the trial and error procedure. This rate of discount so calculated, which equates the

present value of future cash inflows with the present value of outflows, is known as the

IRR.

Calculation:

COo = + + + +−−−− +

(1 + r )o (1 + r ) 2

(1 + R) 2

(1 + r ) 2

(1 + r ) n

(1 + r ) n

CFi = cash inflow at different point of time,

N = life of the project, and

r = rate of discount (yet to be calculated)

SV&WC = salvage value and working capital at the end of the n years

n

CFi SV + WC

CO0 = ∑

i =1 (i + r ) i

+

(1 + r ) n

n

CFi SV + WC

Or o= ∑i =1 (i + r ) i

+

(1 + r ) n

− CO0

It may be noted in the Equation that this equation to be solved to ascertain the

value of 'r'. Unfortunately, the value of 'r' can only be ascertained by the trial and error

procedure together with linear interpolation.

Successive application of different discount rates to all cash flows must be made

until a close approximation of a zero NPV is found. With some experience, an analyst

will find that usually no more than two trials are necessary, because the first result will

show the direction of any refinement needed. A positive NPV indicates the need for a

higher discount rate, while a negative NPV calls for lowering the discount rate.

The specific procedure to find out the value of ‘r’ implies finding out the net present

value of the proposal at two different assumed values of 'r' within which the IRR is

expected to lie. Thereafter, the two rates are interpolated to make the net present value

equal to zero.

The detailed procedure for the calculation of IRR can be explained in two different

situations i. e.,

(i) When future cash flows are equal and take a form of annuity, and

(ii) When future cash flows are unequal. Both the situations have been taken up as

follows:

A firm is evaluating a proposal costing Rs. 1,00,000 and having annual inflows of Rs.

25,000 Occurring at the end of each of next six years: There is no salvage value. The IRR

of the proposal may be calculated as follows:

Step 1:

Make an approximation of the IRR on the basis of cash flows data. A rough approxima-

tion may be made with reference to the payback period. The payback period in the given

case is 4 years. Now, search for a value nearest to 4 in the 6th year row of the PVAF

table. The closest figures are given in rate 12% (4.111) and the rate 13% (3.998). This

means that the IRR of the proposal is expected to lie between 12% and 13%.

Step 2:

In order to make a precise estimate of the IRR, find out the NPV of the project for both

these rates as follows:

=(Rs.25,000 x 4.111}-Rs.l,00,000

= Rs.2,775.

At 13%, NPV = (Rs. 25,000 x, PVAF (I3%, 6y) - Rs.l,00,000

= (Rs.25,000 x 3.998}-Rs 1,00,000

= Rs. -50.

Step 3:

Find out the exact IRR by interpolating between 12% and 13%. It may be noted that IRR

is the rate of discount at which the NPV is zero. At 12%, the NPV is Rs. 2,775 and at

13% the NPV is Rs. -50. Therefore, the rate at which the NPV is zero will be higher than

12% but less than 13%. By interpolating difference of 1 %(13% - 12%), over NPV

difference of Rs. 2,825 [Rs: 2,775 -(-50)],

1,02,775−1,00,000

IRR = 12% +

1,02,775−99,950

= 12.98%

So, the IRR of the project is 12.98%. The IRR can also be ascertained by starting

from 13%.

1,00,000 − 99,950

IRR= 13% -

1,02,775 − 99,950

= 12.98%

In case when the project is expected to generate an uneven stream of cash flows, the

calculation of the IRR is complicated. In order to minimize the number of calculations,

IRR can be calculated as follows.

Example

Suppose a firm is evaluating a proposal costing Rs. 1,60,000 and expected to generate

cash inflows of Rs. 40,000, Rs. 60,000, Rs. 50,000, Rs. 50,000 and Rs. 40,000 at the end

of each of next 5 years respectively. There is no salvage value thereafter. In this case,

there is an uneven stream of cash inflows and the IRR can be approximated as follows.

Step 1:

Find out the average annual cash inflow to get a ‘Fake annuity’.

(Rs.) CF

1 40,000

2 60,000

3 50,000

4 50,000

5 40,000

Total 2,40,000

Step 2:

Divide the initial outlay with the average cash inflows 1,60,000/48,000 = 3.33 yrs

Step 3:

Now, search for a value nearest to 3.33 in 5 years row of the PVAF table. The closest

figures given in table are at 15% (3.352) and at 16% (3.274). This means that the IRR of

the proposal is expected to lie between 15% and 16%.

Step 4:

Find out the NPV of the proposal for both of these approximate rates as follows.

2 60,000 .743 .756 44,580 45,360

3 50,000 .641 .658 32,050 32,900

4 50,000 .552 .572 27,600 28,600

5 40,000 .476 .497 19,040 19,880

1,57,750 1,61,540

= Rs. -2,250

At 15%, NPV = Rs. 1,61, 540-Rs. 1,60,000

=Rs.l, 540.

Step 5:

Find out the exact IRR by interpolating between 15% and 16%. At 15% the NPV is Rs.

1,540 and at 16% the NPY is Rs. -2,250. Therefore, the rate at which NPV is zero will be

more than 15%-but less than 16%. By interpolating the difference of 1% (i.e. 16% -

15%rover the NPV difference of Rs. 3,790 [i.e. Rs_ 2,250 - (- 1,540)],

1,61,540 − 1,60,000

IRR= 15% +

1,61,540 − 1,57,750

= 15.40%

So, the IRR of the project is 15.40%. The IRR can also be ascertained by starting from

16%. In such a case, the IRR is

1,60,000 − 1,57,750

IRR = 16% -

1,61,540 − 1,57,750

= 15.40%

In order to make a decision on the basis of IRR technique; the firm has to determine, in

the first instance, its own required rate of return. This rate, k, is also known as the cut-off

rate or the hurdle rate. A particular proposal may be accepted if its IRR, r, is more than

the minimum rate i. e., k, otherwise rejected. However, if the IRR is just equal to the

minimum rate, k, then the firm may be indifferent. In case of ranking of mutually

exclusive proposals, the proposal with the highest IRR is given the top priority while the

project with the lowest IRR is given the lowest priority. Proposals whose IRR is less than

the minimum required rate, k, may altogether be rejected.

This decision rule is based on the fact that the NPV of the project is zero if its

cash flows are discounted at the minimum' required rate i. e., k. If the proposal can give a

return higher than this minimum required rate, then it is expected to contribute to the

wealth of the shareholders. It may be noted however, that the IRR, r, of the proposal is

internal to the project while the minimum required rate, k, is external to the project.

Besides the NPV technique, the IRR technique is the other important discounted cash

flow technique of evaluation of capital budgeting proposals. The IRR technique has been

compared with the NPV technique at a later stage.

i. The IRR technique takes into account the time value of money and the cash flows

occurring at different point of time are adjusted for time value of money to make

them comparable.

ii. It is a profit-oriented concept and helps selecting those proposals which are

expected to earn more than the minimum required rate of return. So, the IRR

technique helps achieving the objective of maximization of shareholders wealth.

iii. The IRR of a proposal is expressed as a percentage and is compared with the cut-

off rate, which is also expressed as a percentage. Thus, the IRR has an appeal for

those who want to analyze proposal in terms of its percentage return.

iv. Like NPV technique, the IRR technique is also based on the consideration of all

the cash flows occurring at any time. The salvage value, the working capital used

and released etc. are also considered.

v. The IRR technique is based on the cash flows rather than the accounting profit.

Thus, it can be stated that the IRR technique possesses all the ingredients of a sound

evaluation technique. Still it has, on the other hand, some draw backs, as follows:

complicated trial and error procedure.

b) An important drawback of the IRR technique is that it makes an implied

assumption that the future cash inflows of a proposal are reinvested at a rate equal

to the IRR. Say, in case of mutually exclusive proposals, say A and B having IRR

of 18% and 16%, the IRR technique makes an implied assumption that the future

cash inflows of project A will be reinvested at 18% while the cash inflows of

project B will be reinvested at 16%. It is imaginary to think that the same firm

will have different reinvestment opportunities depending upon the proposal

accepted.

c) Since, the IRR is a scaled measure, it tends to be biased towards the smaller

projects which are much more likely to yield high percentage returns over the

larger projects.

Example

A company is considering a new project for which the investment data are as

follows:

Capital outlay Rs 2,00,000

Depreciation 20% p.a.

Forecasted annual income before charging depreciation, but after all other charges

are as follows:

Year 1 Rs 1,00,000

2 1,00,000

3 80,000

4 80,000

5 40,000

4,00,000

On the basis of the available data, set out calculation, illustrating and comparing the

following methods of evaluating the return:

(b) Rate of return on original investment, and

(c) IRR.

Solution:

Since there is no tax, the annual income before depreciation and after other charges is

equivalent to Cash flows (CF).

(a) Capital outlay of Rs.2,00,000 is recovered in the first two years, Rs. 1,00,000

(year 1) + Rs 1,00,000 (year 2), therefore, the payback period is two years.

1 1,00,000 40,000 60,000

2 1,00,000 40,000 60,000

3 80,000 40,000 40,000

4 80,000 40,000 40,000

5 40,000 40,000

2,00,000

Average income

Rate of Return = x 100

Original investment

Rs 40,000

= x 100 = 20%

Rs 2,00,000

Total CF Rs 4,00,000

Average CF = = = 80,000

No. of years 5

PB value = = = 2.5 years

Average CF Rs 80,000

Factors closest to PB value of 2.5 corresponding to 5 years (life of the project) are 2.532

(28%) and 2.436 (30%). Since the actual cash flow stream is higher in initial years than

average cash flows, higher discount rate of 33% may also be tried along with 30%.

30% 33% 30% 33%

1 1,00,000 0.769 0.752 76,900 75,200

2 1,00,000 0.592 0.565 59,200 56,500

3 80,000 0.455 0.425 36,400 34,000

4 80,000 0.350 0.320 28,000 25,000

5 40,000 0.269 0.240 10,760 9,600

2,11,260 2,00,900

The IRR of a project is the rate of discount at which the NPV is 0. Since the NPV

at 33% is Rs. 900 only (i.e., Rs. 2,00,900 – Rs. 2,00,000), the IRR is 33% (approx).

Example

A firm whose cost of capital is 10% is considering two mutually exclusive projects X and

Y, the details of which are:

Year Project X Project Y

Cost 0 Rs. 70,000 Rs. 70,000

Cash inflows 1 10,000 50,000

2 20,000 40,000

3 30,000 20,000

4 45,000 10,000

5 60,000 10,000

Compute

i. Net Present Value at 10%,

ii. Profitability Index, and

iii. Internal Rate of Return for the two projects.

Solution

Calculation of NPV:

Year CF (Rs.) PVF (10%,n) Total PV (Rs.)

X Y X Y

1 10,000 50,000 0.909 9,090 45,450

2 20,000 40,000 0.826 16,520 33,040

3 30,000 20,000 0.751 22,530 15,020

4 45,000 10,000 0.683 30,735 6,830

5 60,000 10,000 0.621 37,260 6,210

Less cash outflow 70,000 70,000

NPV 46,135 36,550

PI = (PV of inflows/PV of outflows) 1.659 1.522

Calculation of IRR:

Payback value =

Average cash inflows

Rs 70,000

Payback value = = 2.121

Rs 33,000

Rs 70,000

Payback value = = = 2.692

Rs 26,000

The PVAF table indicates that for project X, the PV Factor closest to 2.121 against 5

years is 2.143 at 37% and Project Y, the PV factor closest to 2.692 is 2.689 at 25%. In the

case of Project X, since CF in the initial years are considerable smaller than the average

cash flows, the IRR is likely to be much smaller than 37%. In the case of Project Y, CF in

the initial years are considerably larger than the average cash flows, the IRR is likely to

be much higher than 25 %. So, Project X may be tried at 27% and 28% and the Project Y

may be tried at 36% and 37%

Project X

27% 28% 27% 28%

1 10,000 0.787 0.781 7,870 75,200

2 20,000 0.620 0.610 12,400 56,500

3 30,000 0.488 0.477 14,640 34,000

4 45,000 0.384 0.373 17,280 25,000

5 60,000 0.303 0.291 18,180 9,600

70,370 68,565

Since the NPV is Rs. 370 (i.e., Rs. 70,370 – 70,000) only, at 27%, the IRR is 27%

approx.

36% 37% 36% 37%

1 50,000 0.735 0.730 36,750 36,500

2 40,000 0.541 0.533 21,640 21,320

3 20,000 0.398 0.389 7,690 7,780

4 10,000 0.292 0.284 2,920 2,840

5 10,000 0.215 0.207 2,150 2,070

71,420 70,510

Since the NPV @ 37% is Rs. 510 (i.e., 70,510 – 70,000) only, the IRR is likely to be

slightly more than 37% the results of the above calculations may be summarized as

follows:

Project X Project Y

NPV 46,130 36,550

PI 1.659 1.522

IRR 27% 37%

Example

A Company is considering the replacement of its existing machine, which is obsolete and

unable to meet the rapidly rising demand for its product. The company is faced with two

alternatives:

(i) To buy Machine A which is similar to the existing machine or

(ii) To go in for Machine B which is more expensive and has much greater

capacity.

The cash flow at the present level of operations under the two alternatives are as follows:

0 1 2 3 4 5

Machine A -25 5 20 14 14

Machine B -40 10 14 16 17 15

The company’s cost of capital is 10%. The finance manager tries to evaluate the

machines by calculating the following:

2. Profitability Index;

3. Payback period; and

4. Discounted Payback period.

At the end of his calculation, however, the finance manager is unable to make up

his mind as to which machine to recommend.

You are required to make these calculation and in the light thereof to advise the

finance manager about the proposed investment.

Year 0 1 2 3 4 5

P.V. 1.00 .91 .83 .75 .68 .62

Solution:

Machine A Machine B Machine A Machine B

0 -25 -40 1.00 -25.00 -40.00

1 10 0.91 9.10

2 5 14 0.83 4.15 11.62

3 20 16 0.75 15.00 12.00

4 14 17 0.68 9.52 11.56

5 14 15 0.62 8.68 9.30

NPV 12.35 13.58

Machine A Machine B

(Rs. In lakhs) (Rs. in lakhs)

PV of cash inflow = 37.35 53.58

PV of Cash outflow 25.00 40.00

= 1.494 1.339

Machine A Machine B Machine A Machine B

0 -25 -40 - -

1 10 - 10

2 5 14 5 24

3 20 16 25 40

4 14 17 39 57

5 14 15 53 72

Machine A Machine B Machine A Machine B

0 -25.00 -40.00

1 9.10 9.10

2 4.15 11.62 4.15 20.72

3 15.00 12.00 19.15 32.72

4 9.52 11.56 28.67 44.28

5 8.68 9.30 37.35 53.58

Machine A Machine B

Outflow -25.00 -40.00

In 3 years Pay back were 19.15 32.72

Unrecouped outflow 5.85 7.28

In 4the year Net Present value 9.52 11.56

5.85 7.28

Thus Pay back =3+ = 3+

9.52 11.56

Conclusion:

1. NPV 12.35 13.58 B

2. Profitability Index 1.494 1.339 A

3. Payback Period 3 years 3 years Indifferent

4. Discounted Payback 3.164 years 3.629 years A

as it has higher capacity and its NPV is also higher.

Now is the time to test your understanding:

(b) The added net income associated with the new project.

(c) The incremental after-tax cash flows that occur, given the decision to proceed

with the new project.

(d) The incremental added outflows, which occur if we proceed with the project.

2) Cash flows that have preceded the decision to proceed with the project or that

have been connected to be:

(a) Sunk.

(b) Irrelevant.

(c) Prior.

(d) Important in the evaluation of the project.

3) Which of the following is not generally included in the initial outlay of a capital

budgeting project?

(b) The sale of the old facility the new project is replacing

(c) The sale of the new facility at the end of its useful life

(d) The cost of installation of the new facility

increase by Rs4 million, accounts receivable by Rs3 million, and accounts payable by

Rs2 million. If other working capital accounts stay the same, what amount of added net

working capital should be considered as part of the initial outlay of this project?

(b) Rs5 million

(c) Rs7 million

(d) Rs1 million

evaluation of operating cash flows because:

(a) Depreciation impacts the pre-tax operating cash flows but not the after-tax cash

flows.

(b) Depreciation, a non-cash expense, impacts the pre-tax operating cash flows, the

taxes paid, and the after-tax cash flows.

(c) Depreciation influences operating income before depreciation.

(d) A large amount of depreciation impresses investors and favorably impacts the

stock price of the company.

evaluation will increase operating cash flows by ______ for a company with a 40% tax

rate.

(a) Rs 60,000

(b) Rs 24,000

(c) Rs 36,000

(d) Not enough information is available.

old equipment can be sold for Rs 80,000 and has a book value of Rs 70,000. If it has a

40% tax rate, what is the total incremental cash flow related to selling the old equipment?

(a) Rs 80,000

(b) Rs70, 000

(c) Rs 84, 000

(d) Rs 76, 000

8) Thomas Corp. is considering the purchase of a new machine that will generate an

additional Rs 100,000 in revenue and cost savings of Rs 20,000 per year. The first year

depreciation on the machine is Rs30,000. What are the after-tax operating cash flows for

the first year? Thomas has a tax rate of 40%.

(b) Rs 84, 000

(c) Rs 54, 000

(d) Rs 120, 000

9) In a capital budgeting project evaluation, the financing costs are considered when:

(b) Estimating the discount rate used in the NPV method.

(c) Estimating the initial outlay.

(d) Estimating the final terminal value payoff.

10) Morgan Corp. is studying the incremental cash flows of a pending replacement

investment. In Year 1, the new investment will increase cash revenues by Rs 40,000 per

year and reduce cash labor expenses by Rs 20,000. The added MACRS depreciation

expense is Rs 15, 000 and Morgan Corp. has a 40% tax rate. What is the incremental

after-tax cash flow for Year 1?

(b) Rs 45, 000

(c) Rs 60, 000

(d) Rs 42, 000

1. The Raymond Company will spend Rs 25,000 to study the feasibility of building a

retail store at the junction of two interstate highways. If the store is built, the construction

costs will be Rs1.5 million. The incremental start-up cost is Rs1.525 million.

(a) True

(b) False

2. Initial costs for a project often include an investment in net working capital.

(a) True

(b) False

working capital requirement for a project.

(a) True

(b) False

(a) True

(b) False

are considering building a new Rs5 million building that would be depreciated straight-

line over 30 years. The marginal tax rate of the firm is 35%. The new building would

provide an incremental positive cash flow from depreciation every year in the amount of

Rs 58, 333.

(a) True

(b) False

6. Fancy Shoes For You is considering adding a new line of ladies shoes called Jis

Right. Sales of Jis Right shoes are estimated at 11,000 pair a year at an average price of

Rs 42 per pair. Sales of existing shoe lines are expected to decline by Rs 1,81,000 a year

if Jis Right shoes are added to the selection. The incremental increase in sales is Rs

1,70,000.

(a) True

(b) False

7. The payments on loans and the payment of dividends are called operational cash

flows and are included in the incremental cash flows of a project.

(a) True

(b) False

8. Project shutdown costs include the after-tax proceeds from the sale of project assets

and the recovery of the investment in net working capital.

(a) True

(b) False

9. Eddie has an old truck that he uses for hauling trash from his shop to the garbage

dump. The transmission just went out and so Eddie had to install a new one at a cost of

Rs650. On top of that, the engine is now starting to run rough and Eddie is afraid it may

need a serious overhaul. In frustration, Eddie decides to trade the truck on a newer model

priced at Rs 4,500. The dealer will give Eddie Rs500 as a trade-in value for the old truck.

Eddie is trying to evaluate the purchase of the newer truck. In his analysis, Eddie should

ignore the Rs650 he paid to replace the transmission.

(a) True

(b) False

10. A project that contains a real option has less value than a project that does not

contain such an option.

(a) True

(b) False

possible course of action.

(a) True

(b) False

12. Martha Rae is considering selling a piece of equipment that her firm owns. There

is 15% probability the equipment will sell for Rs 45, 000, a 40% probability it will sell

for Rs 33,000 and a 45% probability that she can sell it for Rs 25,000. Martha should use

a selling price of Rs 25, 000 in her analysis as she tries to decide whether or not to place

an ad to sell this equipment.

(a) True

(b) False

13. Installation and delivery costs for new equipment should be included in the initial

investment cash flow amount.

(a) True

(b) False

14. The Precision Company is analyzing the installation of new computer software to

manage their daily workflow. The cost of the software, including staff training, is Rs

49,000. The software is expected to have no effect on sales but should reduce labor costs

by Rs 20, 000 a year for the next several years. Software is charged as an expense when

purchased. The marginal tax rate is 32%. The net incremental operating cash flow in Year

2 of the project is an increase of Rs13, 600.

(a) True

(b) False

1(c), 2(a), 3(c), 4(b), 5(b), 6(b), 7(d), 8(b), 9(b), 10(d).

Answers to True/False

1(F), 2(T), 3(F), 4(T), 5(T), 6(F), 7(F), 8(T), 9(T), 10(F), 11(T), 12(F), 13(T), 14(T)

- rwj08Uploaded byKunal Puri
- braun3-12-tif.docUploaded byHassan Al-eid
- B280F_Lecture06TUploaded byJane Tsang
- Chapter10 Test bank in Manegerial FinanceUploaded byShealalyn1
- Capital BudgetingUploaded byRaji Deol Bandesha
- The Dilemma at Day 21Uploaded byChristian Andre
- The Capital Budgeting ProcessUploaded byMitul Kathuria
- Financial Management:Techniques of capital budgetingUploaded bymechidream
- Capital Budgeting DecisionsUploaded byMoshmi Mazumdar
- Chap008_000Uploaded byKalpana Ghunawat
- Capital BudgetingUploaded bySimmi Khurana
- tmp_5567-PK10-191431902.docUploaded byPijus Biswas
- TB_Chapter10 The Basics of Capital Budgeting.pdfUploaded byAnn Serrato
- IPPTChap008 mjp.pptUploaded byMehdi Rachdi
- Unit - 2 (Investment Decisions)Uploaded byShaik Babjan
- Solutions Nss Nc 11Uploaded bysaadullah
- 2. Capital Budgeting MethodsUploaded byAnna
- Caoital Case StudyUploaded byTanvir Ahmed Rajib
- Capital BudgetingUploaded byDhiraj T Bharwani
- Corporate Finance FinalUploaded byMAHESH
- Chap 005Uploaded byLouisa Park
- presentation on Capital Budgeting.pptxUploaded byNahidul Islam IU
- Capital Budgeting (Cont.)Uploaded byKhushbakht Farrukh
- Port Capital Investment DecisionUploaded byaccount_me
- Capital BudgetingUploaded bysimmi33
- Populi_John_Nouel_B._AT2B.docx_filename= UTF-8''Populi, John Nouel B. AT2B.docxUploaded byKindred Wolfe
- 5. investment Criteria.pptUploaded byiqbal irfani
- Week 6 gitman_pmf13_ppt10 GE.pptUploaded byCalista Elvina Jesslyn
- 7 BudgetingUploaded byVishnuRaju
- Chapter 10 and 12 GitmanUploaded byLBL_Lowkee

- Factor Investing SlidesUploaded bysolid9283
- Tesco, Sainsbury,Morrison Profit and Loss AccountUploaded byFerdousAzam
- MF0015-International Financial ManagementUploaded bySolved AssignMents
- Fixed-Term Assets As A Means For Generating WealthUploaded byRivermaya007
- Asset SecuritizationUploaded byLeny Michael
- IND AS: India's Accounting Standards Converged with the IFRS - (IND AS Adoption and Applicability for Indian Companies)Uploaded byEditor IJTSRD
- Operating Performance Business Risk and Corporate Mergers Some Greek EvidenceUploaded byIordanis Eleftheriadis
- GVR Infra Credit RatingUploaded byraja_bez9764
- Portfolio management.pdfUploaded bybhaumiksawant25
- Basel Accord and New Capital Adequacy FrameworkUploaded bymail2nc
- Stock Market ScamsUploaded byHarsha Ramesh Rao
- 6784-24699-1-PB 7Uploaded byChirag Gupta
- accounting-joint-arrangements.pdfUploaded bykenneth_infante
- Lypsa GemsUploaded bygaurav24021990
- Rakesh Jhunjhunwala's PPTUploaded byneo269
- IFRS Adoption and Auditing- A ReviewUploaded byJuan Carlos Ruiz Urquijo
- Lawton v. Nyman, 327 F.3d 30, 1st Cir. (2003)Uploaded byScribd Government Docs
- 4 Sem Bcom - Advanced Corporate AccountingUploaded byDipak Mahalik
- Chapter 10 - Risk and Return Lesson From Market HistoryUploaded byQuýt Bé
- BarCap on Distressed Debt MarketsUploaded byi.r.tunde4257
- International FinanceUploaded byorosun
- Dilutive Securities and Earnings per ShareUploaded byRukia Kuchiki
- Chapter 2Uploaded byAhmed
- marckdraftUploaded byarunohri
- Master 2011 NguyenUploaded byTauseef Gillani
- Excel Final Assignment -3(1)Uploaded byrajesh nahak
- FM11 Ch 22 Test BankUploaded byarzoo26
- Credit Suisse Uranium InitiationUploaded byexaltedangel09
- Legal & Compliance, LLC White Paper- The Direct Public Offering ProcessUploaded byLaura Anthony, Esq.
- Sample_Business_Valuation_Report.pdfUploaded byiribozov