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Capital Investment and Valuation - Brealey Myers

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Richard A. Brealey, Stewart C. Myers

Capital Investment and Valuation

Brealey Myers Capital Investment Valuation

From the same team that was so successful before with 2 other excellent books (Fundamentals of Corporate Finance, and Financing and Risk Management) now a comprehensive (>500 pages) book on Corporate Capital Investment and Asset Valuation.


When a corporation attempts to add value through its capital investment decisions the following questions arise. How do you precisely value an asset, either incoming or outgoing? Which strategy will provide the greatest value increase, and how can you implement that strategy? What are the risks?

Capital Investment and Valuation addresses the many ways in which corporations value assets and make investment decisions. Filled with information and ideas that are both thought provoking and functional, it provides an indispensable look into the theory and mechanics of valuation and investing, including:

- The six ideas that must be understood for effective capital investment and valuation
- Cost/benefit analysis of mergers, buyouts, spin-offs, and other corporate control issues
- Strategies for creating shareholder value through integrated investment and operating programs

Through six editions, Brealey and Myers' classic textbook Principles of Corporate Finance has become renowned for presenting in-depth discussions of financial theory and practice in an engaging and lively style. The Brealey & Myers on Corporate Finance series brings this classic text into the business environment, providing time-pressed professionals with a more focused format while retaining the timeless guidance and inherent readability of the original.

Capital Investment and Valuation belies the notion that corporate finance texts must be dull. This handbook for practicing professionals combines in-depth finance information and methodology with dynamic and often humorous writing as it focuses on the many issues professionals face when making investment and valuation decisions. Its step-by-step treatment encompasses:

- Value--Ways to value common stocks, calculate present values, and make investment decisions based on NPV (Net Present Value)
- Risk--Definitions of risk, how risk and return are linked in a competitive economy, and capital budgeting and risk
- Issues in Capital Budgeting--Popular project analysis techniques, plus techniques for understanding and maximizing Net Present Value
- Financing and Project Value--Overview of corporate financing, issues important to project valuation, and ways to estimate the value contributed by financing decisions
- Options--How security options work and interact with asset price, how they are valued, and the impact of various real options
- Control and Governance--Reasons for (and mechanics behind) mergers, buyouts, partnerships, and conglomerates

An excellent overview of the main topics within corporate assets valuation and corporate decision making with a vivid text and a good sense of humor. Capital Investment and Valuation from Brealey Myers is highly recommended reading for the professional and semi-professional.

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