{
  "annotation_id": "4c5b9040-8209-4497-8034-f004504c0aea",
  "date_created": "2026-03-02T18:01:00.220000Z",
  "date_modified": "2026-03-02T18:01:00.220000Z",
  "file_hash": "fbe153a6e07be60275a953d0e4d6fd8e781cac7004e62eb10fb140201d4a9f23",
  "private": false,
  "record": {
    "abstract": "An investor is estimating net present value of a firm project and performs\nrisk analysis. Usually it is created portfolio hierarchies and make comparison\nof variants of project based on these hierarchies. Then one finds that\nportfolio which corresponds to the particular needs of individual groups within\nthe firm. We have formulated a new type of NPV analysis based on the fact that\nnormal distribution of NPV is observed for some projects in some industries.\nThe expected risk of the project is given by variance, in which there is the\nstandard deviation of the year n cash flow, the standard deviation of the\ninvestment I in the time zero, the correlation coefficient of the year n cash\nflow deviation from the average and of the investment I at time zero deviation\nfrom the mean investment at time zero, the correlation coefficient of the year\nn cash flow deviation from the average and of the year n\u0027 cash flow deviation\nfrom the average. The aim function of the investor into the project was found.\nThe investor is characterized by the constant A. The larger constant A the\nlarger preference is given to the project NPV and the larger acceptable risk of\nthe project, and vice versa. We have found that there are contributions in\nwhich we have the aim-function-like contribution to the aim function, which is\ndiscounted and in which the risk of the n-th year risk is discounted in the\nsecond order. Further there is aim-function-like contribution to the\naim-function which comes from the initial investment I and its risk.",
    "arxiv_id": "physics/0509102",
    "authors": [
      "Jana Hudakova",
      "Ondrej Hudak"
    ],
    "categories": [
      "physics.soc-ph",
      "physics.data-an",
      "q-fin.RM"
    ],
    "title": "Firm Projects, NPV and Risk",
    "url": "https://arxiv.org/abs/physics/0509102"
  },
  "schema_id": "dorsal/arxiv",
  "source": {
    "execution_id": "049c0064-339f-44fb-96c0-d2ea68979343",
    "id": "arXiv Dataset IDs",
    "type": "Model",
    "variant": "snapshot-2026-03-01",
    "version": "0.1.0"
  },
  "user_id": 1000002
}