La creazione di valore per l’azienda (Italian Edition)


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As for the market-determined average ROE, the residual rate of return is 5.

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In each period, the purely internal average ROE is consistently greater than the adjusted cost of equity, and the market-determined average ROE is consistently greater than the cost of equity. This is consistent with the MVA, which is increasing in each year; the same occurs for either average ROE net of its own cost of capital residual rates of return.

See also Brief and Lawson, In this example, the IRR is unique. Therefore, the IRR signals value creation at time 0. Also, it is greater than the cost of equity in each period, consistently with the MVA. In accounting, as well as in economics and finance, the use of the ROE as a measure of profitability is reproached: In particular, a mean of ROEs may be considered, where the weights are the discounted equity book values; such an average ROE signals value creation if it exceeds the cost of equity: If, instead, the weighs in the mean are the non-discounted equity book values, the resulting average ROE signals value creation if it is greater than an adjusted cost of equity; the latter is a cost of capital which takes account of the fact that shareholders incur not one but two opportunity costs: Contrary to the usual IRR criterion, the average ROEs may be soundly used for comparing profitability by the incremental method.

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The status of the IRR is not necessarily diminished: Any one IRR may be used for measuring value creation and the incremental method may be used for comparing profitability: As a result, the IRR should no longer be considered the true yield of a firm: The investor may employ either actual depreciation or Hotelling depreciation to check for value creation: However, the IRR is, by definition, unrelated to actual depreciation, and is, admittedly, redundant: Given that the average ROE always exists and is unique so it may be always used for capturing profitability and comparing profitability and given that the IRR itself is an average accounting rate of return related to a well-specified set of depreciation schedules, the fundamental notion of rate of return is: In this paper we have dealt with the simplifying assumption of complete activities.

Future researches should address the important problem of measuring economic profitability for a limited segment of time of the firm. In this sense, a new issue is generated which deserves attention: The theory of the single investment.


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Quarterly Journal of Economics, 49 May , — Economica, 3 May , — Economica, 3 November , — The accounting rate of return as a framework for analysis. The role of the accounting rate of return in financial statement analysis. The Accounting Review, 67 2 , — A Link Between Accounting and Finance. New York and London: The Economic Analysis of Accounting Profitability. Economic and accounting rates of return. On the misuse of accounting rates of return to infer monopoly profits.

American Economic Review, 73 1 March , 82— The accountant in a golden age. Oxford Economic Papers, 17 1 , 66— Accountants, too, could be happy in the golden age: The accountants rate of profit and the internal rate of return.


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Oxford Economic Papers, 28 3 November , — Relationship between the accounting and the internal rate of return measures: A synthesis and an analysis. Journal of Accounting Research, 8 2 Autumn , — A review and an analysis.


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  • Accounting and economic rates of return: A note on depreciation and other accruals. Accounting and economic measures: An integrated theory of capital budgeting. Average Internal Rate of Return and investment decisions: Some formal connections between economic values and yields and accounting numbers. Estimating the internal rate of return from accounting profit rates. The Investment Analyst, April, 26— Using accounting data to measure the economic performance of firms. Journal of Accounting and Public Policy, 15 4 Winter , — Conservatism, growth, and return on investment.

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    La creazione di valore per l’azienda (Italian Edition) La creazione di valore per l’azienda (Italian Edition)
    La creazione di valore per l’azienda (Italian Edition) La creazione di valore per l’azienda (Italian Edition)
    La creazione di valore per l’azienda (Italian Edition) La creazione di valore per l’azienda (Italian Edition)
    La creazione di valore per l’azienda (Italian Edition) La creazione di valore per l’azienda (Italian Edition)
    La creazione di valore per l’azienda (Italian Edition) La creazione di valore per l’azienda (Italian Edition)
    La creazione di valore per l’azienda (Italian Edition) La creazione di valore per l’azienda (Italian Edition)
    La creazione di valore per l’azienda (Italian Edition) La creazione di valore per l’azienda (Italian Edition)

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