Marcin Borkowski**On some measures of efficiency of financial projects**

A classic – and the most well-known – measure of efficiency of financial

projects is the net present value (NPV). However, it has certain issues

connected with choosing the “right” discount rate. In the paper by

Teichroew et al. (1965) it was shown how to compute net future value

using two rates: one for financing and one for reinvesting. The authors

mention how to use their method to compute an analogue of the NPV.

Unfortunately, their method is wrong. The first part of the talk will

be devoted to showing their error and comparing their method to

a correct one due to A. Kulakova (2010). Then, we will prove a number

of properties of the generalized net present value defined by the latter

author.