Narrow search
Showing 1 - 10 of 144
Cover Image
Ambiguita Nell´Applicazione del CAPM per la valutazione degli investimenti
Magni, Carlo Alberto - MASTER CONSULTORES - 2009
Il presente lavoro tratta del classico criterio di capital budgeting derivato dal CAPM,secondo il quale un investimento …
Persistent link: https://www.econbiz.de/10010763038
Cover Image
The Colombian Stock Market: 1930-1998
Pareja, Ignacio Vélez - MASTER CONSULTORES - 1999
This article explores the behavior of the stock market in Colombia with the information given by the Bolsa de Bogota Index (Indice de la Bolsa de Bogota, IBB). The index is analyzed from January, 1930 to December, 1998. The inflation rate covers the same period; the inflation rate as measured by...
Persistent link: https://www.econbiz.de/10010827952
Cover Image
Costo de capital para empresas no transadas en bolsa
Vélez-Pareja, Ignacio - MASTER CONSULTORES - 2002
el Capital Assets Pricing Model (CAPM), otras utilizan información contable o simplemente, una apreciación subjetiva del …
Persistent link: https://www.econbiz.de/10010763040
Cover Image
The AIRR Approach for Investment Performance Measurement
Magni, Carlo Alberto - MASTER CONSULTORES - 2012
This paper introduces a new method of investment performance analysis, based on the recent approach of Average Internal Rate of Return (AIRR). We show that the approach generates rates of return suitable for assessing both a fund´s (portfolio´s) performance and a manager´s performance. The...
Persistent link: https://www.econbiz.de/10010762942
Cover Image
The Internal-Rate-of-Return approach and the AIRR paradigm: A refutation and a corroboration
Magni, Carlo Alberto - MASTER CONSULTORES - 2012
This paper shows that the Internal-Rate-of-Return (IRR) approach is unreliable, and that the recently introduced Average-Internal-Rate-of-Return (AIRR) model constitutes the basis for an alternative theoretical paradigm of rate of return. To this end, we divide the paper into two parts: a pars...
Persistent link: https://www.econbiz.de/10010762951
Cover Image
The use of Npv and CAPM for capital budgeting is not a good idea. A reply to De Reyck (2005)
Magni, Carlo Alberto - MASTER CONSULTORES - 2009
disequilibrium values, is at odds with arbitrage theory, and that the corresponding CAPM-based NPV rule is meaningless even in the …-present-value criterion, as currently used in finance. This paper shows that the standard use of CAPM for capital budgeting, based on …-arbitrage principle. To use NPV and CAPM for capital budgeting is not a good idea. …
Persistent link: https://www.econbiz.de/10010762957
Cover Image
Accounting and economic measures: an integrated theory of capital budgeting
Magni, Carlo Alberto - MASTER CONSULTORES - 2009
Accounting measures are traditionally considered not significant from an economic point of view. In particular, accounting rates of return are often regarded economically meaningless or, at the very best, poor surrogates for the IRR, which is held to be "the" economic yield. Likewise, residual...
Persistent link: https://www.econbiz.de/10010762964
Cover Image
On the long-standing issue of the internal rate of return: a complete resolution
Magni, Carlo Alberto - MASTER CONSULTORES - 2010
The IRR problem. As widely known, the IRR has serious flaws: (i)multiple real-valued IRRs may arise, (ii) the meaning of each IRR may be ambiguous (rate of return or rate of cost?), (iii)complex-valued IRRs may arise, (iv) the IRR is, in general, incompatible with the net present value (NPV) in...
Persistent link: https://www.econbiz.de/10010762966
Cover Image
Interval and fuzzy Average Internal Rate of Return for investment appraisal
Guerra, Maria Letizia; Magni, Carlo Alberto; Stefanini, … - MASTER CONSULTORES - 2012
In investment appraisal, uncertainty can be managed through intervals or fuzzy numbers because the arithmetical properties and the extension principle are well established and can be successfully applied in a rigorous way. We apply interval and fuzzy numbers to the Average Internal Rate of...
Persistent link: https://www.econbiz.de/10010762973
Cover Image
Mathematical Analysis of Average Rates of Return and Investment Decisions: The Missing Link
Magni, Carlo Alberto - MASTER CONSULTORES - 2014
This paper expands Teichroew, Robichek and Montalbano's (TRM) (1965a, b) rate-of-return model into a complete and general model of economic profitability for investment decision-making. Specifically, TRM's assumptions are relaxed and a project rate of return is derived, expressing the project's...
Persistent link: https://www.econbiz.de/10010762989