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A Sum&Discount method for appraising firms:An illustrative example
Magni, Carlo Alberto - 2007
This paper presents a new way of valuing firms and measuring residual income. The method, originally introduced in Magni (2000a, 2000b, 2000c, 2001), is here renamed lost-capital paradigm. In order to enhance comprehension the presentation relies on a very simple numerical example which shows...
Persistent link: https://www.econbiz.de/10015245661
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Firm Value and the mis-use of the CAPM for valuation and decision making
Magni, Carlo Alberto - 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 … disequilibrium NPV for decision-making is deductively drawn from the CAPM, its use for both valuation and decision should be rejected. …
Persistent link: https://www.econbiz.de/10015248657
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Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto - 2007
in such different fields as economic theory, management accounting and corporate finance, are considered: O'Hanlon and …
Persistent link: https://www.econbiz.de/10015249746
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Firm Value and the mis-use of the CAPM for valuation and decision making
Magni, Carlo Alberto - 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 … disequilibrium NPV for decision-making is deductively drawn from the CAPM, its use for both valuation and decision should be rejected. …
Persistent link: https://www.econbiz.de/10015251722
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Firm Value and the mis-use of the CAPM for valuation and decision making
Magni, Carlo Alberto - 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 … disequilibrium NPV for decision-making is deductively drawn from the CAPM, its use for both valuation and decision should be rejected. …
Persistent link: https://www.econbiz.de/10015252013
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Potential dividends and actual cash flows. Theoretical and empirical reasons for using ‘actual’ and dismissing ‘potential’, Or: How not to pull potential rabbits out of actual hats
Vélez-Pareja, Ignacio; Magni, Carlo Alberto - 2008
widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical …
Persistent link: https://www.econbiz.de/10015252655
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CAPM-based capital budgeting and nonadditivity
Magni, Carlo Alberto - 2006
This paper deals with the CAPM-derived capital budgeting criterion, and in particular with Rubinstein’s (1973 …) an example showing that CAPM-minded evaluators may incur arbitrage losses. …
Persistent link: https://www.econbiz.de/10015252797
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Decomposition of a Certain Cash Flow Stream: Differential Systemic Value and Net Final Value
Magni, Carlo Alberto - 2000
This paper proposes a new way of decomposing net present values and net final values in periodic shares. Such a decomposition generates a new notion of residual income, radically different from the classical one available in the financial and accounting literature. While the standard residual...
Persistent link: https://www.econbiz.de/10015252866
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CAPM-based capital budgeting and nonadditivity
Magni, Carlo Alberto - 2006
This paper deals with the CAPM-derived capital budgeting criterion, and in particular with Rubinstein’s (1973 …) an example showing that CAPM-minded evaluators may incur arbitrage losses …
Persistent link: https://www.econbiz.de/10015252897
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Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto - 2007
in such different fields as economic theory, management accounting and corporate finance, are considered: O'Hanlon and …
Persistent link: https://www.econbiz.de/10015252969