Magni, Carlo Alberto (2001): Valore Aggiunto Sistemico: un'alternativa all'EVA quale indice di sovraprofitto periodale. Published in: Budget , Vol. 1, No. 25 (January 2001): pp. 63-71.
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Abstract
This work presents a notion of residual income called Systemic Value Added (SVA). It is antithetic to Stewart’s (1991) EVA, though it is consistent with it in overall terms: a project’s Net Final Value (NFV) can be computed as the sum of capitalized EVAs or as the sum of uncapitalized SVAs. As a result, SVA and EVA decompose the NFV in different ways. Two numerical examples show the application of the model proposed. The two notions are the result of a different cognitive approach. The existence of possible formal translations of the residual income concept induces to regard residual income as a mere conventional notion.
Item Type: | MPRA Paper |
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Original Title: | Valore Aggiunto Sistemico: un'alternativa all'EVA quale indice di sovraprofitto periodale |
English Title: | Systemic Value Added: an alternative to EVA as a residual income model |
Language: | English |
Keywords: | finance, management accounting, net future (present) value, residual income, excess profit, systemic approach, EVA |
Subjects: | G - Financial Economics > G1 - General Financial Markets > G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates G - Financial Economics > G1 - General Financial Markets > G11 - Portfolio Choice ; Investment Decisions M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M4 - Accounting and Auditing > M41 - Accounting C - Mathematical and Quantitative Methods > C0 - General G - Financial Economics > G3 - Corporate Finance and Governance > G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M2 - Business Economics > M21 - Business Economics B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology |
Item ID: | 7525 |
Depositing User: | Carlo Alberto Magni |
Date Deposited: | 07 Mar 2008 17:22 |
Last Modified: | 26 Sep 2019 20:17 |
References: | Biddle, G. C., Bowen, R. M., Wallace, J. S. (1999), Evidence on EVA, Journal of Applied Corporate Finance, vol 12, 69–79. Duhem, P. (1914), La théorie physique: son object et sa structure, Marcel Rivière, Paris, trad.it. La teoria fisica: il suo oggetto e la sua struttura, Il Mulino, 1978. Esposito, M. (1998), L’algebra del metodo EVA, Collana Ricerche della Banca Commerciale Italiana, Pandrea Guatri, L. (1998), Trattato sulla valutazione delle aziende, EGEA Guglielmi, G. (1998), Il rapporto tra Eva e Dcf, La valutazione delle aziende, vol 8, 25–38. Magni, C.A. (1999), Un criterio strutturalista per la valutazione di investimenti, Il Risparmio, 5-6, set-dic, 781–806. Magni, C.A. (2000a), Decomposition of a Certain Cash Flow Stream: Differential Systemic Value and Net Final Value, Atti del XXIV Convegno AMASES, Padenghe. Magni, C.A. (2000b), Systemic Value Added, Residual Income and Decomposition of a Cash Flow Stream, Materiali di discussione, Dipartimento di Economia Politica, Università di Modena e Reggio Emilia. Magni, C.A. (2001a), Scomposizione di sovraprofitti: Economic Value Added e Valore Sistemico Aggiunto, Finanza, marketing e produzione, forthcoming. Magni, C.A. (2001b), Investment decisions in the theory of finance: some antinomies and inconsistencies, European Journal of Operational Research, forthcoming Peccati, L., (1987), DCF e Atti di Periodo, Atti XI Convegno A.M.A.S.E.S., Aosta. Peccati, L. (1991), Valutazione analitica e sintetica di attività finanziarie, Rivista Milanese di Economia, serie Quaderni n.21, Cariplo-Laterza Peccati, L. (1992), Multiperiod Analysis of a Levered Portfolio, in Modelling for Financial Decisions, J.Spronk, B.Matarazzo (EDs.), Springer-Verlag, Berlin Stewart, G.B. (1991), The Quest for Value: Management Guide, HarperCollins, Publishers Inc. Vertucci, A. C. (1999), L'analisi del valore tra intuito e ragione. Alcune considerazioni sull'uso crescente del modello dell'EVA, Analisi finanziaria, vol 33, 4–30. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/7525 |
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