Journal of Business
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Опубликовано на портале: 11-11-2004
Myron J. Gordon
Journal of Business.
1955.
Vol. 28.
No. 4.
P. 253-260.
The major conclusions reached by the analysis may be summarized as follows: First,
the reciprocal of the payoff period is in fact an estimate of a proposal's rate of
profit. Second, when a proposal's life is greater than its postlax payoff period
, the reciprocal of the payoff period provides the best short-cut estimate
of its rate of profit; and, when a proposal's life is less than its postlax payoff
period , the average investment formula provides the better short-cut estimate
of its rate of profit. The error in the two formulas is found by comparing them with
present-value formula, which provides a proposal's true rate of profit. The third
conclusion is that the Terborgh formula provides an index of the profitability of
an investment proposal that has serious limitations in the purpose for which it is
intended.
Three Problems in Rationing Capital [статья]
Опубликовано на портале: 12-11-2004
James H. Lorie, Leonard J. Savage
Journal of Business.
1955.
Vol. 28.
No. 4.
P. 229-239.
Corporate executive face three tasks in achieving good financial management. The
first is largely administrative and consist in finding an efficient procedure for
preparing and reviewing capital budgets, for delegating authority and fixing responsibility
for expenditures, and for finding some mcans for altimate evaluation of completed
investments. The second task is to forecast correctly the cash flows that can
be expected to result from specified investment proposals, as well as the liquid
resources that will be available for investment. The third task is to ration available
capital or liquid resources among competing investment opportunities. This article
is concerned with only this last task; it discusses three problems in the rationing
of capital, in the sense of liquid resources.
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