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By John M. Campbell

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Extra info for Analyzing and Managing Risky Investments

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There may be some truth to this in some organizations. The risk aversion arises from an incentive system, which has not changed to fit the current environment. Changes in the incentive system are in the offing, but most proposed changes are reactions to perception of current problems, with little understanding of the underlying problem. Management incentives used to be based on contractual negotiation, often extending the previous management contract with little relationship to actual performance.

Tax examples for various countries - U. , U. , Norway and Indonesia - are included to illustrate the impact of tax regimes on economic value estimates. Chapter 4 represents the management setting and how organizations report their performance to interested parties external to the firm. This is often called financial accounting or auditing, and is a specialized area in accounting. The external reports, called annual reports, are covered in detail regarding 16 THE TECHNOLOGY OF BUSINESS assumptions, methods, interpretations, and most importantly, misuses of the information.

Capex differs from Opex in that the bulk of the expenditure occurs before production begins (usually), and only partial tax relief is granted the year the cost is incurred. The first part should be self-evident - a building must be built before it can be rented. Partial tax relief means that $1 spent this year receives only a fraction of a $1 in tax relief when computing income ELEMENTS OF AN INVESTMENT APPRAISAL 21 taxes in the same year. A full $1 of tax relief will be received over several years, not one year like Opex.

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