Why do we need to study “international” financial management? The answer to this question is straightforward: We are now living in a highly globalized and. Adelman,Marks. Entrepreneurial Finance. Andersen. Global Derivatives: A Strategic Risk. Management Perspective. Bekaert,Hodrick. International Financial. INTERNATIONAL FINANCIAL MANAGEMENT. A Business grow, so does their awareness of opportunities is foreign market, initially, they may merely attempt to .
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International Financial Management Seventh Edition The McGraw-Hill/Irwin Series in Finance, Insurance, and Real Estate Stephen A. Ross Franco Modigliani. Multinational Financial Management: An Overview 2. 2. International Flow of Funds 3. International Financial Markets 4. Exchange Rate Determination . Our Reason for Writing this Textbook Both of us have been teaching international financial management to undergraduates and M.B.A. students at Georgia.
Using random numbers. CFO of Eaton Corp. By averaging. Delivery rate c. Projects may be of different types such as new projects. And he should know. Ratios change from company to company based on the mix of capital and the struc- turing of capital even when the level of revenue mains the same.
A finance manager should be able to assess the tax ben- efits before committing funds. Tax planning is an important function of a finance manager. LAW 1. A finance manager has to understand. This calls for sound knowledge of Securities Exchange Commission guidelines. It helps the Finance Manager analyse. The type of financial assistance provided to corpoates has become very customized and innovative. It also includes. Access to international markets. Indian companies raise equity and debt funds from international markets.
In banks. It deals with optimal management of cash flows. Every finance manager should be well grounded in treasury op- erations. The same bank provides both long term and short term finance.. It helps in judicial asset liability management. For example. Finance managers are expected to have a thorough knowledge on international sources of finance. It is all pervading. A finance manager needs to know how to integrate finance and costing with operations through software packages including ERP..
Price risk is all about fluctua- tions in commodity prices going up or coming down. The implications of exchange rate movements on new project viability have to be factored in the project cost and projected profitability and cash flow estimates. For managing each of these types of risks. A finance manager has to deal with three types of risk viz. The role of a CFO. Besides the knowledge. The finance manager takes an active part in assessment of various available options.
Modern management is all about managing talent. Knowledge of such tools is a pre-requisite for a finance manager. Proper identification of risks.. The article titled. X-ray vision. Alix Stuart.
Time Benders Every executive knows all too well that a hour day can feel woefully insufficient. CFO Magazine. As Scott Simmons. To hear CFOs tell it. No one thrives as a CFO. The most important of these is communica- tion — both verbal and non-verbal. Over- load may be a way of life in finance. Stephen D. What capabilities. November 1.
CFO of time-management consulting firm and accessory-maker Franklin Covey. Richard Fearon. You should demonstrate how you are helping him meet his goals. Johnson says he thinks a critical element is candor.
But many CFOs agree that a thumbs down. Panos says. Aside from those sent by his CEO.
In a well-managed company. Start by looking at what those fears are and how you can mitigate them. That establishes a very high bar — Young says he leaves about 60 percent of his messages unopened. The toughest situations. The advice is the same. CFO of Eaton Corp. Frank Gatti. While a sound strategy will depend on myriad interpersonal fac- tors. Then ease into the relationship slowly. But now that public-company CFOs face a potential personal liability regarding the quality of financial reporting.
Many CFOs are analytic by nature. In the past. That means digging deep on references. Build in time for unexpected problems. And that. He recommends asking the vendor for an easy- to-read dashboard showing early warning signs for problems.
And thanks to Sarbanes-Oxley. Setting out detailed. But in Corporate America. Having helped clean up fraud at Cendant and worked with compa- nies in bankruptcy as an investment banker. But honing your skills as a public face of the organization requires a bit of homework.
Having a good working relationship with your counsel — whether inside or outside — can be a safeguard in itself. CFO of Aruba Networks. The real issue is risk avoidance. And he should know. In fact.
Johnson has seen his fair share of crises. Patent infringement. Steffan Tomlinson. Before his company went public in March. Street Talk Increasingly. Legal Ease The last thing any company needs is a lawsuit. Of course. Stephan worked close enough with his inside counsel.
Knowing what com- munication techniques work with which audiences can help finance shine. He actually reads forensic audit reports of disasters at other companies to help keep him on his toes. But Stephan avoided bottlenecks by pledging to turn around any docu- ments very quickly — often in the same day. This is especially true. Frequent calls.
Sharpening your presentation skills. It is a delicate balance.
Boland echoes that idea: Massachu- setts-based SolidWorks Corp. From that. As a CPA.
CFO Magazine July Esposito has found that a particularly effective approach is to jump in as a short-term project leader. Offer a few select bar charts and graphs when possible. Some of the presentation challenges finance executives face are universal. Finance executives convey those messages in traditional forums such as board meetings. But there are dangers. According to corporate-presentation coaches. The ubiquitous technique of videotaping speakers and allowing them to watch themselves is a powerful — if often painful — tool for trainers to illustrate this point.
Especially on the phone. Keep PowerPoints basic. Giving a targeted talk about the bottom-line benefits of facilities leasing. You need to start with the overall premise and then work through the specifics.
In the time between leaving GE and landing his current post in Know the audience. Focus on delivery. Between training sessions and investor meetings.
Johnson took a course from Communispond to hone his skills. Emphasize important points and skip the extras. Johnson says.
Some speaking tips from the experts. Johnson says that training employees through presentations saves significant time and effort. His responsibilities include: Interfacing with the capital markets.
Ensuring a satisfactory return to all the stake holders. The head of finance is considered to be important ally of the CEO in most orga- nizations and performs a strategic role. Awareness to all the latest developments in the financial markets. The above aspects of Financial Management are covered in greater details under different chap- ters. Adhering to the requirements of corporate governance. Investors b. Competitors f. Tax laws e. Lenders such as financial institutions and banks d.
Legal requirements c. External influences such as foreign exchange movements g. As capital is budgeted and allocated for these various assets. Most of the times. The choice of decision with regard to technology for manufacture of a product.
The size of the investment. After making the choice of business one wants to be in. A major decision is the mix of these two types of funds, widely known as the debt-equity ratio.
Decisions on various related factors such as the optimum ratio, choice of specific instruments, the capital markets the organization should access to raise the funds, the timing see box , pricing of securities, etc. Steering clear of stating whether the management was looking at deferring the IPO, he reiter- ated that the company would take an appropriate decision when there is more clarity.
Cur- rently, the situation is fluid, he said, on a day when the market witnessed shares plummeting nearly 13 per cent during the day and trading being stopped for an hour. The dividend payout should meet a number of criteria and expectations of different shareholders. Managing cash, providing for expansion and growth, satisfying expectations on dividend yields, creat- ing sufficient reserves, adhering to rules governing transfer of profits to reserves etc.
Dividend policy needs to be evolved and followed, which will balance the requirements of the different types of investors and the requirements of the business. Some firms follow stable dividend policy-i. There are other firms which follow a variable dividend policy where the rates of dividend are varied depending on the availability of profits.
Some firms do not distribute any dividend in cash but give bonus shares which has implications on the capital structure of the company. There- fore, the decision has to be taken carefully as it has long term financial implications on the company.
Planning investments 2. Mergers, acquisitions, takeovers, and restructuring 3. Performance management 4. Treasury management 5. Portfolio management 6. Risk management 7. Corporate governance etc; 5.
Creditors of the bankrupt telecommunications giant were meeting with Capellas and his team in New York the following day, and he wanted Blakely by his side. On the table: Blakely, who would already be in town for a meeting of the trustees of Cornell University, agreed to come — after, that is, he and Capellas hammered out an employment contract in the morning.
At They returned to the fray. Finally, by 8: For the new CFO, that first hour day was a harbinger of things to come. Raising WorldCom from the ashes of the biggest fraud — and bankruptcy — in U. Inter- nal controls had to be overhauled, new directors named, and a new set of corporate-gover- nance policies adopted. And somehow, while all this was being done, the business had to keep moving forward.
The year-old Blakely brought badly needed turnaround experience to WorldCom. Later, he made major improvements to internal controls and risk man- agement at Lyondell Chemical Co.
Full disclosure: Even with the majority of creditors on board, the most difficult tasks required to exit bankruptcy still lay ahead. Hardest of all was restating results for three years — , , and — and filing audited financial state- ments.
Blakely and his finance team hoped they could complete the audit by July , three months after he was hired, but it took nearly that long just to size up the task. Eventually, the team realized they had to reconstruct the financial statements from scratch. But it would have to be done faster: Reinforcements were needed. At the peak of the audit work, in late , WorldCom had about 1, people working on the restatement, under the combined management of Blakely and five controllers.
The finance team started with the billing systems and reran all the revenue, deciding on the proper accounting. Then it redid all the cash applications and rebuilt the income statements from there. In some instances, Post-it notes were attached to journal entries in lieu of proper documentation. The FBI had taken documents that had to be tracked down and retrieved. It was forced to request a day extension. MCI executives planned a signing cer- emony for March 11, at a previously scheduled meeting of the board.
But later on the 10th,. Dave Schneeman, vice president of general accounting, and Jim Renna, vice president of controls and remediation, led a small team that worked through the night to make the necessary fixes.
Hush Money. The audit provided new insights into the nature and the magnitude of the fraud at WorldCom. In fact, the same complexity that made the audit so difficult was one reason the fraud was able to go undetected for so long.
There, it was easy for accounting staffers to simply change the numbers. Along with the big stick came a few carrots. Breeden and Blakely say that the fraud involved fewer than 50 people, mostly those who rolled up the financial statements in Clinton. When managers at operating units saw the consolidated financials, they were surprised how well the rest of the company seemed to be doing when the numbers they reported were so poor.
Beresford says WorldCom asked about 50 executives in the finance department to leave after the investiga- tion showed they either took part in the accounting fraud or should have known about it. In March, Sullivan agreed to plead guilty to securities fraud, conspiracy, and giving false statements to regulators. Those crimes could carry a sentence of up to 25 years in prison under federal sentencing guidelines, but Sullivan hopes to get less in exchange for his testi- mony in the trial against Ebbers that is scheduled to begin in November.
Former controller David Myers and accounting executives Betty Vinson and Troy Normand have also pleaded guilty and are cooperating with authorities.
The solutions included adding basic checks and balances such as segrega- tion of duties among finance staffers, limited access, and documented policies. The company then implemented a much more stringent, and inclusive, policy for closing the books.
But, he says, the hundreds of added controls will greatly diminish the chances of it reoccurring. MCI was also forced to implement what is likely the most stringent set of corporate-gover- nance practices ever adopted.
In addition. MCI is trailing the field. Its stock was scheduled to begin trading again on Nasdaq this month. MCI is trying to keep ethics in the foreground.
Was It Worth It? Right now. All these measures were enough to convince the government that MCI had reformed. Like most companies. In May. MCI has lower margins. Last January. There would be more to celebrate. On April MCI put the entire company of The company said it would cut 7.
Not surprisingly. And another setback came in June. More than 60 people are working on the project. But Blakely. WorldCom and Sprint. At a recent board meeting. The deal is later blocked by antitrust regulators and abandoned. Blakely says MCI will be profitable in the second half of this year. The SEC formally charges the company with fraud. July WorldCom files for Chapter 11 bankruptcy. April March WorldCom receives a request for information from the Securities and Exchange Commission on accounting procedures and loans to officers.
Vice chairman John Sidgmore takes over. Yet Al-Chalabi notes that these potential buyers can already buy long-haul capacity very cheaply. June CFO Scott Sullivan is fired. October WorldCom exits bankruptcy and changes its name to MCI. November Ebbers is formally charged with fraud. August Sullivan and former controller David Myers are arrested and charged with secu- rities fraud. Sullivan pleads guilty to criminal charges. May WorldCom files its restated K.
Robert Blakely is named CFO. Analysts expectations etc 6. The proclivity of the management to retain management control by financing growth plans through internal funding which will mean increased retained earnings. It is a function of a number of factors such as the following: Industry benchmark. Whenever a company wants to raise money through debt. The finance manager. This is technically known as capital reduction.
Income tax Act etc are more for governance and compliance than for strategy. SPO refers to seasonal public offer- ing. There are regulatory guidelines prescribed by SEBI regarding the entire process of going public which includes disclosure to public regarding the potential use of the cash.
Some of the situations a finance manager has to face. A company needs foreign exchange for a variety of reasons like importing equipment. The whole exercise of initiating the rating process. The regulations in the Companies Act. RBI mainly regulates the commercial banks which in turn may influence the policies of a company. It involves some filing of returns in the pre- scribed format.
Whenever a company uses derivatives for hedging. If a company goes for major project financing option. In either of these situations. Finance manager plays an important role in complying with the require- ments of various agencies involved in the exercise. As already mentioned. Both can be raised from both public and private sources.
Long term are generally in the form of a. Preference Capital and c. Equity capital b. More details of equity are covered in subsequent chapters. Term loans and b. It is a hybrid of equity capital and debt. DEBT 8. Lease finance c. Commercial paper h.
Working capital Loans from commercial banks for financing working capital re- quirements: Cash credit. American depository receipts. Deferred credit f. Factoring Subsidies are in the form of Quasi equity.
Hire purchase d. There are also non fund-based limits such as letter of credit. Grants are treated as Capital Receipts. Unsecured loans and deposits e. Other sources. Trade credits: Credits given by suppliers of materials and services c. These are called fund-based. They have to be accounted in line with the require- ments of law and accounting standards. Tax treatment is different in some cases and they have to be adhered to such as withholding tax.
Foreign exchange remit- tances have to be complied with. Proper trade documents have to be submitted. At every stage in the international trade process. This increased level of risk would cause the overall cost of capital to rise.
Leverage tangible e. Gearing b. How can an organization choose between the alternatives. The main ratios are: There must be a cut-off point to this process otherwise all organizations would be looking for total debt financing. Net gearing c. Leverage tangible including contingents f.
It is expected that as it represents a more risky investment. Leverage gross d. Indirect costs: Such a possibility will in turn lead to penal interest being charged by the lenders. The answer probably lies in the high costs of debts also associated with possible bank- ruptcy. Direct costs: The agency theory considers what happens when the market mechanisms fail to operate effectively and managers.
There must be ideally a decent spread between cost of capital and Return on capital employed. Companies in their early stages of development will also be unwilling to take on a high debt. The optimal capital structure for an actual company has never been specified. The higher the spread the better is the ultimate profitability.
The agency theory model of financial strategy looks at not only maximizing value. The theory states that the total value of the firm depends on its expected performance and its risk and is completely independent of the way in which it is financed.. Such companies have to rely more on equity finance. The capital structure decision—a fundamental issue facing financial managers— is. You can construct similar tables on impact of tax and EPS etc.
Debt to equity ratio and the cost of debt. May Published by U. This previously unaddressed segment of the market provides a new laboratory for reexamining the findings from prior studies that examine publicly traded firms.
Samples of data on small privately held firms are compared with data on small publicly traded firms taken from the Compustat database.
The analysis reveals that firm size is perhaps the most important determinant of leverage. Using data from a set of four nationally representative samples of small businesses surveyed for the Federal Reserve Board and the Small Business Administration over a year period. Overall Findings This study tests predictions from the two competing theories. These findings are consistent with predictions from the peckingorder theory. This is evident from the mean leverage ratios. The distribution of these leverage ratios is heavily skewed by bookvalue insolvent firms—firms reporting that their liabilities exceeded their assets.
Unresolved is the question of whether these theories are useful for understanding the capital structure of small privately held firms. From through The results tend to favor the pecking-order theory over the trade-off theory.
Unprofitable and riskier firms consistently use greater leverage. Larger firms consistently use less leverage than smaller firms. This is consistent with the pecking-order theory but inconsistent with the trade-off theory. Older firms use significantly less leverage than younger firms. This contradicts the trade-off theory but is consistent with the pecking-order theory.
These results are inconsistent with other studies that purport to find evidence of discrimination against minority-owned firms. This supports the pecking-order theory and goes against the trade-off theory. Splitting firms into profitable and unprofitable groups reveals that unprofitable firms consistently use greater leverage than profitable firms.
Cost of debt is always computed post tax as interest payable on the debt is tax deductible. Incorrect computation of cost of capital leads to wrong investment decisions. It is also called the discount rate or hurdle rate and represents the vital link between financing and investment decisions of a firm.
It is used to discount the future cash flows from a project to arrive at the Net Present Value. The risk free rate of return represents the rate of interest on a government security.
Beta varies from company to company. Beta represents the systematic risk component for a firm. P is the present share price. Beta measures the sensitivity of a share price with reference to the market. Diversifiable risk is company specific risk. Systematic risk is also known as the non-diversifiable risk which the shareholders can not diversify through a portfolio. The risk premium has two components. For dividend discount model. A beta more than 1. Equity share holders have to be paid the minimum risk free rate of return [Rf] and a risk premium.
A beta less than 1. Non-diversifiable risk affects all the firms in the system. A beta less than 1 typically means less risky stocks and greater than 1 represents an aggressive stock. A firm pays an interest of 27 lakhs and its balance sheet shows an opening balance of debt of 50 lakhs and closing balance of debt of lakhs?
If the current share price is Rs. This is because the WACC should represent the minimum expected rate that a firm should provide to both its present and prospective shareholders. Dividends just paid by a firm amounts to Rs. Market price Ordinary shares 2. What is its cost of equity? The beta of ABC Company is 1. Compute the weighted average cost of capital from the following data: Projects may be of different types such as new projects. It is also referred to as Capital expenditure with reference to Projects.
It is basically concerned with Resource Optimization. Organizations are usually committed to long-term assets for an extended time. Capital assets create these capacity- related costs.
Decisions are strategic and generally irreversible. By committing resources to a project. Remain even if the asset does not generate the anticipated benefits b. The amount of money committed to the acquisition of capital assets is usually quite large. The long-term nature of capital assets creates technological risk.
Long gestation periods d. Huge capital outlay c. Having Rs. We can rearrange the FV formula to compute the present value: We need an equivalent basis to compare the cash flows that occur at different points in time. The process of computing present value is called discounting.
Identification of potential investment opportunities b. Profitability Index 6. Analysing managerial strengths. Forecast of project costs and benefits for a reasonable time frame. Evaluation using various criteria.
Accounting Rate of Return 3. Application of suitable investment criteria by adopting proper means of financing 5. Payback period 2. Consumer preferences. It is also known as the risk-adjusted discount rate. Project implementation without time or cost overrun. Performance Review at periodical intervals. Selection e. Ascertaining the project risk wrt competition.. Estimating the cost of capital. To show how each of these methods works and alternative perspectives. The payback criterion has two problems: It ignores the cash outflows that occur after the initial investment and the cash inflows that occur after the payback period.
It also has relevance to technology changes. Some organizations use the discounted payback method. The new machine would be sold for Rs. It ignores the time value of money. This popularity may reflect other considerations. The longer the payback period. The organization has unrecovered investment during the payback period b. The payback period for this project is 3. The incremental cash flows are: All cash flows are stated annually.
The most common period used in practice is one year. This is the first method considered that incorporates the time value of money. Choose the appropriate period length to evaluate the investment proposal. By averaging. Analysts also use quarterly and semiannual periods. As the period chosen in step 1 is annual. The period length is one year. The average income will equal the annual income since the annual income is equal each year.
As a As the investment of Rs. For a five-year annuity of Rs. It can create ambiguous results. As the NPV is positive. For the Rs. The NPV of this investment project is Rs. It is economically desirable 3. The PV of the cash inflows from step 4 is Rs. To sum the present values of all the periodic cash flows and determine NPV. It is frequently an invalid assumption. Arctic should purchase the Ice cream Machine. The exact effect of taxes on the capital budgeting decisions depends on tax legislation.
Organizations can use the depreciation associated with a capital investment to reduce income and offset some of their taxes. DSCR 3. The rate of taxation and the way that legislation allows organizations to depreciate the acquisition cost of their long- term assets as a taxable expense varies over time and by jurisdiction.
An organization must determine how to choose when the criteria give conflicting results. Organizations must pay taxes on any net benefits provided by an investment.
This is important because many decisions will be affected by those estimates. Difficult because these estimates will reflect circumstances that the organization may not have previously experienced. Arctic might ask. Variation in key parameters and impact on profitability — Scenario analysis — Simulation — Break-even analysis: This means that it is based on previous experience. Input data Cost of new machine Per day Working days per year Working life of machine years 6 Income per lt.
The marketing task will be carried out by the existing manpower but a part of total cost Rs. The rest of the details are shown in the table. The company has already spent Rs.
The new department may use the existing warehouse which could otherwise be rented out for Rs. The accounting allocated cost of The initial feasibility study cost is a sunk cost and hence to be ignored ii. There are three types of costs that need to be considered in the above case.
Sensitivity analysis Production per day The scenario summary shows the results under best case and worst case scenario. A number of variables representing one scenari o are changed and the impact on the final result is studied. The post tax cost of debt is taken as interest is tax deductible 4.
The working capital investment is released in the last year of the project 3. Scenario analysis goes beyond sensitivity analysis. NPV Scenario Summary Current Values: Pessimistic most likely optimistic Changing Cells: Production Contribution 0. In a falling interest rate scenario. In the example given below. Simulation is done for capturing the different possible outcomes and determining the probability of a particular event happening.
Monte carlo simulation: The above illustration shows how this can be done in using the Excel function. Using random numbers. These probabilities can be subjective probabilities. The simulation is takes into account all possible outcomes.
Modified internal rate of return takes into account a different reinvestment rate. The random numbers are used to pick the different combination of cash flows. With average, standard deviation and the expected IRR as given below, the normal distribution tables are referred to obtain the probability of achieving different IRRs.
Quantification of risk expected irr z Probability 0. Case Study Internal Rate of Return: A Cautionary Tale Tempted by a project with high internal rates of return? Better check those interim cash flows again. October 20, Maybe finance managers just enjoy living on the edge.
What else would explain their weakness for using the internal rate of return IRR to assess capital projects? For decades, finance textbooks and academics have warned that typical IRR calculations build in reinvestment assumptions that make bad projects look better and good ones look great.
Yet as recently as , academic research found that three-quarters of CFOs always or almost always use IRR when evaluating capital projects. John Robert Graham and Campbell R. Our own research underlined this proclivity to risky behavior. Our next surprise came when we reanalyzed some two dozen actual investments that one company made on the basis of attractive internal rates of return.
IRR does have its allure, offering what seems to be a straightforward comparison of, say, the 30 percent annual return of a specific project with the 8 or 18 percent rate that most people pay on their car loans or credit cards.
That ease of comparison seems to outweigh what most managers view as largely technical deficiencies that create immaterial distortions in relatively isolated circumstances. When managers decide to finance only the projects with the highest IRRs, they may be looking at the most distorted calculations — and thereby destroying shareholder value by selecting the wrong projects altogether. Companies also risk creating unrealistic expectations for themselves and for shareholders, potentially confusing investor communications and inflating managerial rewards.
As a result of an arcane mathematical problem, IRR can generate two very different values for the same project when future cash flows switch from negative to positive or positive to negative. Also, since IRR is expressed as a percentage, it can make small projects appear more attractive than large ones, even though large projects with lower IRRs can be more attractive on an NPV basis than smaller projects with higher IRRs.
The Trouble with IRR Practitioners often interpret internal rate of return as the annual equivalent return on a given investment; this easy analogy is the source of its intuitive appeal. When the calculated IRR is higher than the true reinvestment rate for interim cash flows, the measure will overestimate — sometimes very significantly — the annual equivalent return from the project.
The formula assumes that the company has additional projects, with equally attractive prospects, in which to invest the interim cash flows. In this case, the calculation implicitly takes credit for these additional projects. Calculations of net present value NPV , by contrast, generally assume only that a company can earn its cost of capital on interim cash flows, leaving any future incremental project value with those future projects. Consider a hypothetical assessment of two different, mutually exclusive projects, A and B, with identical cash flows, risk levels, and durations — as well as identical IRR values of 41 percent.
Using IRR as the decision yardstick, an executive would feel confidence in being indifferent toward choosing between the two projects.
However, it would be a mistake to select either project without examining the relevant reinvestment rate for interim cash flows. In that case, Project A is unambiguously preferable.
Even if the interim cash flows really could be reinvested at the IRR, very few practitioners would argue that the value of future investments should be commingled with the value of the project being evaluated. Ironically, unadjusted IRRs are particularly treacherous because the reinvestment-rate distortion is most egregious precisely when managers tend to think their projects are most attractive.
How large is the potential impact of a flawed reinvestment-rate assumption? Managers at one large industrial company approved 23 major capital projects over five years on the basis of IRRs that averaged 77 percent. The order of the most attractive projects also changed considerably. The top-ranked. Unfortunately, these investment decisions had already been made. Of course, IRRs this extreme are somewhat unusual.
What to Do? The most straightforward way to avoid problems with IRR is to avoid it altogether. Yet given its widespread use, it is unlikely to be replaced easily. Executives should at the very least use a modified internal rate of return. Leave A Reply Cancel Reply. Save my name, email, and website in this browser for the next time I comment. Notify me of follow-up comments by email. Notify me of new posts by email. Content in this Article. Related Topics. International Financial Management S.
International Financial Management V. Madhu Excel Books Edition no. Agarwal Himalaya Pub. House-New Delhi Paperback Edition no.
International Financial Management H. Machiraju Hph Paperback Edition no. Financial Management C. Paramasivan, T.