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CAPM and capital budgeting: present versus future, equilibrium versus disequilibrium, decision versus valuation
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
This paper deals with the use of the CAPM for capital budgeting purposes. Four different measures are deductively drawn from this model: the disequilibrium Net Present Value, the equilibrium Net Present Value, the disequilibrium Net Future Value, the equilibrium Net Future Value. While all of...
Persistent link: https://www.econbiz.de/10005055505
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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 … Model, (ii) the use of the disequilibrium NPV is widespread in finance both as a decision rule and as a valuation tool, (iii …’s (2005) project valuation method, on the basis of which Magni’s criticism to NPV is objected, leaves decision makers open to …
Persistent link: https://www.econbiz.de/10005836868
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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 è conveniente se e solo se il suo tasso di rendimento atteso è maggiore del costo del capitale. Tale criterio è esposto, tra gli altri, da Rubinstein (1973) ed è...
Persistent link: https://www.econbiz.de/10010763038
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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
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CAPM-based capital budgeting and nonadditivity
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2006
This paper deals with the CAPM-derived capital budgeting criterion, and in particular with Rubinstein’s (1973) criterion, according to which a project is profitable if the project rate of return is greater than the risk-adjusted cost of capital, where the latter depends on the project’s...
Persistent link: https://www.econbiz.de/10011267900
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Firm Value and the mis-use of the CAPM for valuation and decision making
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2005
This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani … 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/10004980381
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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/10005616790
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CAPM-based capital budgeting and nonadditivity
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2006
This paper deals with the CAPM-derived capital budgeting criterion, and in particular with Rubinstein’s (1973) criterion, according to which a project is profitable if the project rate of return is greater than the risk-adjusted cost of capital, where the latter depends on the project’s...
Persistent link: https://www.econbiz.de/10005616980
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Firm Value and the mis-use of the CAPM for valuation and decision making
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2005
This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani … 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/10005617129