CONTENTS
What’s new in the second edition
1 What is the firm’s objective?
The assumed objective for finance
Profit maximization is not the same as shareholder wealth-maximization
What happens if control over directors is weak?
SECTION I: INVESTING IN PROJECTS
2 State-of-the-art project appraisal techniques
How do you know whether an investment generates value for shareholders?
State-of-the-art technique 1: net present value
State-of-the-art technique 2: internal rate of return
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