The Search for Value: Measuring the Company's Cost of Capital

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Michael C. Ehrhardt (Associate Professor, Associate Professor, College of Business Administration, University of Tennessee-Knoxville)

The Search for Value

Measuring the Company's Cost of Capital

Michael C. Ehrhardt (Associate Professor, Associate Professor, College of Business Administration, University of Tennessee-Knoxville)

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English

Oxford University Press Inc
01 April 1994

Investment & securities; Budgeting & financial management

Series: Financial Management Association Survey and Synthesis Series

In The Search for Value: Measuring the Company's Cost of Capital, Michael C. Ehrhardt analyzes the latest prescriptive techniques and models for determining the cost of capital. He provides a comprehensive framework for practitioners by detailing the various methods for accurately evaluating investment in projects, divisions, or entire companies. He begins with a general discussion of the cost of capital within the context of a firm's overall search for value and continues on to cover such topics as discounted cash flow analysis, flotation costs, long-term projects, and international projects, as well as situations in which traditional cash flow analysis may not apply, such as regulated companies. Ehrhardt moves easily through a variety of technical concepts, providing numerous step-by-step examples to explain how theoretical constructs can be applied to daily financial decisions. He also provides a particularly detailed analysis of estimating capital costs in multidivisional, multiproduct, and multinational firms. Each chapter features an extensive bibliography for further reading. Written for financial directors, planners, managers, and analysts as well as for those who study finance issues, this work successfully addresses the concerns of financial practitioners. In today's competitive business environment, the consequences of miscalculation can be devastating. Correctly evaluating the cost of capital and thereby determining the value-creating potential of investments is a business imperative. The Search for Value is a unique synthesis of the issues surrounding the cost of capital, presenting the most comprehensive treatment of the topic to date. Those who implement the ideas in this book will enjoy the returns made possible by accurate measurements of the cost of capital as an integral part of capital budgeting and strategic planning.

Edited by: Michael C. Ehrhardt (Associate Professor Associate Professor College of Business Administration University of Tennessee-Knoxville)
Imprint: Oxford University Press Inc
Country of Publication: United States
Dimensions: Height: 241mm, Width: 152mm, Spine: 25mm
Weight: 567g
ISBN: 9780875843803
ISBN 10: 0875843808
Series: Financial Management Association Survey and Synthesis Series
Pages: 246
Publication Date: 01 April 1994
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Preface 1: The Search for Value 2: Why You Should Use the Weighted Average Cost of Capital Appendix: Defining Cash Flows for an Alternative Model: Using the Pre-Tax Costs of Debt and Equity 3: How to Estimate Your Weighted Average Cost of Capital Appendix: Alternative Methods for Estimating the Cost of Equity 4: The Cost of Capital for a Division, a Project, or a Private Company Appendix: Other Factors That Affect the Cost of Equity 5: Some Advanced Issues: Floation Costs and Long-Term Projects Appendix: Capital Rationing and the Cost of Capital 6: The Cost of Capital for Regulated Companies: Utilities and Deposit-Taking Financial Institutions 7: The Cost of Capital in a Global Economy Appendix: The Adjusted Net Present Value Approach 8: Valuing Strategic Options: When the Discounted Cash Flow Approach Doesn't Work Index

Michael C. Ehrhardt is associate professor of finance at the College of Business Administration at the University of Tennessee in Knoxville, where he specializes in corporate finance.