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Correct or incorrect application of CAPM? Correct or incorrect decisions with CAPM?

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

) CAPM capital budgeting decision-making based on disequilibrium NPV is deductively inferred by the Capital Asset Pricing …) the disequilibrium NPV does not guarantee additivity nor consistency with arbitrage pricing, so that it is unreliable for …

Persistent link: https://www.econbiz.de/10005836868

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

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

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2005

investor might undertake and is often found by making recourse to the Capital Asset Pricing Model. This paper shows that the …

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

Anomali Overreaction di bursa efek Indonesia: Penelitian Saham LQ-45

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2010

As reaction from market inefficient specified about information distribution, all market participant trying to reduce the effect with various means, among other things by perceiving historical behavior of share price. One of result namely contrarian strategy by believing that loser portfolio...

Persistent link: https://www.econbiz.de/10011110273

Koreksi Bias Koefisien Beta

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2009

This study aimed to clarify the value of the bias beta stocks listed on the Indonesia Stock Exchange and make corrections to the bias value using Scholes and Williams, Dimson, and Fowler and Rorke. Results of this study indicate that the stock beta is the value of bias, besides the results...

Persistent link: https://www.econbiz.de/10011110903

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

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

This paper presents a new way of measuring residual income, originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital...

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

Measuring performance and valuing firms: In search of the lost capital

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

Residual income as commonly described in academic papers and in real-life applications may be formally described as a function of three variables: (i) the capital invested, (ii) the rate of return, (iii) the opportunity cost of capital. This paper shows that a different paradigm of residual...

Persistent link: https://www.econbiz.de/10011113662

Kinerja Pasar dan Informasi Akuntansi sebagai Pembentuk Portfolio Saham

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2009

This study aimed to a stock portfolio formed with composite of companies market (PER, PBV, ROE, EPS, PSR, and B/M, VaR) and accounting performance (ROE, and EPS) also their market capitalization in Indonesia Stock Exchange period 2003-2006. Some clarification need to achieved, such as: real...

Persistent link: https://www.econbiz.de/10009651390

Pemilihan Model Asset Pricing

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2010

The Capital Asset Pricing Model (CAPM) has dominated finance theory for over thirty years; it suggests that the market … the price movements in the stock exchange. The Arbitrage Pricing Theory (APT) has been proposed as the first multifactor … asset pricing model (TPFM) and the Four Factor Pricing Model (FFPM) adding the third and fourth moments to calculate …

Persistent link: https://www.econbiz.de/10009651399

Pengaruh Variabel Fundamental terhadap Harga Saham Perusahaan Go-public di Bursa Efek Indonesia periode 2003-2006

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2008

This study aimed to test five fundamental factors (growth, profitability, leverage, liquidity, and efficiency) and two market ratios (earning ratio, and price earning ratio) that predicted to influence stock price in several groups of manufacturing industries listed in Jakarta Stock Exchange...

Persistent link: https://www.econbiz.de/10009651400