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from Part II - Corporate Finance
Published online by Cambridge University Press: 23 January 2025
In the previous chapter we examined how to value entire companies. To do so, we took the perspective of someone—such as an investor—looking at the company from the outside and determining its value based on how it currently operates.
In this chapter, we shift to the perspective of someone within the company, and shift our unit of analysis from the firm as a whole to the investment projects within a firm. Company value and project choice are tightly connected because managers try to choose projects that will increase the company’s value. In this chapter, we examine how to evaluate a firm’s investment projects and look at how managers can choose projects that increase company value the most.
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