Provided by James R. Martin, Ph.D., CMA
Professor Emeritus, University of South Florida
Investment
Management Main Page | Capital Budgeting Main Page
Abdel-Kader, M. G. and D. Dugdale. 1998. Investment in advanced manufacturing technology: A study of practice in large U.K. companies. Management Accounting Research (September): 261-284.
Accola, W. L. 1994. Assessing risk and uncertainty in new technology investments. Accounting Horizons (September): 19-35.
Ackerman, R. W. 1970. Influence of integration and diversity on the investment process. Administrative Science Quarterly 15(3): 341-351.
Adamany, H. G. and F. A. J. Gonsalves. 1994. Life cycle management: An integrated approach to managing investments, Journal of Cost Management (Summer): 35-48. (Summary).
Addy, C., M. Chorengel, M. Collins and M. Etzel. 2019. Calculating value of impact investing. Harvard Business Review (January/February): 102-109.
Al-Ajmi, J., N. Al-Saleh and H. A. Hussain. 2011. Investment appraisal practices: A comparative study of conventional and Islamic financial institutions. Advances in Accounting: Incorporating Advances in International Accounting 27(1): 111-124.
Alcock, J. and E. Steiner. 2017. The interrelationships between REIT capital structure and investment. Abacus 53(3): 371-394.
Angelica, R. et al. 1985. Asset mix is the key to investment strategy. FE: The Magazine for Financial Executives (September): 38-42.
Amiram, D. 2012. Financial information globalization and foreign investment decisions. Journal of International Accounting Research 11(2): 57-81.
Amram, M. 2002. Value Sweep: Mapping Corporate Growth Opportunities. Harvard Business School Press.
Ang, N. P. and K. T. Trotman. 2015. The utilization of quantitative and qualitative information in groups' capital investment decisions. Behavioral Research In Accounting 27(1): 1-24.
Arnold, J. H. 1986. Assessing capital risk: You can't be too conservative. Harvard Business Review (September-October): 113-121.
Azzone, G. and U. Bertele. 1991. Planning and controlling investments in computer-based automation. Journal of Cost Management (Summer): 28-36.
Bader, A. H. 1986. Alternate risk financing. Journal of Accountancy (September): 150, 152, 154, 156.
Bailey, W. J. and J. A. Samuels. 2018. Analyzing two investments - An instructional case to introduce basic financial accounting concepts. Issues in Accounting Education (November): 47-56.
Bajaj, A., W. E. Bradley and K. S. Cravens. 2008. SAAS: Integrating systems analysis with accounting and strategy for ex ante evaluation of IS investments. Journal of Information Systems (Spring): 97-124.
Baker, G. P. 1993. Growth, corporate policies, and the investment opportunity set. Journal of Accounting and Economics (January-July): 161-165.
Baldenius, T. 2003. Delegated investment decisions and private benefits of control. The Accounting Review (October): 909-930.
Baldenius, T. and B. Michaeli. 2017. Investments and risk transfers. The Accounting Review (November): 1-23.
Baum, A. and N. Colley. 2017. Can real estate investors avoid specific risk? Abacus 53(3): 395-430.
Bayou, M. E. and T. Jeffries. 2006. Analyzing the investment decision in modular manufacturing systems within a critical-thinking framework. Advances in Management Accounting (15): 81-101.
Beatty, A., W. S. Liao and J. Weber. 2010. The effect of private information and monitoring on the role of accounting quality in investment decisions. Contemporary Accounting Research 27(1): 17-47.
Bennett, R. E. and J. A. Hendricks. 1987. Justifying the acquisition of automated equipment. Management Accounting (July): 39-46. (Discussion of justifying CAD, CAM and FMS systems).
Bens, D. A. and S. J. Monahan. 2008. Altering investment decisions to manage financial reporting outcomes: Asset-backed commercial paper conduits and FIN 46. Journal of Accounting Research (December): 1017-1055.
Bensaou, M. and M. Earl. 1998. The right mind-set for managing information technology. Harvard Business Review (September-October): 119-128. (Summary).
Berliner, C., and J. A. Brimson, eds. 1988. Cost Management for Today's Advanced Manufacturing: The CAM-I Conceptual Design. Boston: Harvard Business School Press. (Summary).
Bhimani, A., M. Gosselin, K. Soonawalla and M. Ncube. 2007. The value of accounting information in assessing investment risk. Cost Management (January/February): 29-35.
Bhimani, A., M. Ncube and K. Soonawalla. 2006. Intuition and real options-based investment appraisal: A cross-national study of financial executives. Journal of Applied Management Accounting Research (Summer): 11-34.
Bierman, J. D, and H. Bierman Jr. 1993. Accounting for replacement investments. Journal of Management Accounting Research (5): 56-60.
Blank, L. L. 1987. Total return requirement for technology investments. Journal of Cost Management (Fall): 46-48.
Blank, L. L. 1988. Project selection and the varying level of cost/benefit information. Journal of Cost Management (Fall): 51-57.
Block, R. and W. P. Lloyd. 1982. Communicating the investment risk/return tradeoff. Journal of the Institute of Certified Financial Planners (Spring): 5-18.
Bornholt, G. 2017. What is an investment project's implied rate of return? Abacus 53(4): 513-526.
Bromwich, M. and A. Bhimani. 1991. Strategic investment appraisal. Management Accounting (March): 45-48.
Brooks, A., G. Vesty and M. Taouk. 2020. Testing a strategic investment evaluation tool at Kilgors: A digital-based simulation case. IMA Educational Case Journal 13(3): 1-10.
Carlson, N. F. 1999. Angels of Silicon Valley. Strategic Finance (October): 30-34. (Venture capital investments).
Carr, C. and C. Tomkins. 1996. Strategic investment decisions: The importance of SCM. A comparative analysis of 51 case studies in U.K., U.S. and German companies. Management Accounting Research (June): 199-217.
Carr, C., K. Kolehmainen and F. Mitchell. 2010. Strategic investment decision making practices: A contextual approach. Management Accounting Research (September): 167-184.
Chakravarty, A. K. and A. Shtub. 1985. New technology investments in multistage production systems. Decision Sciences (Summer): 248-264.
Chen, P. F. and G. Zhang. 2003. Heterogeneous investment opportunities in multiple-segment firms and the incremental value relevance of segment accounting data. The Accounting Review (April): 397-428.
Cheng, M. M., T. Dinh, W. Schultze and M. Assel. 2019. The effect of bonus deferral on managers' investment decisions. Behavioral Research In Accounting 31(2): 31-49.
Cheng, X., F. Huang, D. Palmaon and C. Yin. 2021. How does information processing efficiency relate to investment efficiency? Evidence from XBRL adoption. Journal of Information Systems (Spring): 1-25.
Cherry, K. 1993. Why aren't more investments profitable? Journal of Cost Management (Summer): 28-37. (Summary).
Chesbrough, H. W. 2002. Making sense of corporate venture capital. Harvard Business Review (March): 90-99. (A new framework: Mapping your corporate venture capital investments based on corporate investment objectives, i.e., strategic or financial, and four types of investments, i.e., driving, enabling, emergent, and passive).
Christensen, C. M. and D. van Bever. 2014. The capitalist's delemma. Harvard Business Review (June): 60-68. (Assessing investment opportunities).
Christensen, C. M., S. P. Kaufman and W. C. Shih. 2008. Innovation killers: How financial tools destroy your capacity to do new things. Harvard Business Review (January): 98-105. (Discounted cash flow, the treatment of fixed and sunk costs, and over emphasis on earning per share).
Church, B. K., D. Nagao, and K. Surysekar. 1999. Continued support for poorly performing capital projects: A multi-period experimental study. Advances in Management Accounting (8): 27-43.
Clem, A. M. and C. G. Jeffrey. 2001. Is it time for a new accounting of R&D costs? Strategic Finance (August): 50-55.
Cole, R. C. Jr. and H. L. Hales. 1992. How Monsanto justified automation. Management Accounting (January): 39-43.
Cooper, J. C. and F. H. Selto. 1991. An experimental examination of the effects of SFAS No. 2 on R&D investment decisions. Accounting, Organizations and Society 16(3): 227-242.
Copeland, T. 2001. The real-options approach to capital allocation. Strategic Finance (October): 33-37. ("Real-options analysis considers what NPV doesn't and can't: the value of flexibility." The value of a real option is influenced by six variables: The value of the underlying project, the exercise price/investment cost, the volatility of the underlying project's value, the time to maturity, the risk-free interest rate, and dividends).
Copeland, T. and P. Tufano. 2004. A real-world way to manage real options. Harvard Business Review (March): 90-99. (A binomial valuation model for a company's growth choices.).
Dann, L. Y. 1993. Highly leveraged transactions and managerial discretion over investment policy: An overview. Journal of Accounting and Economics (January-July): 237-240.
Diallo, A., Z. U. Khan and C. F. Vail. 1994. Measuring the cost of investment in quality equipment. Management Accounting (August): 32-35.
Duranko, N. S. 1995. How a nonprofit developed investment guidelines. Management Accounting (October): 38-42.
Dussault, T. L. 2004. Price Trends and Investment Probabilities. South-Western Educational Publishing.
Engwall, R. L. 1987. Managing Investments strategically. Journal of Cost Management (Fall): 56-58.
Engwall, R. L. 1988. Designing the optimal investment strategy. Journal of Cost Management (Winter): 56-60.
Engwall, R. L. 1988. Investment evaluation methodologies. Journal of Cost Management (Spring): 40-44. (Summary).
Engwall, R. L. 1988. Cost/benefit analysis. Journal of Cost Management (Fall): 64-70. (Summary).
Engwall, R. L. 1989. Investment justification issues. Journal of Cost Management (Spring): 50-53. (Summary).
Engwall, R. L. 1989. Need for change. Journal of Cost Management (Summer): 51-54.
Engwall, R. L. 1989. CIM/JIT investment justification. Journal of Cost Management (Fall): 35-39.
Engwall, R. L. 1990. Planning is critical to investment justification. Journal of Cost Management (Summer): 60-64.
Feng, C. and C. Kim. 2021. Information processing costs and firms' investment efficiency: An examination of channels of the XBRL effect. Journal of Information Systems (Fall): 53-75.
Florou, A. and P. F. Pope. 2012. Mandatory IFRS adoption and institutional investment decisions. The Accounting Review (November): 1993-2025.
Gallagher, D. R. and K. M. Martin. 2005. Size and investment performance: A research note. Abacus 41(1): 55-65.
Gary, R. F., J. A. Moore, C. A. Sisneros and W. D. Terando. 2016. The impact of tax rate changes on intercorporate investment. Advances in Accounting: Incorporating Advances in International Accounting (34): 55-63.
Gaver, J. J. and K. M. Gaver. 1993. Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics (January-July): 125-160.
Ghemawat, P. 2009. The risk of not investing in a recession. MIT Sloan Management Review (Spring): 31-38.
Ghosh, D. 1995. Throwing good money after bad. Management Accounting (July): 51-54. (How to avoid the escalation phenomenon or pouring money into losing projects).
Gold, B. 1976. The shaky foundations of capital budgeting. California Management Review (Winter): 51-60. (Summary).
Goodman, E. A. 2003. Before you invest in venture capital. Strategic Finance (December): 20-23.
Gordon, L. A. and K. J. Smith. 1992. Postauditing capital expenditures and firm performance: The role of asymmetric information. Accounting, Organizations and Society 17(8): 741-757.
Graham, J. R., S. Hazarika and K. Narasimhan. 2011. Corporate governance, debt, and investment policy during the great depression. Management Science (December): 2083-2100.
Guttman, I., and X. Meng. 2021. The effect of voluntary disclosure on investment inefficiency. The Accounting Review (January): 199-223.
Han, S., Z. Rezaee, L. Xue and J. H. Zhang. 2016. The association between information technology investments and audit risk. Journal of Information Systems (Spring): 93-116.
Hayes, R. H. and W. J. Abernathy. 1980. Managing our way to economic decline. Harvard Business Review (July-August): 67-77.
Hayes, R. H. and W. J. Abernathy. 2007. Managing our way to economic decline. Harvard Business Review (July-August): 138-149. (This is a reprint of their 1980 article with a retrospect by Hayes on page 141). (Summary).
Heard, E. 1996. Investment justification: The cost justification charade. Journal of Cost Management (Summer): 60-65. (Summary).
Ho, S. M. and L. Yang. 2001. Risk perception and handling in capital investment: An empirical study of senior executives in Hong Kong. Advances in Management Accounting (10): 251-271.
Howell, R. A. and S. R. Soucy. 1987. Capital investment in the new manufacturing environment. Management Accounting (November): 26-32. (Summary).
Howell, R. A. and W. A. Schwartz. 1996. Asset deployment and investment justification. Chapter D4. Handbook of Cost Management. Warren, Gorham & Lamont: D4-1-D4-32.
Hughes, S. B., C. B. Caldwell and K. A. Pauson Gjerde. 2006. Promoting investments in intangible organizational assets through aligned incentive compensation plans. Management Accounting Quarterly (Summer): 1-8.
Ismail , T. H. and M. Cline. 2005. Investment appraisal under conditions of continuous and discrete cash flows and discounting. Managerial Auditing Journal 20(1): 30-35. (SSRN link).
Jackson, S. B., T. M. Keune and L. Salzsieder. 2013. Debt, equity, and capital investment. Journal of Accounting and Economics (November-December): 291-310.
Jacobs, M. T. and A. Shivdasani. 2012. Do you know your cost of capital? Harvard Business Review (July/August): 118-124.
Kalagnanam, S. and S. K. Schmidt. 1996. Analyzing capital investments in new products. Management Accounting (January): 31-36.
King, A. M. 1992. Let's make America competitive. Management Accounting (May): 24-27. (Related to high-tech investments).
King, D. R. and R. J. Slotegraaf. 2011. Industry implications of value creation and appropriation investment decisions. Decision Sciences 42(2): 511-529.
Kite, D. 1995. Capital budgeting: Integrating environmental impact. Journal of Cost Management (Summer): 11-14. (Summary).
Klammer, T. 1993. Improving investment decisions. Management Accounting (July): 35-36, 41-43.
Klammer, T. 1993. Managing Strategic and Capital Investment Decisions. Burr ridge, IL Irwin & IMA.
Krische, S. D. 2019. Investment experience, financial literacy, and investment related judgments. Contemporary Accounting Research 36(3): 1634-1668.
Kupper, H. 2009. Investment-based cost accounting as a fundamental basis of decision-oriented management accounting. Abacus 45(2): 249-274.
Lara, J. M. G., B. G. Osma and F. Penalva. 2016. Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics (February): 221-238.
Larcker, D. F. 1983. The association between performance plan adoption and corporate capital investment. Journal of Accounting and Economics (5): 3-30.
Lev, B. 2004. Sharpening the intangibles edge. Harvard Business Review (June): 109-116. (Summary).
Li, F. 2011. Earnings quality based on corporate investment decisions. Journal of Accounting Research (June): 721-752.
Lin, G. C. I. and S. V. Nagalingam. 2000. CIM Justification and Optimisation. CRC Press.
Liu, Y., P. Neely and K. Karim. 2022. The impact of CFO gender on corporate overinvestment. Advances in Accounting (57): 100599.
Lowenstein, R. 2001. When Genius Failed: The Rise and Fall of Long-Term Capital Management. Random House.
Lum, L. 2003. Personal Investing: An Interactive Approach with Access Certificate. South-Western Educational Publishing.
Lyons, B., A. Gumbus and D. E. Bellhouse. 2003. Aligning capital investment decisions with the balanced scorecard. Journal of Cost Management (March/April): 34-38. (Summary).
Martin, J. R. Not dated. Chapter 14: Investment Centers, Return on Investment, Residual Income and Transfer Pricing. Management Accounting: Concepts, Techniques & Controversial Issues. Management And Accounting Web. Chapter14
Martin, J. R. Not dated. Investment management. Management And Accounting Web. InvestmentManageSum
Martin, J. R. Not dated. Moving baseline examples from Sinason. Management And Accounting Web.MovingBaselineExamples
Martin, J. R. Not dated. Relationship between the internal rate of return (IRR), cost of capital, and net present value (NPV). Management And Accounting Web. IRRNPVandCostofCapital
Martin, J. R. 1994. A controversial issues approach to enhance management accounting education. Journal of Accounting Education (Winter): 59-75. (Summary).
Masters, S. J., D. J. Loewy and M. Atkin. 2013. Finding better investment trade-offs. The CPA Journal (September): 50-55.
McNulty, J. J., T. D. Yeh, W. S. Schulze and M. H. Lubatkin. 2002. What's your real cost of capital? Harvard Business Review (October): 114-121. (Replacing the capital asset pricing model with the market-derived capital pricing model).
Mecimore, C. D. 1987. Investment justification: State of the art. Journal of Cost Management (Summer): 65-67.
Meredith, J. 1988. New justification approaches for CIM. Journal of Cost Management (Winter): 15-20.
Miller, P. 1991. Accounting innovation beyond the enterprise: Problematizing investment decisions and programming economic growth in the U. K. in the 1960s. Accounting, Organizations and Society 16(8): 733-762.
Monahan, S. J. 2010. Financial Accounting and Investment Management. (vol. I), (vol.II) by Werner De Bondt. The Accounting Review (September): 1816-1817.
Mouck, T. 2000. Beyond Panglossian theory: Strategic capital investing in a complex adaptive world. Accounting, Organizations and Society 25(3): 261-283.
Nezlobin, A., S. Reichelstein and Y. Wang. 2015. Managerial performance evaluation for capacity investments. Review of Accounting Studies 20(1): 283-318.
Noble, J. L. 1990. A new approach for justifying computer integrated manufacturing. Journal of Cost Management (Winter): 14-19.
Ortner, J., L. Velthuis and D. Wollscheid. 2017. Incentive systems for risky investment decisions under unknown preferences. Management Accounting Research (September): 43-50.
Parker, J. N. 1995. Profits and ethics in environmental investments. Management Accounting (October): 52-53.
Primrose, P. L. 1992. Is anything really wrong with cost management? Journal of Cost Management (Spring): 48-57. (Summary).
Primrose, P. L., and R. Leonard. 1987. Performing investment appraisals for advanced manufacturing technology. Journal of Cost Management (Summer): 34-42.
Primrose, P.L. 1988. The effect of AMT investment on costing systems. Journal of Cost Management (Summer): 27-30.
Rappaport, A. and M. J. Mauboussin. 2001. Expectations Investing: Reading Stock Prices for Better Returns. Harvard Business School Press.
Ravenscraft, B. 2016. See it to believe it: Using a VSM to understand manufacturing and make better capital investment decisions. Cost Management (March/April): 16-22.
Reichelstein, S. 1997. Investment decisions and managerial performance evaluation. Review of Accounting Studies 2(2): 157-180.
Reilly, F. K. and K. C. Brown. 2003. Investment Analysis and Portfolio Management, 7th. South-Western Educational Publishing.
Rose, J. M., A. M. Rose and C. S. Norman. 2004. The evaluation of risky information technology investment decisions. Journal of Information Systems (Spring): 53-66.
Ross, J. W. and C. M. Beath. 2002. New approaches to IT investment. MIT Sloan Management Review (Winter): 51-59.
Roychowdhury, S., N. Shroff and R. S. Verdi. 2019. The effects of financial reporting and disclosure on corporate investment: A review. Journal of Accounting and Economics (November-December): 101246.
Sayre, T. L., F. W. Rankin and N. L. Fargher. 1998. The effects of promotion incentives on delegated investment decisions: A note. Journal of Management Accounting Research (10): 313-324.
Schuster, P. 2011. VOFI: A more realistic method for investment appraisal. Management Accounting Quarterly (Winter): 24-34. (The visualization of financial implications method).
Schwan, E. S. and W. A. Remaley. 1991. Marginal return on invested capital versus internal rate of return. Journal of Cost Management (Summer): 55-58.
Shank, J. K. 1996. Analysing technology investments - From NPV to strategic cost management (SCM): Management Accounting Research (June): 185-197.
Shank, J. K. and D. Peterson. 2005. Strategic cost analysis for capital spending decisions. Cost Management (July/August): 14-20.
Sheldon, G. M. 2016. Investment policy statements. The CPA Journal (January): 70-71.
Shields M. D. and S. M. Young. 1991. Managing product life cycle costs: An organizational model. Journal of Cost Management (Fall): 39-51. (Summary).
Shroff, N. 2017. Corporate investment and changes in GAAP. Review of Accounting Studies 22(1): 1-63.
Shroff, N., R. S. Verdi and G. Yu. 2014. Information environment and the investment decisions of multinational corporations. The Accounting Review (March): 759-790.
Sinason, D. H. 1991. A dynamic model for present value capital expenditure analysis. Journal of Cost Management (Spring): 40-45. (Summary).
Slagmulder, R. 1997. Using management control systems to achieve alignment between strategic investment decisions and strategy. Management Accounting Research (March): 103-139.
Smith, K. 1993. Investment monitoring systems, abandonment of capital assets, and firm performance. Journal of Management Accounting Research (5): 281-299.
Smith, L. W. 1961. Cash management for control of investment. N.A.A. Bulletin (May): 5-12.
Storm, D. J. and S. J. Sullivan. 1989. CIM investment justification: The "fresh start" approach. Journal of Cost Management (Spring): 4-13.
Tarasovich, B. and B. Lyons. 2017. Repackaging a global brand: A case study analyzing the capital expenditure decision. IMA Educational Case Journal 10(4): 1-4.
Unruh, G., D. Kiron, N. Kruschwitz, M. Reeves, H. Rubel, Z. Felde and A. Meyer. 2016. Investing for a sustainable future. MIT Sloan Management Review (Summer): 3-29.
Van Cauwenbergh, A., E. Durinck, R. Martens, E. Laveren and I. Bogaert. 1996. On the role and function of formal analysis in strategic investment decision processes: Results from an empirical study in Belgium. Management Accounting Research (June): 169-184.
Van der Spek, M. 2017. Investing in real estate debt: Is it real estate or fixed income? Abacus 53(3): 349-370.
Vandell, R. F. And P. J. Stonich. 1973. Capital budgeting: Theory or results? Financial Executive. (August). Reprinted in Readings in Cost Accounting Budgeting and Control. 1978. Edited by W. E. Thomas: 236-247.
Vitale, M. R. and S. C. Mavrinac. 1995. How effective is your performance measurement system? If any of seven warning signs exist, redesign your system. Management Accounting (August): 43-47. (These authors discuss how the lack of adequate performance measurement systems are tied to the lack of key strategic investments.)
Watson, R. H. 1952. Investment questions which involve the method of distributing partnership profits. The Accounting Review (January): 136-137.
Wiedemer, J. P. and J. E. Goeters. 2003. Real Estate Investment, 6e. South-Western Educational Publishing.
Wouters, M., M. Kirchberger and F. Stadtherr. 2016. Kuhle Engler Kraftwagen AG, Part 2: Evaluating investments for the 2025 Energy Efficiency Challenge. IMA Educational Case Journal 9(4): 1-7.
Xho, H. and V. Muslu. 2021. How do firms change investments based on MD&A disclosures of peer firms? The Accounting Review (March): 177-204.
Yayla-Kullu, H. M. 2013. Capacity investment and product line decisions of a multiproduct leader and a focus strategy entrant. Decision Sciences 44(4): 645-678.
Young, S. M., J. J. Gong and W. A. Van der Stede. 2012. Using real options to make decisions in the motion picture industry. Strategic Finance (May): 53-59. ("A real option is the right, but not the obligation, to undertake a business decision.").
Zeller, T. L. and B. B. Stanko. 2005. How risky are your capital expenditures? Strategic Finance (February): 42-49.