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• W2240873006 abstract "According to corporate finance literature, at least in the last half-century, value has beenconsidered as a quantity. Large production, distribution, market and financing were the signals ofthis mentality. However, recent events related to the world-crisis have certified the inconsistency ofthis point of view.The question of creativity and survival of the firm under uncertainty is not a quantitativeproblem. The workforce�s and management�s future is not a matter of quantity.In the current global cash flow economy, the employment of mathematical tools and methods,the use of statistical and analytical systems, as well as the utilization of economic and financialinstruments, represents an appropriate behaviour in order to achieve an effective growth ofknowledge and an authentic human progress.But this is not enough. The quantitative data are not only simple measures, but alsoexpressions of an effective power of the human thought. Every system or theoretical construction isconstituted by body and soul. The body is quantity, the spirit is quality.This concept is very important in a conditioned view of Finance and Value Creation Theory,because the value is the unique and authentic justification of the market price and, perhaps, offirm�s capitalization. Today the abnormal difference, between value and price, is the most relevantreason of the financial crisis: in reality, the excess of speculative actions, the acceptance of abovestandard levels of financial leverage, the establishment of complicated and unaffordable tools forderivative products are only some of the reasons of the present difficulties and of the actualworrying perspectives.Waiting for future, I think that humanity will be focused more on quality than on quantity and,for this reason, since 19891, I�m proposing a simple evaluation model, named Method of DiscountedRates (META®), through which the value of an investment is the combination of two factors: thecapital employed and the quality coefficient.The latter sums, to the unity, the present value of the difference between the Internal Rate ofReturn and the appropriate Cost of Capital, using a flexible discount factor, that considers both theinvestment�s timing and a regular growth rate. The model was completed and developed in 20032,when it was also extended in order to consider the company�s survival real option.This theory allows the investor to evaluate all the aspects that involve creativity, responsibilityand quality: the size of the investment, the excess return as difference between the internal rate ofreturn and the cost of capital, the role of time and growth, the contribution of the survival realoption.All those elements should be seen as the drivers of a new financial responsibility.If we�ll be able to focus all our efforts both on a global innovative regulation and on arenewed ethic engagement, I think that the future of economy and finance will be guaranteed." @default.
• W2240873006 created "2016-06-24" @default.
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• W2240873006 date "2009-01-01" @default.
• W2240873006 modified "2023-09-27" @default.
• W2240873006 title "Value as a quality." @default.
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