172,969 research outputs found
Economic value added and systemic value added: symmetry, additive coherence and differences in performance
No full textTwo measures of excess profit are currently available in the literature: Economic Value Added (EVA) (Stewart, 1991) and Systemic Value Added (SVA) (Magni, 2003a, b, 2004; 2005). This study shows that, unlike EVA, SVA is symmetric and additively coherent. Also, EVA and SVA are not simply different in value but also convey different information about good or bad performances
Paola Magni: a Real Forensic Investigator
No full textMurdoch University entomologist Paola Magni lives the daily life of a forensic investigator helping the police solving the most complex criminal cases. In this interview Dr Magni talks about her most successful investigations
On Decomposing Net Final Values: Eva, Sva and Shadow Project
No full textA decomposition model of Net Final Values (NFV), named Systemic Value Added (SVA), is proposed for decision-making purposes, based on a systemic approach introduced in Magni [Magni, C. A. (2003), Bulletin of Economic Research 55(2), 149–176; Magni, C. A. (2004) Economic Modelling 21, 595–617]. The model translates the notion of excess profit giving formal expression to a counterfactual alternative available to the decision maker. Relations with other decomposition models are studied, among which Stewart’s [Stewart, G.B. (1991), The Quest for Value: The EVAâ„¢ Management Guide, Harper Collins, Publishers Inc]. The index here introduced differs from Stewart’s Economic Value Added (EVA) in that it rests on a different interpretation of the notion of excess profit and is formally connected with the EVA model by means of a shadow project. The SVA is formally and conceptually threefold, in that it is economic, financial, accounting-flavoured. Some results are offered, providing sufficient and necessary conditions for decomposing NFV. Relations between a project’s SVA and its shadow project’s EVA are shown, all results of Pressacco and Stucchi [Pressacco, F. and Stucchi, P. (1997), Rivista di Matematica per le Scienze Economiche e Sociali 20, 165–185] are proved by making use of the systemic approach and the shadow counterparts of those results are also shown. Copyright Springer 2005decomposition, excess profit, systemic, shadow project, EVA, SVA, Net Final Value, C00, G00, G31,
A Sum&Discount method for appraising firms:An illustrative example
No full textThis paper presents a new way of valuing firms and measuring residual income. The method, originally introduced in Magni (2000a, 2000b, 2000c, 2001), is here renamed lost-capital
paradigm. In order to enhance comprehension the presentation relies on a very simple numerical example which shows that the new paradigm of residual income enjoys a property of abnormal earnings aggregation, according to which the NPV (and therefore the market value) of the firm does not change if each residual income changes, as long as the (uncapitalized) sum of all residual incomes do not change. While radically different from the standard residual income, the difference between the two notions is equal to the interest accrued on the past cumulated standard residual incomes, which has interesting implications for incentive compensation
Hegel between subversion and resistance
No full textHow to intend the action of the concepts of resistance and subversion within and departing from Hegelian Philosophy?
The notions of ‘subversion’ and ‘resistance’ refer to an ideologically marked universe, and for this reason, especially during the twentieth century, they have been articulated in different ways, expressing sometimes radically opposing interpretations. The overall goal of issue 9 of B@belonline, Hegel between subversion and resistance, is to take a post-ideological look at such concepts and their unexplored potential within and from the Hegelian system
PROTEOMIC APPLICATIONS TO PROTEIN TRACEABILITY AND SAFETY STUDIES OF LUPIN-BASED FOOD PRODUCTS
No full textLupin seed is one of the richest in proteins, among grain legumes, thus representing an excellent source for the new
needs of plant proteins in food products.
2D electrophoretic and mass spectrometry analyses can be of great impact to study lupin seed proteome, to evaluate
the effects of technological treatments during food production and to monitor desirable/undesirable protein components
such as biologically active proteins or allergens.
The lupin seed 2D map (1) and its following updating have been used to identify the main protein components. Lupin
maps show the complex pattern of heterogenous storage proteins. Of 357 spots detected, 70 of them were analyzed.
Moreover, a 2D comparative approach between the total protein extract map and the purified major protein seed fractions
maps, allowed to allocate 124 polypeptides within these fractions.
Taking advantage of the availability of lupin protein 2-D map we also studied the presence, integrity and constancy
of proteins throughout the industrial processing of a lupin-based pasta product. Samples, including seeds, raw materials,
i.e. flour and protein concentrate, half-processed products and dry pasta were used to generate the corresponding 2-D
electrophoretic maps. Some differences in the protein profiles between the raw materials were attributed to the different
varieties which they arose from; on the other hand, no alteration of the covalent continuity of the main polypeptide
backbones among the samples during the industrial processing were observed.
In parallel, it was possible to trace a lupin putative dominant allergen (2), i.e.
-conglutin, which is also considered
the candidate molecule to the hypoglycemic activity of lupin seed extracts (3).
This work shows that lupin proteome and related 2D electrophoretic maps can be very useful to both quality control
strategies and traceability of specific protein components in food matrices.
References
(1) Magni et al. (2007). Phytochemistry 68: 997-1007.
(2) Magni et al. (2005). J. Agric. Food Chem. 53: 4567-4571.
(3) Magni et al. (2004). J. Nutr. Biochem. 15: 646-650
Dr Paola Magni sees bugs, and dead people
No full textDr Magni is a senior lecturer in forensic entomology at Murdoch Uni and has an amazing background in forensics but how did it all start
Capital depreciation and the underdetermination of rate of return: A unifying perspective
No full textThis paper shows that the notion of rate of return is best understood through the lens of the average-internal-rate-of-return (AIRR) model, first introduced in Magni (2010a). It is an NPV-consistent approach based on a coherent definition of rate of return and on the notion of Chisini mean, it is capable of solving the conundrums originated by the rate-of-return notion and represents a unifying theoretical paradigm under which every existing measure of wealth creation can be subsumed. We show that a rate of return is underdetermined by the project’s cash-flow stream; in particular, a unique return function (not a unique rate of return) exists for every project which maps depreciation classes into rates of return. The various shapes a rate of return can take on (internal rate of return, average accounting rate of return, modified internal rate of return etc.) derive from the (implicit or explicit) selection of different depreciation patterns. To single out the appropriate rate of return for a project, auxiliary assumptions are needed regarding the project’s capital depreciation. This involves value judgment. On one side, this finding opens terrain for a capital valuation theory yet to be developed; on the other side, it triggers the creation of a toolkit of domain-specific and purpose-specific metrics that can be used, jointly or in isolation, for analyzing the economic profitability of a given project. We also show that the AIRR perspective has a high explanatory power that enables connecting seemingly unrelated notions and linking various disciplines such as economics, finance, and accounting. Some guidelines for practitioners are also provided
Investment decisions and sensitivity analysis: NPV-consistency of rates of return
No full textInvestment decisions may be evaluated via several different metrics/criteria, which are functions of a vector of value drivers. The economic significance and the reliability of a metric depend on its compatibility with the Net Present Value (NPV). Traditionally, a metric is said to be NPV-consistent if it is coherent with NPV in signalling value creation. This paper makes use of Sensitivity Analysis (SA) for measuring coherence between rates of return and NPV. In particular, it introduces a new, stronger definition of NPV-consistency that takes into account the influence of value drivers on the metric output. A metric is strongly NPV-consistent if it signals value creation and the ranking of the value drivers in terms of impact on the output is the same as that provided by the NPV. The degree of (in)coherence is calculated with Spearman's (1904) correlation coefficient and Iman and Conover's (1987) top-down coefficient. We focus on the class of AIRRs (Magni 2010, 2013) and show that the average Return On Investment (ROI) enjoys strong NPV-consistency under several (possibly all) methods of Sensitivity Analysis
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