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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

The Colombian Stock Market: 1930-1998

Pareja, Ignacio Vélez - MASTER CONSULTORES - 1999

covers the same period; the inflation rate as measured by the Consumer Price Index. This exploratory paper does not intend to …, and of course it is not included in the actual price. Probabilities for selected real return values are presented. The …

Persistent link: https://www.econbiz.de/10010827952

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

Investment decisions, NPV and bounded rationality

Magni, Carlo Alberto - MASTER CONSULTORES - 2010

The Net Present Value maximizing model has a respectable ancestry and is considered by most scholars a theoretically sound decision model. In real-life applications, decision makers use the NPV rule, but apply a subjectively determined hurdle rate, as opposed to the allegedly correct opportunity...

Persistent link: https://www.econbiz.de/10010763079

Aggregate Return on Investment for Investments under Uncertainty

Magni, Carlo Alberto - MASTER CONSULTORES - 2014

This paper deals with with capital budgeting decisions under uncertainty. We present an Aggregate Return On Investment (AROI), obtained as the ratio of total (undiscounted) cash flow to total invested capital and show that it is a genuine rate of return which, compared with the risk-adjusted...

Persistent link: https://www.econbiz.de/10010827956

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

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

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

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

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