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The phased approach to time value of money in economic analysis of investment projects
Daskovskiy, Vadim; Kiselyov, Vladimir - Volkswirtschaftliche Fakultät, … - 2010
Method discounting cash flow (DCF) is analyzed in the article. Article is demonstrating complete economic insolvency DCF. The fallacy of discounting method causes serious distortion of the results. It’s wide usage entails negative consequences not only for the concrete investor, but also for...
Persistent link: https://www.econbiz.de/10011260371
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Assessment of investment projects on the basis of production efficiency
Daskovskiy, Vadim; Kiselyov, Vladimir - Volkswirtschaftliche Fakultät, … - 2010
Methodologically, the recommended investment project (IP) selection system is distinguished from one in force by: new conception allowing for time factor; evaluating IP efficiency by eventual reproduction results, not by intermediate investment activity results (included is a generalized...
Persistent link: https://www.econbiz.de/10011260914
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Potential dividends versus actual cash flows in firm valuation
Magni, Carlo Alberto; Vélez-Pareja, Ignacio - Volkswirtschaftliche Fakultät, … - 2009
Practitioners and some academics use potential dividends rather than actual payments to shareholders for valuing a firm’s equity. We underline the differences between the two methods and present some arguments supporting the thesis that firm valuation with potential dividends overstate the...
Persistent link: https://www.econbiz.de/10005837338
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Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
in such different fields as economic theory, management accounting and corporate finance, are considered: O'Hanlon and … and Schueler's (2000) Net Economic Income, Fernandez's (2002) Created Shareholder Value, Anthony's (1975) profit. They are …
Persistent link: https://www.econbiz.de/10011111180
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CAPM-based capital budgeting and nonadditivity
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2006
This paper deals with the CAPM-derived capital budgeting criterion, and in particular with Rubinstein’s (1973) criterion, according to which a project is profitable if the project rate of return is greater than the risk-adjusted cost of capital, where the latter depends on the project’s...
Persistent link: https://www.econbiz.de/10011267900
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An alternative approach to firms’ evaluation: expert systems and fuzzy logic
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2004
Discounted Cash Flow techniques are the generally accepted methods for valuing firms. Such methods do not provide explicit acknowledgment of the value determinants and overlook their interrelations. This paper proposes a different method of firm valuation based on fuzzy logic and expert systems....
Persistent link: https://www.econbiz.de/10005789265
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Excess-profit decomposition: Economic Value Added and Systemic Value Added
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2000
The Economic Value Added formally translates the theoretical notion of excess profit (also known as residual income … noun for denoting the concept of excess profit itself. This paper investigates the conceptual properties of such a notion … and, in particular, it studies the relations between the excess profit generated in a period and the excess profit …
Persistent link: https://www.econbiz.de/10005789279
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Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
in such different fields as economic theory, management accounting and corporate finance, are considered: O'Hanlon and … and Schueler's (2000) Net Economic Income, Fernandez's (2002) Created Shareholder Value, Anthony's (1975) profit. They are …
Persistent link: https://www.econbiz.de/10005789544
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Valore Aggiunto Sistemico: un'alternativa all'EVA quale indice di sovraprofitto periodale
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2001
This work presents a notion of residual income called Systemic Value Added (SVA). It is antithetic to Stewart’s (1991) EVA, though it is consistent with it in overall terms: a project’s Net Final Value (NFV) can be computed as the sum of capitalized EVAs or as the sum of uncapitalized SVAs....
Persistent link: https://www.econbiz.de/10005790189
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Firm Value and the mis-use of the CAPM for valuation and decision making
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2005
This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani and Miller’s Proposition I, if he adopts the widely-accepted disequilibrium NPV. As a consequence, CAPM-minded agents employing this NPV are open to arbitrage losses and miss...
Persistent link: https://www.econbiz.de/10004980381