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How to make sound investment decisions: Based on a continuing case study this comprehensive analysis paces a sure way through the variety of investment appraisal methods. The companion text 'Grundlagen der Investitionsrechnung: Eine Darstellung anhand einer Fallstudie' is available in German.
This book presents a range of investment appraisal methods and models to help readers make good investment decisions. Each approach is thoroughly described, evaluated, and illustrated using examples, with its assumptions and limitations analyzed in terms of their implications for investment decision-making practice. Getting investment decisions right is crucial but due to a complex and dynamic business environment this remains a challenging management task.
Fundamentals of Investments was written to: 1. Focus on students as investment managers, giving them information they can act on instead of concentrating on theories and research without the proper context. 2. Offer strong, consistent pedagogy, including a balanced, unified treatment of the main types of financial investments as mirrored in the investment world. 3. Organize topics in a way that makes them easy to apply--whether to a portfolio simulation or to real life--and support these topics with hands-on activities. The approach of this text reflects two central ideas. First, there is a consistent focus on the student as an individual investor or investments manager. Second, a consistent, unified treatment of the four basic types of financial instruments--stocks, bonds, options, and futures--focusing on their characteristics and features, their risks and returns, and the markets in which they trade.
How to make sound investment decisions: This book is based on long-term experience with students, especially at the School of International Business of Bremen University of Applied Sciences. For a better understanding, a case study is constructed to illustrate all methods discussed. Written in an easily understood style it focuses on the reality of student life as well as of practitioners. The goal of the book is to pace a sure way through the variety of methods. Mathematical basics are specifically explained in detail. This book shows clearly why there are different methods in investment appraisal and on where to focus in a given situation. As all methods are introduced by the same case study, it is easy to compare and evaluate the results. The statements in the text are further consolidated by abstracts and evaluations of each of the methods. Exercises with extensive solutions will lead to the confidence which is necessary for an ease of handling the investment appraisal techniques and for a good preparation for students’ exams. German and international students at universities and other institutions of higher education will find this book an excellent systematic preparation for their exams. It is also directed toward members of the general public who need expert guidance in making professional investment decisions. Due to the increasing mobility of students and the internationalisation of many economic or business curricula, not only do German students tend to study more abroad, but also foreign students tend to study more in Germany. In German universities the number of courses in the English language is also increasing. That is why I have written this text in English. A companion volume in German, entitled ‘Grundlagen der Investitionsrechnung: Eine Darstellung anhand einer Fallstudie’ is also available. In both textbooks the pages are constructed identically. Using both textbooks simultaneously will help those students who still lack the necessary business vocabulary in the respective language to reasonably follow a class in English or German. This book clearly closes an existing gap in the literature. This is the first book in English about capital expenditure budgeting in the sense as it is usually taught in German higher education institutions. As a result international students now have literature covering the contents of a course in investment appraisal in the form of an easy-to-read case study with easily understood graphics and notations.
Investment Appraisal: A Simple Introduction offers an accessible guide to the methods and uses of investment appraisal, with examples and calculations throughout. Understand the accounting rate of return (ARR), the payback period (PP), the net present value (NPV), and the internal rate of return (IRR). Work through four extended example studies for each approach, and learn how to easily find the NPV or IRR with Excel. Compare the strengths and weaknesses of each of the four appraisal methods, and examine potential errors, risk management, and project management.
This new short text by the authors of Investment Appraisal and Financial Decisions focuses on investment appraisal decisions. Fundamentals of Investment Appraisal examines the internal workings of a company rather than covering the much broader subject of financial management. Theory is illustrated with numerous worked examples, followed by a chapter summary, quick questions - all answered at the end of the book - and more detailed practice questions.
Discover an insightful examination of the property investment appraisal process from leaders in the industry This book explains the process of property investment appraisal: the process of estimating both the most likely selling price (market value) and the worth of property investments to individuals or groups of investors (investment value). Valuations are important. They are used as a surrogate for transactions in the measurement of investment performance and they influence investors and other market operators when transacting property. Valuations need to be trusted by their clients and valuers need to produce rational and objective solutions. Appraisals of worth are even more important, as they help to determine the prices that should be paid for assets, even in times of crisis, and they can indicate market under- or over-pricing. In a style that makes the theory as well as the practice of valuation accessible to students and practitioners, the authors provide a valuable critique of conventional valuation methods and argue for the adoption of more contemporary cash-flow methods. They explain how such valuation models are constructed and give useful examples throughout. They also show how these contemporary cash-flow methods connect market valuations with rational appraisals. The UK property investment market has been through periods of both boom and bust since the first edition of this text was produced in 1988. As a result, the book includes examples generated by vastly different market states. Complex reversions, over-rented properties and leaseholds are all fully examined by the authors. This Fourth Edition includes new material throughout, including brand new chapters on development appraisals and bank lending valuations, heavily revised sections on discounted cash flow models with extended examples, and on the measurement and analysis of risk at an individual property asset level. The heart of the book remains the critical examination of market valuation models, which no other book addresses in such detail.
This textbook introduces readers to the most relevant aspects of Investment Evaluation in the context of enterprise evaluation. It utilises a clear didactic concept and concisely presents representative cases, supported by calculations and their step-by-step, Excel-based solutions. In addition, the book analyses the respective benefits of the calculation models discussed from a management standpoint.