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Capital Depreciation and the Underdetermination of Rate of Return : A Unifying Perspective

Magni, Carlo Alberto - 2017

This paper shows that the notion of rate of return is best understood through the lens of the average-internal-rate-of-return (AIRR) model, first introduced in Magni (2010a). It is an NPV-consistent approach based on a coherent definition of rate of return and on the notion of Chisini mean, it...

Persistent link: https://www.econbiz.de/10012962027

Rating and ranking firms with fuzzy expert systems: the case of Camuzzi

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2004

qualitative variables. Twenty-one value drivers are defined, concerning the target firm (strategic assets in place and expected … interval [0,1]. Such a number expresses the valuegenerating power of the target firm inclusive of synergies with the bidder …

Persistent link: https://www.econbiz.de/10005621641

Rating and ranking firms with fuzzy expert systems: the case of Camuzzi

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

qualitative variables. Twenty-one value drivers are defined, concerning the target firm (strategic assets in place and expected … interval [0,1]. Such a number expresses the value-generating power of the target firm inclusive of synergies with the bidder …

Persistent link: https://www.econbiz.de/10005621647

A Logical Umbrella for Firm Evaluation: The Fundamental Relation [Un Ombrello Logico Per La Valutazione Di Azienda: La Relazione Fondamentale]

Magni, Carlo Alberto - MASTER CONSULTORES - 2009

the fundamental relation, market value and book value of a firm are easily obtained. …

Persistent link: https://www.econbiz.de/10010763021

Project selection and equivalent CAPM-based investment criteria

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

This article shows that the Capital Asset Pricing Model-based capital budgeting criteria proposed by Tuttle and Litzenberger (1968), Mossin (1969), Hamada (1969), Stapleton (1971), Rubinstein (1973), Bierman and Hass (1973) and Bogue and Roll (1974) are equivalent. They all state that a project...

Persistent link: https://www.econbiz.de/10005837332

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 actual value of the firm’s equity. In particular, consistently with DeAngelo …

Persistent link: https://www.econbiz.de/10005837338

Potential dividends versus actual cash flows in firm valuation

Magni, Carlo Alberto; Velez-Pareja, Ignacio - MASTER CONSULTORES - 2009

Practitioners and some academics use potential dividends rather than actual payments toshareholders 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 actual value of the firm´s equity. In particular, consistently with DeAngelo …

Persistent link: https://www.econbiz.de/10010762934

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

Economic profit, NPV, and CAPM: Biases and violations of Modigliani and Miller's Proposition I

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2005

The notion of Net Present Value (NPV) is thought to formally translate the notion of economic profit, where the discount rate is the cost of capital. The latter is the expected rate of return of an equivalent-risk alternative that the investor might undertake and is often found by making...

Persistent link: https://www.econbiz.de/10011108248

Residual income and value creation: An investigation into the lost-capital paradigm

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

. The results found make this new theoretical approach a good candidate for firm valuation, incentive compensation, capital …

Persistent link: https://www.econbiz.de/10011111180