Includes bibliographical references and index.

Contents: Preface. Introduction. The Basic Capital Budgeting Model. Investment Projects as Options. What is the Value of the Excess Return Around the World? Explanations of the Internationalization process. International Capital Budgeting Versus Domestic Capital Budgeting. Exchange Rates: The Essence. Theories of Exchange Rate Movements. Empiricism and Foreign Exchange Markets. Exchange Controls. Taxation Aspects of International Investment Appraisal. The International Capital Budgeting Model. Political Risk. Project Finance. Appendix A: Additional Annual Net of Tax Flow Due to Debt Accruing to the Investor Under the Imputation System With Full Payout and With Tax Credit Not Equal to the Personal Tax Rate. Appendix B: Additional Annual Net of Tax Flow Due to Debt Accruing Under the Imputation System With a Zero Payout. Appendix C: Present Value of Appendix D: Present Value of Received Annualy for N Years. Appendix E: Table of Areas Under the Normal Curve. Index.

Designed to develop a logical set of rules as to how international capital budgeting and investment decisions might be appraised, this book examines capital budgeting at the multi- and international level and includes major new and pioneering ideas.