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On decomposing net final values: EVA, SVA, and shadow project
Magni, Carlo Alberto - 2005
A residual-income model, named Systemic Value Added (SVA), is proposed for decision-making purposes, based on a systemic approach introduced in Magni (2000, 2003, 2004). The model translates the notion of residual income (excess profit) giving formal expression to a counterfactual alternative...
Persistent link: https://www.econbiz.de/10015214925
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Splitting Up Value: A Critical Review of Residual Income Theories
Magni, Carlo Alberto - 2008
and calculation of intrinsic values. A most recent theory, the systemic-value-added approach (also named lost …-capital paradigm), provides a dierent denition of residual income, consistent with arbitrage theory. En- folded in Keynes's (1936 …) notion of user cost and forerun by Pressacco and Stucchi (1997), the theory has been formally introduced in Magni (2000a …
Persistent link: https://www.econbiz.de/10015215738
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Axiomatization of residual income and generation of financial securities
Ghiselli Ricci, Roberto; Magni, Carlo Alberto - 2009
profit and the investor's excess wealth, a well-specified theory of residual income is generated: one is the standard theory …, which historically traces back to Hamilton (1777) and Marshall (1890) and is a deep-rooted notion in economic theory …), the theory is enfolded in Keynes's (1936) notion of user cost and is naturally generated by an arbitrage-theory …
Persistent link: https://www.econbiz.de/10015216394
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Potential dividends versus actual cash flows in firm valuation
Magni, Carlo Alberto; Vélez-Pareja, Ignacio - 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/10015216440
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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/10015216472
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Potential dividends versus actual cash flows in firm valuation
Magni, Carlo Alberto; Vélez-Pareja, Ignacio - 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/10015216523
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Splitting Up Value: A Critical Review of Residual Income Theories
Carlo Alberto, Magni - 2008
and calculation of intrinsic values. A most recent theory, the systemic-value-added approach (also named lost …-capital paradigm), provides a dierent denition of residual income, consistent with arbitrage theory. En- folded in Keynes's (1936 …) notion of user cost and forerun by Pressacco and Stucchi (1997), the theory has been formally introduced in Magni (2000a …
Persistent link: https://www.econbiz.de/10015217756
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Legitimacy to develop fair value measurement standards: The Case of the IVSC Discussion Paper – Determination of fair value of intangible assets for IFRS reporting purposes
Deaconu, Adela; Nistor, Cristina Silvia; Filip, Crina - 2009
This research studies, through a content analysis of the comment letters to the IVSC project on fair value determination of intangible assets, the legitimacy of this professional body, or of the accounting associations, to develop measurement standards specific to this accounting concept. At...
Persistent link: https://www.econbiz.de/10015217901
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In search of the "lost capital". A theory for valuation, investment decisions, performance measurement
Magni, Carlo Alberto - 2007
nonstandard theory of residual income. It is derived from the notion of "unrecovered" capital, which is here named "lost" capital … the simple average residual income play a major role in valuation; a dual relation between the standard theory and the … lost-capital theory is proved, clarifying the way periodic performance is computed in the two paradigms and the rationale …
Persistent link: https://www.econbiz.de/10015218254
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In search of the "lost capital". A theory for valuation, investment decisions, performance measurement
Magni, Carlo Alberto - 2007
nonstandard theory of residual income. It is derived from the notion of "unrecovered" capital, which is here named "lost" capital … the simple average residual income play a major role in valuation; a dual relation between the standard theory and the … lost-capital theory is proved, clarifying the way periodic performance is computed in the two paradigms and the rationale …
Persistent link: https://www.econbiz.de/10015218329