Valore Aggiunto Sistemico: un'alternativa all'EVA quale indice di sovraprofitto periodale
AbstractThis 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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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 7525.
Date of creation: Jan 2001
Date of revision:
Publication status: Published in Budget 25.1(2001): pp. 63-71
finance; management accounting; net future (present) value; residual income; excess profit; systemic approach; EVA;
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- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
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- C0 - Mathematical and Quantitative Methods - - General
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Magni, Carlo Alberto, 2000. "Systemic Value Added, Residual Income and Decomposition of a Cash Flow Stream," MPRA Paper 5900, University Library of Munich, Germany.
- Carlo Alberto Magni, 2007.
"A Sum&Discount Method for Appraising Firms: An Illustrative Example,"
Department of Economics
572, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
- Magni, Carlo Alberto, 2007. "A Sum&Discount method for appraising firms:An illustrative example," MPRA Paper 6114, University Library of Munich, Germany.
- Carlo Alberto Magni, 2007. "A Sum&Discount Method for Appraising Firms: An Illustrative Example," Department of Economics 0572, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
- Magni, Carlo Alberto, 2003.
"Opportunity cost, excess profit, and counterfactual conditionals,"
5695, University Library of Munich, Germany.
- Carlo Alberto Magni, 2009. "Opportunity Cost, Excess Profit, and Counterfactual Conditionals," Frontiers in Finance and Economics, SKEMA Business School, vol. 6(1), pages 118-154, April.
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