Český finanční a účetní časopis 2007(4):23-29 | DOI: 10.18267/j.cfuc.242

Notes about Study on History of Theoretical Approaches to Investment Decision

Petr Marek
Doc. Ing. Petr Marek, CSc. - docent; Katedra financí a oceňování podniku, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <pema@vse.cz>.

The study of the history of theoretical opinions enables better to estimate the direction of future research. Objective of the article is to show main developmental lines in several aspect of financial theory concentrated on material investments and to say thesis about further development of this theory. Followed problems were history of interest, the use of interest calculation for investment decisions, beginning of investment theory, relationship between internal rate of return and net present value, empiric studies of the use of investment methods in practise, the organizational aspect of investment decision making process and simulation.

Keywords: Agency theory; Corporate finance theory; Agency costs.
JEL classification: G30

Published: December 1, 2007  Show citation

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Marek, P. (2007). Notes about Study on History of Theoretical Approaches to Investment Decision. Czech Financial and Accounting Journal, 2007(4), 23-29. doi: 10.18267/j.cfuc.242
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. Agarwal, R. (1980): Corporate Use of Sophisticated Budgeting Techniques: A Strategic Perspective and a Critique of Survey Results. Interfaces, roč. 10, č. 2, s. 31-34. Go to original source...
    2. Bailey, M. J. (1959): Formal Criteria for Investment Decisions. Journal of Political Economy, roč. 67, č. 5, s. 476-488. Go to original source...
    3. Blume, M. E. - Friend, I. - Westerfield, R. (1980): Impediments to Capital Formation. Philadelphia, Rodney L. White Center for Financial Research, Working Papers, č. m0180, 1980.
    4. Boulding, K. (1935): The Theory of a Single Investment. Quarterly Journal of Economics, 1935, roč. 49, č. 3, s. 475-494. Go to original source...
    5. Butler, R. - Davies, L. - Pike, R. - Sharp, J. (1993): Strategic Investment Decisions. London, Routledge, 1993.
    6. Dobiáš, J. (1932): Všeobecný dějepis. Díl prvý. Dějiny starého věku. Praha, Historický klub, 1932.
    7. Fischer, I. (1930): The Theory of Interest. New York, Macmillan, 1930.
    8. Gitman, L. J. - Forrester J. R. (1977): A Survey of Capital Budgeting Techniques Used by Major US Firms. Financial Management, 1977, roč. 6, č. 3, s. 66-71. Go to original source...
    9. Gort, M. (1951): The Planning of Investment: A Study of Capital Budgeting in the Electric Power Industry. Journal of Business, roč. 24, č. 2, s. 79-95. Go to original source...
    10. Haynes, W. - Solomon, D. (1962): A Misplaced Emphasis in Capital Budgeting. Quarterly Review of Economics and Business, 1962, roč. 2, č. 1, s. 39-46.
    11. Heller, W. W. (1951): The Anatomy of Investment Decision. Harvard Business Review, roč. 29, č. 2, s. 95-103.
    12. Hertz, D. (1964): Risk Analysis in Capital Investment. Harvard Business Review, 1964, roč. 42, č. 1, s. 95-106.
    13. Hirschleifer, J. (1958): On the Theory of Optimal Investment Decision. Journal of Political Economy, 1958, roč. 66, č. 4, s. 329-352. Go to original source...
    14. Jaeckel, P. (2002): Monte Carlo Methods in Finance. New York, Wiley, 2002.
    15. King, P. (1975): Is the Emphasis of Capital Budgeting Theory Misplaced? Journal of Business Finance and Accounting, 1975, roč. 2, č. 1, s. 69-82. Go to original source...
    16. Klammer, T. (1972): Empirical Evidence of the Adoption of Sophisticated Capital Budgeting Techniques. Journal of Business, 1972, roč. 45, č. 3, s. 387-397. Go to original source...
    17. Larcker, D. F. (1983): Association between Performance Adoption and Capital Investment. Journal of Accounting and Economics, 1983, roč. 5, č. 1-3, s. 3-30. Go to original source...
    18. Levy, H. - Sarnat, M. (1999): Kapitálové investice a finanční rozhodování. Praha, Grada, 1999.
    19. Lorie, J. H. - Savage, L. J. 1955): Three Problems in Rationing Capital. Journal of Business, 1955, roč. 28, č. 4, s. 229 - 239. Go to original source...
    20. Mařík, M. - Maříková, P. (2001): Diskontní míra v oceňování. Praha, Oeconomica, 2001.
    21. Merton, R. C. (2001): Observations on Finance Theory and Finance Practice (Vystoupení na 28. výroční konferenci Evropské finanční asociace). Barcelona, EFA, 2001.
    22. McIntyre, A. D. - Coulthurst, N. J. (1986): Capital Budgeting Practices in Medium-Sized Business - A Survey. London, Chartered Institute of Management Accountants, 1986.
    23. Mintzberg, H. D. - Raisinghani, D. - Theoret, A. (1976): The Structure of "Unstructured Decision" Processes. Administrative Science Quarterly, 1976, roč. 21, č. 2, s. 246-275. Go to original source...
    24. Mintzberg, H. D. - Waters, J. A. (1985): Of Strategies, Deliberate and Emergent. Strategic Management Journal, 1985, roč. 6, č. 3, s. 257-272. Go to original source...
    25. Nawrocki, D. (2001): Problems with Monte Carlo Simulation. [on-line], Journal of Financial Planning, 2001, roč. 23, č. 11, s. 106-117, [cit. 30. 9. 2007], <http://www.fpanet.org/journal/articles/2001_Issues/jfp1101-art12.cfm?renderforprint=1>.
    26. Parker, R. H. (1968): Discounted Cash Flow in Historical Perspective. Journal of Accounting Research, 1968, roč. 6, č. 1, s. 58-71. Go to original source...
    27. Pinches, G. (1982): Myopic Capital Budgeting and Decision Making. Financial Management, 1982, roč. 11, č. 3, s. 6-19. Go to original source...
    28. Pike, R. H. - Wolfe, M. B. (1988): Capital budgeting in the 1990s. London, Chartered Institute of Management Accountants, 1988.
    29. Pike, R. H. - Neale, C. W. (1992): Capital Budgeting. In Drury, C. (ed.): Management Accounting Handbook. Oxford, Butterworth-Heinemann, 1992.
    30. Rappaport, A. (1979): A Critique of Capital Budgeting Questionnaires. Interfaces, 1979, roč. 9, č. 3, s. 100-102. Go to original source...
    31. Render, B. - Stair, R. M. (1982): Quantitative Analysis for Management. Needham Heights, Allyn and Bacon, 1982.
    32. Samuelson, P. A. (1936): Some Aspects of the Pure Theory of Capital. Quarterly Journal of Economics, 1936, roč. 51, č. 3, s. 469-496. Go to original source...
    33. Solomon, E. (1956): The Arithmetic of Capital Budgeting Decisions. Journal of Business, 1956, roč. 29, č. 2, s. 124-129. Go to original source...
    34. Schwab, B. - Lustig, P. (1969): A Comparative Analysis of the Net Present Value and the Benefit-Cost Rations as Measures of the Economic Desirability of Investment. Journal of Finance, 1969, roč. 24, č. 3, s. 507-516. Go to original source...
    35. Teichroew, D. - Robichek, A. A. - Montalbano, M. (1965): An Analysis of Criteria for Investment and Financing Decisions under Certainty. Management Science, 1965, roč. 11, č. 3, s. 395-403. Go to original source...
    36. Valach, J. (2001): Investiční řízení a dlouhodobé financování. Praha, Ekopress, 2006.
    37. Von Neumann, J. - Morgenstern, O. (1944): Theory of Games and Economic Behavior. Princeton, Princeton University Press, 1944.
    38. Ward, K. (1994): Strategic Issues in Finance. Oxford, Butterworth-Heinemann, 1994.
    39. Weberová-Babulíková, G. (2001): Islámská ekonomie a bankovnictví. Praha, Dar Ibn Rushd, 2001.
    40. Weingartner, M. H. (1963): The Excess Present Value Index - A Theoretical Basis and Critique. Journal of Accounting Research, 1963, roč. 1, č. 2, s. 213-224. Go to original source...
    41. Wellington, A. M. (1887): The Economic Theory of the Location of Railways. New York, Wiley, 1887.
    42. Weston, J. F. - Woods, D. H. (1967): Theory of Business Finance. Belmont, Wadsworth, 1967.

    This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content