This paper deals with capital budgeting decisions under uncertainty. We present an Aggregate Return On Investment (AROI … which, compared with the risk-adjusted cost of capital, correctly signals wealth creation. For choosing between two mutually … exclusive projects, we derive an incremental AROI and an incremental risk-adjusted cost of capital, by means of which two …

general model of economic profitability for investment decision-making. Specifically, TRM's assumptions are relaxed and a … decomposed into financing NPV and investment NPV. The approach allows for any pattern of financing rates, investment rates, and …

, which we call Aggregate Return On Investment (AROI). It is a purely internal measure because, unlike the AIRR, it does not …

This paper makes use of a fuzzy expert system to evaluate a strategic investment. In particular, the model proposed … same investment value and therefore the same solution to the decision process …

This book presents a new approach to the valuation of capital asset investments and investment decision … a project's economic profitability and efficiency, how to assess the impact of investment policy and financing policy on …

, which decomposes the project into investment side and financing side and quantifies the value created by either side; an …

In this paper we introduce uncertainty in the investment appraisal, managed through a new criterion called Average … intervals or fuzzy numbers makes it possible to apply the extension principle whereby a rigorous analysis of the investment …

The internal rate of return (IRR) is often used by managers and practitioners for investment decisions. Unfortunately …) it does not measure the return on initial investment, (vii) it does not signal the loss of the entire capital, (viii) it …