Differences in the taxation systems in Britain, France, and some other European countries (which use the imputation system) compared with the USA and the Netherlands, among others (which use the classical tax system), mean that the cost of equity capital should be specified, using a capital...

Various studies of international investment appraisal practices of US-based multinationals suggest that they largely fall to conform to theoretical ideas on project screening and fall short of those used for domestic projects. The findings of these American investigations are summarized. The...