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Bridging between theory and application through a \"learning-by-doing\" problem-solving approach, the text makes use of real-world examples, mini-cases, and a selection of problem material. 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Blending theory and practice, it describes the practical applications of the modern theory of finance to realistic corporate decisions, made in uncertain environments, with particular reference to the allocation of the firm's long-term capital resources. This revised and updated edition (fourth was 1990) adds a new chapter on short-term working capital management.  A substantial revision of a bestseller by two prominent authors, this book focuses on the practical application of the modern theory of finance to realistic corporate decisions, with an emphasis on the allocation of a firm's long-term capital resources. Includes new chapters on short term working capital management and new examples throughout.  Offering a unique blend of theory and practice, Capital Investment and Financial Decisions describes the practical application of the modern theory of finance to realistic corporate decisions, made in uncertain environments, with particular reference to the allocation of the firm's long-term capital resources. In the fifth edition: A new chapter on short-term working capital management; real-world examples have been incorporated throughout the textbook to enhance the student's understanding of the material presented as well as increase the student's awareness of the material being discussed; consistent with the current low inflationary environment, inflation has been incorporated in the relevant chapters rather than an entire chapter being devoted to the topic; new problems and mini-cases have been added to every chapter; the relevant changes in the US tax code have been incorporated; the discussion of capital market theory has been updated to reflect current and ongoing research in this area; and boxed articles from the financial media are quoted, emphasizing the relevance of the studied material. Capital Investment and Financial Decisions, Fifth Edition, is for students of corporate finance, capital budgeting, financial management, and financial theory.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49591794008337,"sku":"GOR002215319","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ GOOD \/ SBYB","offer_id":50509796802833,"sku":"CIN0131158821G","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ WELL_READ \/ SBYB","offer_id":51333611421969,"sku":"CIN0131158821A","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0131158821.jpg?v=1751322450"},{"product_id":"fundamentals-of-investments-book-haim-levy-9780273651697","title":"Fundamentals of Investments","description":"Fundamentals of Investments is a concise, well thought-out and well written introduction to investments. It is devoted to understanding the complex capital market and the financial instruments that exist in the market. Recent years have witnessed a revolution in the field of finance and investment in the capital market, with the market becoming truly global. This book has been organized and written around the new developments and challenges facing the capital market, and addresses a very difficult subject in a logical manner. Part I of Fundamentals of Investments is devoted to the market environment and to a description of the various securities and how they are traded. Part II covers risk and return in the capital market with an emphasis on the gain or risk reduction due to diversification. Part III is devoted to bonds and stocks with an emphasis on valuation and management of these assets. Part IV covers derivatives, focusing on forwards, futures, and options. In Part V the analysis of risk-reduction due to diversification is expanded upon. Part VI is devoted to market efficiency, mutual funds performance and technical analysis, which explicitly assume that the market is inefficient.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49609759555857,"sku":"GOR002270345","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0273651692.jpg?v=1750908892"},{"product_id":"stocks-bonds-and-the-investment-horizon-decision-making-for-the-long-run-book-haim-levy-9789811250149","title":"Stocks, Bonds, And The Investment Horizon: Decision-making For The Long Run","description":"A century ago, life expectancy was roughly 40 years, hence all income could be consumed, as for most people, there was no need to save for retirement. Today, things have drastically changed: Life expectancy exceeds 80 years in many countries, and one should expect to live and consume many years after retirement. Thus, we have many investors with various investment horizons, where the length of the investment horizon becomes a crucial factor in determining the best investment diversification.This book analyzes the effect of the investment horizon on the optimal diversification, specifically between stocks and bonds: Should a young investor and an older investor have the same portfolio? Is it recommended to savers for retirement to change the asset allocation between stocks and bonds as they grow older, as life cycle mutual funds do in practice? Is the idiom 'stocks for the long run' backed by scientific evidence? We analyze for which horizons it is recommended to employ the popular Mean-Variance rule and for which horizons employing this rule induces an economic distortion, hence a loss to the investors. It is shown that all relevant parameters for investment choice (means, variances, and correlations) change in a non-linear way with the horizon, a fact that makes the investment horizon crucial for investment choices. Similarly, the popular Sharpe, Treynor, and Jensen performance indices vary with the assumed horizon even in the case of independence over time. To analyze all the above issues, we employ the Mean-Variance rule and Stochastic Dominance rules, as well as direct expected utility calculations.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ GARDNERS","offer_id":49743627256081,"sku":"NGR9789811250149","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52453770559761,"sku":"NLS9789811250149","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":52763934294289,"sku":"NIN9789811250149","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9811250146.jpg?v=1751418135"},{"product_id":"capital-investment-and-financial-decisions-book-haim-levy-9780131143722","title":"Capital Investment and Financial Decisions","description":null,"brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":49810196922641,"sku":"CIN0131143727G","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0131143727.jpg?v=1750811828"},{"product_id":"capital-investment-and-financial-decisions-book-haim-levy-9780131134232","title":"Capital Investment and Financial Decisions","description":null,"brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":50344239956241,"sku":"CIN013113423XG","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":51354551943441,"sku":"GOR006913775","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ GOOD \/ INTERNAL","offer_id":51371922424081,"sku":"GOR003306751","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/013113423X.jpg?v=1751037395"},{"product_id":"capital-investment-and-financial-decisions-book-haim-levy-9780131135895","title":"Capital Investment and Financial Decisions","description":null,"brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":50344843542801,"sku":"CIN0131135899G","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0131135899.jpg?v=1751290432"},{"product_id":"capital-asset-pricing-model-in-the-21st-century-book-haim-levy-9780521186513","title":"The Capital Asset Pricing Model in the 21st Century","description":"The Capital Asset Pricing Model (CAPM) and the mean-variance (M-V) rule, which are based on classic expected utility theory, have been heavily criticized theoretically and empirically. The advent of behavioral economics, prospect theory and other psychology-minded approaches in finance challenges the rational investor model from which CAPM and M-V derive. Haim Levy argues that the tension between the classic financial models and behavioral economics approaches is more apparent than real. This book aims to relax the tension between the two paradigms. Specifically, Professor Levy shows that although behavioral economics contradicts aspects of expected utility theory, CAPM and M-V are intact in both expected utility theory and cumulative prospect theory frameworks. There is furthermore no evidence to reject CAPM empirically when ex-ante parameters are employed. 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Professionals may thus comfortably teach and use CAPM and behavioral economics or cumulative prospect theory as coexisting paradigms.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52141981466897,"sku":"NLS9781107006713","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9781107006713.jpg?v=1757578943"},{"product_id":"stochastic-dominance-book-haim-levy-9781441939838","title":"Stochastic Dominance","description":"The book covers three basic approaches to this process: the stochastic dominance approach; and the non-expected utility approach, focusing on prospect theory and its modified version, cumulative prospect theory.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52425263055121,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52425263874321,"sku":"NLS9781441939838","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9781441939838.jpg?v=1759154319"},{"product_id":"stochastic-dominance-book-haim-levy-9783319330594","title":"Stochastic Dominance","description":"This fully updated third edition is devoted to the analysis of various Stochastic Dominance (SD) decision rules. It discusses the pros and cons of each of the alternate SD rules, the application of these rules to various research areas like statistics, agriculture, medicine, measuring income inequality and the poverty level in various countries, and of course, to investment decision-making under uncertainty. The book features changes and additions to the various chapters, and also includes two completely new chapters. One deals with asymptotic SD and the relation between FSD and the maximum geometric mean (MGM) rule (or the maximum growth portfolio). The other new chapter discusses bivariate SD rules where the individual’s utility is determined not only by his own wealth, but also by his standing relative to his peer group.   Stochastic Dominance: Investment Decision Making under Uncertainty, 3rd Ed. covers the following basic issues: the SD approach, asymptotic SD rules, the mean-variance (MV) approach, as well as the non-expected utility approach. The non-expected utility approach focuses on Regret Theory (RT) and mainly on prospect theory (PT) and its modified version, cumulative prospect theory (CPT) which assumes S-shape preferences. In addition to these issues the book suggests a new stochastic dominance rule called the Markowitz stochastic dominance (MSD) rule corresponding to all reverse-S-shape preferences. It also discusses the concept of the multivariate expected utility and analyzed in more detail the bivariate expected utility case.  From the reviews of the second edition:  \"This book is an economics book about stochastic dominance. … is certainly a valuable reference for graduate students interested in decision making under uncertainty. It investigates and compares different approaches and presents many examples. Moreover, empirical studies and experimental results play an important role in this book, which  makes it interesting to read.\" (Nicole Bäuerle, Mathematical Reviews, Issue 2007 d)","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52585910731025,"sku":"NLS9783319330594","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783319330594.jpg?v=1761053727"},{"product_id":"stochastic-dominance-book-haim-levy-9783319217079","title":"Stochastic Dominance","description":"Stochastic Dominance: Investment Decision Making under Uncertainty, 3rd Ed. covers the following basic issues: the SD approach, asymptotic SD rules, the mean-variance (MV) approach, as well as the non-expected utility approach.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52594025103633,"sku":"NLS9783319217079","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783319217079.jpg?v=1761068704"}],"url":"https:\/\/www.worldofbooks.com\/en-gb\/collections\/author-books-by-haim-levy.oembed","provider":"World of Books ","version":"1.0","type":"link"}