Corporate finance and investment: decisions and strategies
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Harlow [u.a.]
Prentice Hall [u.a.]
2003
|
| Ausgabe: | 4. ed. |
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010205469&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Abstract: | This text has a practical orientation with a wealth of realworld examples and case studies. Recommended by the CIMA and ACCA, it includes new material on derivatives, treasury management and restructuring. |
| Umfang: | XXVIII, 883 S. . graph. Darst. |
| ISBN: | 0273651382 |
Internformat
MARC
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| 250 | |a 4. ed. | ||
| 264 | 1 | |a Harlow [u.a.] |b Prentice Hall [u.a.] |c 2003 | |
| 300 | |a XXVIII, 883 S. . graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 520 | 3 | |a This text has a practical orientation with a wealth of realworld examples and case studies. Recommended by the CIMA and ACCA, it includes new material on derivatives, treasury management and restructuring. | |
| 650 | 4 | |a Corporations |z Europe |x Finance | |
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Datensatz im Suchindex
| _version_ | 1819250614926835712 |
|---|---|
| adam_text | List of figures xvii
List of tables xx
Preface to Fourth Edition xxiii
Acknowledgements xxix
Guided Tour xxxii
Part I A framework for financial decisions 1
1 An overview of financial management 3
1.1 Introduction 4
1.2 The finance function 6
1.3 Investment and financial decisions 7
1.4 Cash the lifeblood of the business • 8
1.5 The emergence of financial management 9
1.6 The finance department in the firm 11
1.7 The financial objective 12
1.8 The agency problem 13
1.9 Managing the agency problem 14
1.10 Social responsibility and shareholder wealth 16
1.11 The corporate governance debate 17
1.12 The risk dimension 18
1.13 The strategic dimension 19
1.14 The underlying principles of finance 23
Summary 27
Key points 28
Further reading 28
Questions 29
viii Contents
2 The financial environment 33
2.1 Introduction 34
2.2 Financial markets 34
2.3 The financial services sector 37
2.4 The London Stock Exchange (LSE) 41
2.5 Are financial markets efficient? 46
2.6 A new perspective Chaos Theory 55
2.7 Short termism in the City ^7
2.8 Reading the financial pages 58
2.9 Taxation and financial decisions 61
Summary 62
Key points 62
Further reading 62
Appendix Financial statement analysis 63
Questions 74
3 Present values and financial arithmetic 78
3.1 Introduction 79
3.2 Measuring wealth 79
3.3 Time value of money 81
3.4 Financial arithmetic for capital growth 81
3.5 Present value 84
3.6 Present value arithmetic 89
3.7 Valuing bonds 92
3.8 Net present value 94
Summary 99
Key points 99
Further reading 99
Appendix I The Term Structure of
Interest Rates and the Yield Curve 10°
Appendix II The investment consumption decision 102
Appendix III Present value formulae 107
Questions 109
4 Valuation of assets, shares and companies 112
4.1 Introduction 113
4.2 The valuation problem 113
4.3 Valuation using published accounts 115
4.4 Valuing the earnings stream 122
4.5 EBITDA a half way house 124
4.6 Valuing cash flows 125
4.7 The DCF approach 127
4.8 Valuation of unquoted companies 131
Contents ix
4.9 Valuing shares: the Dividend Valuation Model 131
4.10 Problems with the Dividend Growth Model 135
4.11 Shareholder Value Analysis 138
Summary 143
Key points 143
Further reading 144
Questions 145
Part II Investment decisions and strategies 151
5 Investment appraisal methods 153
5.1 Introduction 154
5.2 Cash flow analysis 154
5.3 Investment techniques net present value 156
5.4 Internal rate of return 158
5.5 Profitability index 161
5.6 Payback period 162
5.7 Accounting rate of return 163
5.8 Ranking mutually exclusive projects 165
5.9 Investment evaluation and capital rationing 170
Summary 174
Key points 175
Further reading 175
Appendix I Modified IRR 176
Appendix II Multi period capital rationing and
mathematical programming 177
Questions 182
6 Project appraisal applications 187
6.1 Introduction 188
6.2 Incremental cash flow analysis 188
6.3 Replacement decisions 192
6.4 Inflation cannot be ignored 194
6.5 Taxation is a cash flow 196
6.6 Use of DCF techniques 200
6.7 Traditional appraisal methods 202
Summary 206
Key points 206
Further reading 207
Appendix The problem of unequal lives: Allis pic 207
Questions 210
x Contents
7 Investment strategy and process 220
7.1 Introduction 221
7.2 Strategic considerations 221
7.3 Advanced manufacturing technology (AMT)
investment 225
7.4 Environmental aspects of investment 228
7.5 The capital investment process 229
7.6 Post auditing 237
Summary 240
Key points 240
Further reading 240
Questions 241
8 Foreign investment decisions 243
8.1 Introduction 244
8.2 Advantages of MNCs over national firms 245
8.3 Foreign market entry strategies 246
8.4 The incremental hypothesis 248
8.5 Complexities of foreign investment 250
8.6 Should firms worry about exchange rate changes? 252
8.7 Evaluating FDI 255
8.8 Exposure to foreign exchange risk 259
8.9 How MNCs manage operating exposure 263
8.10 Political and country risk 264
8.11 Managing political and country risk (PCR) 267
Summary 269
Key points 269
Further reading 269
Questions 271
Part III Investment risk and return 275
9 Analysing investment risk 277
9.1 Introduction 278
9.2 Expected net present value (ENPV): Betterway pic 279
9.3 Attitudes to risk 280
9.4 The many types of risk 281
9.5 Measurement of risk 283
9.6 Risk description techniques 288
9.7 Adjusting the NPV formula for risk 292
9.8 Risk analysis in practice 29
Summary 298
Key points 298
Contents xi
Further reading 299
Appendix Multi period cash flows and risk 299
Questions 303
10 Relationships between investments: portfolio theory 308
10.1 Introduction 309
10.2 Portfolio analysis: the basic principles 310
10.3 How to measure portfolio risk 313
10.4 Portfolio analysis where risk and return differ 316
10.5 Different degrees of correlation 319
10.6 Worked example: Gerrybild pic 320
10.7 Portfolios with more than two components 323
10.8 Can we use this for project appraisal?
Some reservations 325
Summary 326
Key points 326
Further reading 327
Questions 329
11 Setting the risk premium: the Capital Asset
Pricing Model 331
11.1 Introduction 332
11.2 Security valuation and discount rates 332
11.3 Concepts of risk and return 333
11.4 The relationship between different equity
markets 338
11.5 Systematic risk 339
11.6 Completing the model 344
11.7 Using the CAPM: assessing the required return 345
11.8 The underpinnings of the CAPM 350
11.9 Portfolios with many components: the capital
market line 351
11.10 How it all fits together: the key relationships 353
11.11 Reservations about the CAPM 355
11.12 Testing the CAPM 356
11.13 The Arbitrage Pricing Theory 358
11.14 Issues raised by the CAPM: some food for
managerial thought 359
Summary 362
Key points 362
Further reading 362
Appendix Analysis of variance 363
Questions 365
xii Contents
12 The required rate of return on investment and
Shareholder Value Analysis 367
12.1 Introduction 368
12.2 The required return in all equity firms: the DGM 368
12.3 The required return in all equity firms:
the CAPM 374
12.4 Using value drivers Shareholder Value Analysis (SVA) 376
12.5 Worked example: Safa pic 378
12.6 Using tailored discount rates 381
12.7 Another problem: taxation and the CAPM 388
12.8 Problems with tailored discount rates 389
12.9 A critique of divisional hurdle rates 390
12.10 The discount rate for Foreign Direct Investment (FDD 392
Summary 393
Key points 393
Further reading 394
Questions 394
13 Identifying and valuing options 398
13.1 Introduction 399
13.2 Share options 399
13.3 Option pricing 407
13.4 Application of option theory to corporate finance 413
13.5 Capital investment options 414
13.6 Why conventional NPV may not tell the whole story 419
Summary 421
Key points 421
Further reading 421
Appendix Black Scholes option pricing formula 422
Questions 423
Part IV Short term financing and policies 427
14 Treasury management and working capital policy 429
14.1 Introduction 430
14.2 The treasury function 430
14.3 Funding 433
14.4 Banking relationships 436
14.5 Risk management 436
14.6 Working capital management 445
14.7 Predicting corporate failure 448
14.8 Cash operating cycle 450
14.9 Working capital policy 451
14.10 Overtrading problems 456
14.11 How firms can use the yield curve 458
Contents KM
Summary 460
Key points 460
Further reading and website 461
Questions 462
15 Short term asset management 466
15.1 Introduction 467
15.2 Managing trade credit 467
15.3 Inventory management 478
15.4 Cash management 484
15.5 Cash management models 490
Summary 492
Key points 492
Further reading 492
Appendix Miller Orr cash management model 493
Questions 495
16 Short and medium term finance 500
16.1 Introduction 501
16.2 Trade credit 501
16.3 Bank credit facilities 504
16.4 Factoring and invoice discounting 508
16.5 Using the money market: bill finance 511
16.6 Hire purchase (HP) 514
16.7 Leasing 516
16.8 Lease evaluation: a simple case 518
16.9 Motives for leasing 522
16.10 Allowing for Corporation Tax in lease evaluation 524
16.11 Financing international trade 529
Summary 533
Key points 533
Further reading 534
Questions 535
17 Managing currency risk 539
17.1 Introduction 540
17.2 The structure of exchange rates: spot and forward rates 542
17.3 Foreign exchange exposure 543
17.4 Economic theory and exposure management 546
17.5 Exchange rate forecasting 553
17.6 Devising a foreign exchange management (FEM) strategy 557
17.7 Internal hedging techniques 560
17.8 External hedging techniques 563
xiv Contents
17.9 Hedging the risk of foreign projects 571
17.10 Conclusions 573
Summary 573
Key points 573
Further reading 574
Questions 575
Part V Strategic financial decisions 581
18 Long term finance 583
18.1 Introduction 584
18.2 Guiding lights: corporate aims and corporate finance 584
18.3 How companies raise finance in practice 586
18.4 Shareholders funds 587
18.5 Methods of raising equity finance 590
18.6 Debt instruments: debentures, bonds and notes 606
18.7 Leasing and sale and leaseback (SAL) 618
Summary 620
Key points 620
Further reading 621
Questions 622
19 Returning value to shareholders: the dividend decision 626
19.1 Introduction 627
19.2 The strategic dimension 628
19.3 The legal dimension 629
19.4 The theory: dividend policy and firm value 630
19.5 Objections to dividend irrelevance 638
19.6 The information content of dividends: dividend smoothing 645
19.7 Alternatives to cash dividends 647
19.8 The dividend puzzle 651
19.9 Conclusions 654
Summary 655
Key points 655
Further reading 656
Appendix Home made dividends 656
Questions 658
20 Capital structure and the required return 662
20.1 Introduction 663
20.2 Measures of gearing 665
20.3 Operating and financial gearing 670
20.4 Financial gearing and risk: Lindley pic 673
Contents xv
20.5 The traditional view of gearing and the required return 677
20.6 The cost of debt 680
20.7 The overall cost of capital 682
20.8 Worked example: Damstar pic 685
20.9 International financing 687
20.10 The WACC for foreign investment projects 690
20.11 Financial distress 690
20.12 Two more issues: signalling and agency costs 695
20.13 Conclusions 696
Summary 698
Key points 698
Further reading 699
Appendix Slipping down the credit ratings 699
Questions 701
21 Does capital structure really matter? 706
21.1 Introduction 707
21.2 The Modigliani Miller message 708
21.3 MM s propositions 710
21.4 Impediments to arbitrage 714
21.5 MM with corporate income tax 715
21.6 Capital structure theory and the CAPM 719
21.7 MM with financial distress 721
21.8 Calculating the WACC 722
21.9 The adjusted present value method (APV) 725
21.10 Applying the APV to foreign direct investment 728
21.11 Which discount rate should we use? 729
Summary 730
Key points 730
Further reading 731
Appendix I Derivation of MM s Proposition II 732
Appendix II MM s Proposition III: the cut off rate for
new investment 732
Appendix III Allowing for personal taxation: Miller s revision 733
Questions 735
22 Acquisitions and restructuring 741
22.1 Introduction 742
22.2 Takeover waves 743
22.3 Motives for takeover 750
22.4 Financing a bid 756
22.5 Evaluating a bid: the expected gains from takeovers 757
22.6 Worked example: ML pic and CO pic 759
22.7 The importance of strategy 762
xvi Contents
22.8 The strategic approach 763
22.9 Post merger activities 768
22.10 Assessing the impact of mergers 773
22.11 Value gaps 780.
22.12 Corporate restructuring to create value 782
Summary 790
Key points 791
Further reading 791
Questions 793
Appendix A Solutions to selected questions 801
Appendix B Present value interest factor (PVIF) 838
Appendix C Present value interest factor for
an annuity (PVIFA) 842
Glossary 846
References 861
Index 873
1.1 The Finance function in a large organisation 6
1.2 Cash the lifeblood of the business 8
1.3 The risk return trade off 19
1.4 Main elements in strategic planning 21
1.5 Factors influencing the value of the firm 22
2.1 Financial markets, institutions, suppliers and users 36
2.2 Chart showing breakout beyond resistance line 49
3.1 The relationship between present value of £1 and interest over time 88
3.2 Investment appraisal elements 95
3.3 The term structure of interest rates 100
3.4 Investment opportunities for Platt Enterprises 103
3.5 Investment and financing opportunities for Platt Enterprises 105
3.6 Investment decisions in imperfect capital markets 107
4.1 Calculating Free Cash Flow (FCF) 129
4.2 Shareholder value analysis framework 139
5.1 Lara proposal: NPV IRR graph 160
5.2 NPV and IRR compared 169
7.1 McKinsey GE portfolio matrix 222
7.2 Normal progression of product over time 223
7.3 Investment strategy 223
7.4 A simple capital budgeting system 231
8.1 The spectrum of foreign market service modes 246
8.2 Exporting vs. FDI 249
8.3 Classification of firms by extent of operating exposure 259
9.1 Risk profiles 280
9.2 Investor s risk averse utility function 281
9.3 Variability of project returns 284
9.4 Mean variance analysis 287
9.5 Sensitivity graph 288
9.6 Simulated probability distributions 292
9.7 How risk is assumed to increase over time 294
xviii List of figures
10.1 Equal and offsetting fluctuations in returns 310
10.2 Available portfolio risk return combinations when both assets
risks and expected returns are different 318
10.3 The effect on the efficiency frontier of changing correlation 319
10.4 Gerrybild s opportunity set 322
10.5 Portfolio combinations with three assets 323
10.6 Portfolio combinations with four assets 328
11.1 Specific vs. market risk of a portfolio 335
11.2 The effect of international diversification on portfolio risk 338
11.3 The characteristics line: no specific risk 341
11.4 The characteristics line: with specific risk 341
11.5 The security market line 344
11.6 The capital market line 351
11.7 The CAPM: the three key relationships 354
11.8 Theoretical and empirical SMLs 357
11.9 Alternative characteristics lines 363
12.1 Risk premiums for activities of varying risk 382
12.2 The Beta pyramid 383
13.1 Payoff lines for shares and share options in Enigma Drugs pic 400
13.2 BP call option 404
13.3 BP put option 406
13.4 Option transactions 407
13.5 Option and share price movements for Bradford pic 409
13.6 The value of the options to delay investments:
Cardiff Components Ltd 416
14.1 Financing working capital: the matching approach 435
14.2 Financing working capital needs: an aggressive strategy 435
14.3 Cash conversion cycle 451
14.4 Helsinki pic working capital strategies 453
14.5 Optimal level of working capital for a relaxed strategy 455
14.6 Optimal level of working capital for an aggressive strategy 456
14.7 Yield curves 459
15.1 The credit management process 469
15.2 Ordering and debt collection cycle 475
15.3 The inventory cycle 481
15.4 Cash flow activity for main stakeholders 485
15.5 Miller Orr cash management model 493
16.1 How hire purchase works 515
17.1 Interlocking theories in international economics 552
17.2 Flow chart demonstrating a logical approach towards devising a
foreign exchange management strategy 558
17.3 Illustration of multilateral netting 561
17.4 Achieving the swap 570
18.1 How an SPV works 609
19.1 The impact of a permanent dividend cut 634
19.2 Dividends as a residual 636
20.1 How gearing affects the ROE 675
20.2 The traditional view of capital structure 679
21.1 MM s Propositions I and II 712
List of figures xix
21.2 The MM thesis with corporate income tax 716
21.3 The two components of the geared Beta 720
21.4 Optimal gearing with liquidation costs 721
21.5 A simple APV model 729
22.1 Who does what? merger flow chart 748
22.2 A strategic framework 763
22.3 Type of acquisition and integrative complexity 768
2.1 Leading Stock Exchanges (based on 2000 statistics) 46
2.2 Share performance for the food retail sector 60
2.3 Foto U pic 64
2.4 Foto U key ratios 67
2.5 Foto U annual corporate performance report 72
3.1 Annual percentage rates for a loan with interest payable at
22 per cent per annum °3
3.2 Present value of a single future sum 89
4.1 Balance Sheet for DS Smith pic as at 28 April 2001 115
4.2 How earnings and dividends grow in tandem (figures in £m) 134
5.1 Net present value calculations 15
5.2 Why NPV makes sense to shareholders 157
5.3 IRR calculations for Lara proposal 159
5.4 Payback period calculation 163
5.5 Calculation of the ARR on total assets 164
5.6 Comparison of various appraisal methods 165
5.7 Comparison of mutually exclusive projects 168
5.8 Investment opportunities for Mervtech pic 172
5.9 NPV vs. PI for Mervtech pic 173
5.10 Modified IRR for Lara I76
5.11 Atherton pic: planned investment schedule (£000) l7^
5.12 Projects accepted based on LP solution l7^
6.1 Profitability of Sevvie s project 193
6.2 Sewie pic solution 194
6.3 The money terms approach 195
6.4 The real terms approach 196
6.5 Project Tiger 2000 (assuming no capital allowances) 197
6.6 Woosnam pic Tiger 2000 tax reliefs 199
6.7 Woosnam pic Tiger 2000 with tax relief 1
6.8 Capital investment evaluation methods in 100 large UK firms 200
6.9 Relationship between ARR and IRR 202
6.10 Allis pic cash flows for two projects 208
List of tables xxi
6.11 Profit projection for CNC milling machine (£000) 217
8.1 Sparkes and Zoltan: project details 256
8.2 Evaluation of the Zoltan project 257
8.3 Alternative evaluation of Zoltan project 258
8.4 Country risk scores for selected locations 266
9.1 Betterway pic: expected net present values 279
9.2 Effects of cost structure on profits (£000) 282
9.3 Snowglo pic project data 284
9.4 Project risk for Snowglo pic 285
9.5 UMK cost structure 289
9.6 Risk analysis in 100 large UK firms 295
9.7 Bronson project payoffs with independent cash flows 300
10.1 Returns under different states of the economy 314
10.2 Calculating the covariance 315
10.3 Differing returns and risks 317
10.4 Portfolio risk return combinations (%) 317
10.5 Returns from Gerrybild 320
10.6 Calculation of standard deviations of returns from each investment 321
10.7 Calculation of the covariance 321
11.1 The annual TSRs on Pilkington shares 334
11.2 How to remove portfolio risk 336
11.3 Possible returns from Walkley Wagons 340
11.4 Beta values of the constituents of the FT 30 Share Index 343
11.5 Equity gilts relative returns 348
12.1 The return on Tomkins pic shares 370
12.2 Cash flow profile* for Safa, pic (ungeared) 380
12.3 Divisional Betas for Tomkins pic 385
12.4 The effect of operating gearing (£m) 386
12.5 Subjective risk categories 388
13.1 Option on BP shares (current price 397p) 402
13.2 Returns on BP shares and options 404
13.3 Valuing a call option in Riskitt pic 412
13.4 Harlequin pic: call option valuation 419
14.1 Helsinki pic: profitability and risk of working capital strategies 454
15.1 Trade credit policy in large UK firms (145 firms) 476
15.2 Credit management practices in large UK firms (145 firms) 476
15.3 Total inventory levels and stockholding periods 479
15.4 Thorntons pic consolidated cash flow statement 487
15.5 Mangle Ltd: production and sales 488
15.6 Mangle Ltd: cash budget for six months to June (£) 488
16.1 Tax relief on an HP contract (£) 515
16.2 Hardup pic s leasing analysis 519
16.3 The behaviour of the equivalent loan (£m) 520
16.4 Hardup s leasing decision with tax 526
16.5 Interest charges on a lease contract (figures in £m) 527
16.6 Changes in tax allowable lease costs (figures in £m) 527
17.1 Twelve month forecasts to November 1 2000 556
17.2 Oilex s internal currency flows 561
18.1 European corporate asset backed deals, Jan. June 2001 610
xxii List of tables
19.1 Kelda Group pic Financial Calendar 627
19.2 Rawdon pic 642
19.3 BAA pic: dividend smoothing 646
19.4 Analysis of a share repurchase 650
20.1 Financial data for BAA pic 668
20.2 How gearing affects shareholder returns in Lindley pic 673
20.3 How gearing affects the risk of ordinary shares 674
20.4 How gearing can affect share price 676
20.5 British Airways pic borrowings (£m) 689
21.1 Key definitions in capital structure analysis 709
21.2 The tax shield with finite life debt 727
22.1 The scale and financing of takeover activity of UK firms by UK firms 744
22.2 Acquisition according to status of acquiree 745
22.3 Cross border acquisitions involving UK companies 746
22.4 Hawk and Vole 755
22.5 Strategic opportunities 765
22.6 Pre and post bid returns 775
22.7 The gains from mergers 776
|
| any_adam_object | 1 |
| author | Pike, Richard |
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| dewey-full | 658.150941 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
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| dewey-sort | 3658.150941 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 4. ed. |
| format | Book |
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| geographic | Europa Großbritannien Großbritannien (DE-588)4022153-2 gnd |
| geographic_facet | Europa Großbritannien |
| id | DE-604.BV016511041 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T11:12:27Z |
| institution | BVB |
| isbn | 0273651382 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-010205469 |
| oclc_num | 52359329 |
| open_access_boolean | |
| owner | DE-703 |
| owner_facet | DE-703 |
| physical | XXVIII, 883 S. . graph. Darst. |
| publishDate | 2003 |
| publishDateSearch | 2003 |
| publishDateSort | 2003 |
| publisher | Prentice Hall [u.a.] |
| record_format | marc |
| spellingShingle | Pike, Richard Corporate finance and investment decisions and strategies Corporations Europe Finance Corporations Great Britain Finance Investments Great Britain Finanzierung (DE-588)4017182-6 gnd Investitionsentscheidung (DE-588)4162244-3 gnd Investition (DE-588)4027556-5 gnd Investitionspolitik (DE-588)4137114-8 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4162244-3 (DE-588)4027556-5 (DE-588)4137114-8 (DE-588)4022153-2 |
| title | Corporate finance and investment decisions and strategies |
| title_auth | Corporate finance and investment decisions and strategies |
| title_exact_search | Corporate finance and investment decisions and strategies |
| title_full | Corporate finance and investment decisions and strategies Richard Pike and Bill Neale |
| title_fullStr | Corporate finance and investment decisions and strategies Richard Pike and Bill Neale |
| title_full_unstemmed | Corporate finance and investment decisions and strategies Richard Pike and Bill Neale |
| title_short | Corporate finance and investment |
| title_sort | corporate finance and investment decisions and strategies |
| title_sub | decisions and strategies |
| topic | Corporations Europe Finance Corporations Great Britain Finance Investments Great Britain Finanzierung (DE-588)4017182-6 gnd Investitionsentscheidung (DE-588)4162244-3 gnd Investition (DE-588)4027556-5 gnd Investitionspolitik (DE-588)4137114-8 gnd |
| topic_facet | Corporations Europe Finance Corporations Great Britain Finance Investments Great Britain Finanzierung Investitionsentscheidung Investition Investitionspolitik Europa Großbritannien |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010205469&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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