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Valore Aggiunto Sistemico: un'alternativa all'EVA quale indice di sovraprofitto periodale

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  • Magni, Carlo Alberto

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.

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File URL: http://mpra.ub.uni-muenchen.de/7763/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7525.

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Date of creation: Jan 2001
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Publication status: Published in Budget 25.1(2001): pp. 63-71
Handle: RePEc:pra:mprapa:7525

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Related research

Keywords: finance; management accounting; net future (present) value; residual income; excess profit; systemic approach; EVA;

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References

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  1. Magni, Carlo Alberto, 2000. "Systemic Value Added, Residual Income and Decomposition of a Cash Flow Stream," MPRA Paper 5900, University Library of Munich, Germany.
  2. Magni, Carlo Alberto, 2000. "Decomposition of a Certain Cash Flow Stream: Differential Systemic Value and Net Final Value," MPRA Paper 7308, University Library of Munich, Germany.
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Cited by:
  1. Magni, Carlo Alberto, 2007. "A Sum&Discount method for appraising firms:An illustrative example," MPRA Paper 6114, University Library of Munich, Germany.
  2. Magni, Carlo Alberto, 2003. "Opportunity cost, excess profit, and counterfactual conditionals," MPRA Paper 5695, University Library of Munich, Germany.

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