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On the Rate of Return and Valuation of Non-Conventional Projects
Carlos Heitor Campani: We provide a solution for evaluating non-conventional projects, firstly showing that the well-known modified internal rate of return does not correctly answer what investors want to measure.
Author(s) :
Professor of Finance, COPPEAD Graduate School of BusinessResearch Associate, EDHEC-Risk Institute
Presentation :
Even if one correctly uses the net present value criterion for capital budgeting, we show that it fails for nonconventional projects. Our contribution is thus twofold: To yield the correct rate of return for nonconventional projects and to allow practitioners to correctly calculate comparable net present values to take correct investment decisions.| Type : | Working paper |
|---|---|
| Date : | le 06/10/2014 |
| Extra information : | For more information, please contact EDHEC Research and Development Department [ research@drd.edhec.edu] |
| Research Cluster : | Finance |
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Located in Lille, Nice, Paris, London and Singapore, EDHEC is one of the 20 best business schools in the world. Resolutely international and directly connected to the world of business, it is known for the excellence of its research and its capacity to train entrepreneurs and managers able to move the lines.
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