Books

Journals

  • Caselli G,  Delorme M,  Iori M, Magni CA 2024. Exact algorithms for a parallel machine scheduling problem with workforce and contiguity constraints.
    Computers and Operations Research , 163, 106484.
  • Magni CA 2023. The split-screen approach for project appraisal. (Part I: The theory).  Journal of Risk and Financial Management,  Special Issue “Advances in Engineering Economics”, 16(3), 155, 1-49, . https://www.mdpi.com/1911-8074/16/3/155
  • Baschieri D, Magni CA 2023. The split-screen approach for project appraisal (Part II: spreadsheet modeling). Journal of Risk and Financial Management, Special Issue “Advances in Engineering Economics”, 16(3), 155, 1-67, .  https://www.mdpi.com/1911-8074/16/3/157
  • Magni CA, Marchioni A, Baschieri D 2023. The Attribution Matrix and the joint use of Finite Change Sensitivity Index and Residual Income for value-based performance measurement. European Journal of Operational Research, 306, 872-892.
  • Guerra ML, Magni CA, Stefanini L 2022. Value creation and investment projects: An application of fuzzy sensitivity analysis to project financing transactions. International Journal of Information Technology & Decision Making, 21(6), 1683-1714.
  • Magni A, Marchioni A 2022. Performance attribution, time-weighted rate of return, and clean finite change sensitivity index. Journal of Asset Management23, 62–72.
  • Magni CA, Marchioni A, Baschieri D 2022. Impact of financing and payout policy on the economic profitability of solar photovoltaic plants. International Journal of Production Economics 244 (Februray) 108338.
  • Magni CA 2021. Economic profitability and (non)additivity of residual income. Annals of Finance, 17, 471–499. https://doi.org/10.1007/s10436-021-00388-2
  • Magni CA 2021. Interna rates of return and shareholder value creation. The Engineering Economist, 66(4) 279-302. https://doi.org/10.1080/0013791X.2020.1867679
  • Hazen G, Magni CA. 2021. Average Internal Rate of Return for Risky Assets. The Engineering Economist, 66(2) 90-120
  • Magni CA, Marchioni A 2020. Average rates of return, working capital, and NPV-consistency in project appraisal: A sensitivity analysis approach. International Journal of Production Economics, 229, November, 107769
  • Magni CA, Malagoli S, Marchioni A , Mastroleo G 2020. Rating firms and sensitivity analysis. Journal of the Operational Research Society, 71(12), 1940-1958.
  • Magni CA 2019. Accounting Measures and Economic Measures: An Integrated Theory of Capital Budgeting. Journal of Accounting and Finance, 19(9), 166-208. .
  • Magni CA 2018. On “Introducing Excess Return on Time-Scaled Contributions”: A Clarification. The Journal of Alternative Investments, 21(2) (Fall), 1-3.
  • Cuthbert J, Magni CA. 2018. Some problems of the IRR in measuring PEI performance and how to solve it with the pure-investment AIRR. Journal of Performance Measurement. 22(2) (Winter), 39-50.
  • Marchioni A, Magni CA 2018. Investment decisions and sensitivity analysis: NPV-consistency of rates of return, European Journal of Operational Research. 268(1) (July), 361-372.
  • Magni CA, Veronese P, Graziani R 2018. Chisini means and rational decision-making: Equivalence of investment criteria. Mathematics and Financial Economics12(2), 193-217.
  • Magni CA 2016. Capital depreciation and the underdetermination of rate of return: A unifying perspective. Journal of Mathematical Economics, 67 (December), 54-79.
  • Cuthbert J, Magni CA 2016. Measuring the inadequacy of IRR in PFI schemes using profitability index and AIRR. International Journal of Production Economics, 179, 130-140.
  • Magni CA 2016. An average-based accounting approach to capital asset investment: The case of project finance, European Accounting Review, 25(2), 275-286.
  • Althsuler D, Magni CA 2015. Introducing Aggregate Return on Investment as a solution to the contradiction between some PME metrics and IRR. Journal of Performance Measurement, 20(1) (Fall), 48–56.
  • Magni CA 2015. Aggregate Return On Investment for investments under uncertainty, International Journal of Production Economics, 165 (July), 29–37.
  • Magni CA 2015. Investment, financing and the role of ROA and WACC in value  creation, European Journal of Operational Research, 244(3) (August), 855-866.
  • Pressacco F, Magni CA, Stucchi P 2014. A quasi-IRR for  project without IRR. Frontiers in Finance and Economics11(2), 1-23.
  • Guerra ML, Magni CA, Stefanini L 2014. Interval and fuzzy Average Internal Rate of Return for investment appraisal, Fuzzy Sets and Systems, 257,217-241.
  • Magni CA 2014. Mathematical analysis of average rates of return and investment decisions: The missing link. The Engineering Economist, 59(3), 175‒206.
  • Ghiselli Ricci R, Magni CA 2014. Axiomatization of residual income and generation of financial securities. Quantitative Finance, 14(7), 1257‒1271.
  • Magni CA 2014. Arithmetic returns for investment performance measurement. Insurance: Mathematics and Economics. 55 (March), 291‒300.
  • Magni CA 2013. Generalized Makeham’s formula and economic profitability. Insurance: Mathematics and Economics, 53(3) (November), 747‒756.
  • Magni CA 2013. The Internal-Rate-of-Return approach and the AIRR paradigm: A refutation and a corroboration. The Engineering Economist, 58(2), 73‒111. [4th most cited paper of The Engineering Economist]
  • Magni CA 2012. In search of the “lost capital”. A theory for valuation, investment decisions, performance measurement. Frontiers in Finance and Economics, 9(1), 87‒146.
  • Altshuler D, Magni CA 2012. Why IRR is not the rate of return on your investment: Introducing the AIRR to the Real Estate community. Journal of Real Estate Portfolio Management, 18(2), 219‒230.
  • Magni CA 2011. Addendum to “Average Internal Rate of Return and investment decisions: A new perspective”. The Engineering Economist, 56(2), 140–169.
  • Magni CA 2011. Aggregate Return On Investment and investment decisions: a cash-flow perspective. The Engineering Economist, 56(2), 181–182.
  • Magni CA 2011. L’approccio del reddito residuale e il metodo “S&A” per la valutazione d’azienda [The residual income approach and the “S&A” method for firm valuation]. La valutazione delle aziende, 63 (December), 43–47.
  • Magni CA 2010. Relevance or irrelevance of retention for dividend policy irrelevance. International Review of Applied Financial Issues and Economics, 2(2), 232‒247.
  • Magni CA 2010. CAPM and capital budgeting: present/future, equilibrium/disequilibrium, decision/valuation, The IUP Journal of Financial Economics, 8(1/2) (March/June), 7‒35.
  • Magni CA 2010. Average Internal Rate of Return and investment decisions: a new perspective. The Engineering Economist, 55(2), 150‒181. [“Eugene L Grant” Award as best paper published in 2010. Most read paper and most cited paper of The Engineering Economist]
  • Magni CA 2010. Residual income and value creation: An investigation into the lost-capital paradigm, European Journal of Operational Research, 201(2) (March), 505‒519.
  • Magni CA 2010. ROE, market value  added, e creazione di valore [ROE, market value added and value creation]. La valutazione delle aziende, 58 (September), 48–54.
  • Vèlez-Pareja I, Magni CA 2009. Potential dividends and actual cash flows in equity valuation. A critical analysis. Estudios GerencialesJournal of Management and Economics of Iberoamerica, 25(113) (October-December), 123‒150.
  • Magni C.A. 2009. Investment decisions, NPV and bounded rationality. Quantitative Finance, 9(8) (December), 967−979.
  • Malagoli S, Magni CA, Buttignon F, Mastroleo G 2009. Rating and ranking firms with fuzzy expert systems: the case of Camuzzi, The IUP Journal of Applied Finance, 15(10) (November), 63−88.
  • Magni CA, Vèlez-Pareja I 2009. Potential dividends versus actual cash flows in firm valuation. The ICFAI Journal of Applied Finance, 15(7) (July), 51-66.
  • Magni CA 2009. Opportunity cost, excess profit, and counterfactual conditionals, Frontiers in Finance and Economics, 6(1) (April), 118−154.
  • Magni CA 2009. Splitting up value: A critical review of residual income theories. European Journal of Operational Research, 198(1) (October), 1−22.
  • Magni CA 2009. Correct or incorrect application of the CAPM? Correct or incorrect decisions with the CAPM?, European Journal of Operational Research, 192(2) (January), 549-560.
  • Magni CA 2009. Un ombrello logico per la valutazione di azienda: la relazione fondamentale [A logical umbrella for firm valuation: The fundamental relation]. La valutazione delle aziende, 54 (September), 26‒33.
  • Magni CA 2008. Economic profit, NPV, and CAPM: biases and violations of Modigliani and Miller’s Proposition I. The ICFAI Journal of Applied Finance, 14(10) (October), 59-72.
  • Magni CA 2008. CAPM-based capital budgeting and nonadditivity. Journal of Property Investment and Finance, 26(5), 388-398.
  • Magni CA 2007. Project selection and equivalent CAPM-based investment criteria, Applied Financial Economics Letters, 3(3) (May), 165−168.
  • Magni CA 2007. Project valuation and investment decisions: CAPM versus arbitrage, Applied Financial Economics Letters, 3(2) (March), 137–140.
  • Malagoli S, Magni CA, Mastroleo G 2007. The use of fuzzy logic and expert systems for rating and pricing firms: a new perspective on valuation, Managerial Finance, 33(11), 836–852.
  • Magni CA 2006. Ambiguità nell’applicazione del CAPM per la valutazione degli investimenti [Ambiguity in applying the CAPM for investment valuation], Analisi Finanziaria, 64, 4−14.
  • Magni CA 2006. Zelig and the art of measuring excess profit, Frontiers in Finance and Economics, 3(1) (June), 103–129.
  • Ghiselli Ricci R, Magni CA 2006. Economic Value Added and Systemic Value Added: Symmetry, additive coherence and differences in performance, Applied Financial Economics Letters, 2(3) (May), 151−154.
  • Magni CA, Malagoli S, Mastroleo G 2006. An alternative approach to firms’ evaluation: expert systems and fuzzy logic, International Journal of Information Technology and Decision Making, 5(1), 195−225.
  • Magni CA 2005. On Decomposing Net Final Values: EVA, SVA and shadow project. Theory and Decision, 59(1), 51−95.
  • Magni CA 2005. La definizione di investimento e il criterio del TIR ovvero: la realtà inventata [Definition of investment and the IRR criterion, or: The invented reality], Analisi Finanziaria, 58, 4−26.
  • Magni CA, Mastroleo G, Vignola M, Facchinetti G 2004. Strategic options and expert systems: a fruitful marriage, Soft Computing, 8(3), 179−192.
  • Magni CA 2004. Modelling excess profit, Economic Modelling, 21, 595−617.
  • Magni CA 2004. Antinomie e illusioni cognitive nel criterio del valore attuale netto [Antynomies and cognitive illusions in the net-present-value rule], Analisi Finanziaria, 54, 2 trim. 26−42.
  • Magni CA 2003. Decomposition of Net Final Values: Systemic Value Added and residual income, Bulletin of Economic Research, 55(2), 149−176.
  • Magni CA 2002. Investment  decisions in the theory of finance: some antinomies and inconsistencies, European Journal of Operational Research 137(1), 206−217.
  • Magni CA, Mastroleo G, Facchinetti G 2001. A fuzzy expert system for solving real option decision processes, Fuzzy Economic Review, 6 (2), 51−73.
  • Magni CA 2001. Scomposizione di sovraprofitti: Economic Value Added e Valore Aggiunto Sistemico [Excess-profit decomposition: Economic Value Added and Systemic Value Added], Finanza, Marketing e Produzione, 19(4), 94−119.
  • Magni CA 2001. Valore aggiunto sistemico: un’alternativa all’EVA quale indice di sovraprofitto periodale [Systemic value added: An alternative to EVA as an index of excess profit], Budget, 25, 63−71, I trimestre.
  • Magni CA 2000. Tir, Roe, Van: convergenze formali e concettuali in un approccio sistemico [IRR, ROE and NPV: formal and conceptual convergences in a systemic approach]. Finanza, Marketing e Produzione, 18(4), 31−59.
  • Magni CA 1999. Un criterio strutturalista per la valutazione di investimenti [A structuralist criterion for investment appraisal], Il Risparmio, 47(5/6), set-dic, 781−806
  • Magni CA 1998. Aspetti quantitativi e qualitativi nella valutazione di un’opzione di investimento [Quantitative and qualitative aspects in a real-option analysis], Finanza, Marketing e Produzione, 16(3), 123−149.
  • Magni CA, Ricci G 1991. Reputazione e credibilità di una minaccia in un gioco di contrattazione [Reputation and credibility of a threat in a bargaining game], Decisions in Economics and Finance, 14(2), 31−57.

 Start of page ▲

Conferences

  • Magni CA, Marchioni A, Baschieri D.  2023. Financial modelling of solar photovoltaic plants: the assessment of financing and payout policy with Clean FCSI. 68th Euro Working Group for Commodity and Financial Modelling (EWGCFM) Conference, December 6-8, Abu Dhabi, United Arab Emirates.
  • Magni CA, Marchioni A, Baschier, D 2023. A twofold decomposition of value added in terms of decision effects and period effects. XLVII Annual AMASES Conference, Milan, Italy, September 20-22.
  • Caselli G, Hartman J, Iori M, Magni CA, Zucchi G 2023. Optimal vehicle replacement with budget constraints and CO2 emissions minimization. POMS203 International Conference Operations Management and United Nation’s Sustainable Development Goals. July 15-20, Paris, France.
  • Magni CA, Marchioni A, Baschieri D 2023. The Attribution Matrix for portfolio performance measurement. XX International Conference on Finance and Banking, FI BA, Bucharest, Romania, May 25-26.
  • Caselli G, Columbu G. Iori M, Magni CA 2022. A Mixed Integer Linear Programming model for CO2 emissions minimization in a waste transfer Facility Location Problem. 10th International Network Optimization Conference, INOC, March 1-4, Aachen, Germany.
  • Caselli G, Delorme M, Iori M, Magni CA 2022. Decomposition algorithms for a parallel machine scheduling problem with workforce and precedence constraints. ECCO XXXV (European Chapter on Combinatorial Optimization) – CO 2022 Joint Conference, June 9-11, and 6th AIRO Young Workshop, Operation Research and Data Science in Public Services, February 23-25, Rome.
  • Caselli G, Delorme M, Iori M, Magni CA 2021. Mixed Integer Linear Programming for a Real-World Parallel Machine Scheduling Problem with Workforce and Precedence Constraints. International Conference on Optimization and Decision Science, ODS 2021 (50th Annual Meeting of AIRO, Italian Operations Research Society). September 14-17, Rome.  In Amorosi L, Dell’Olmo P, Lari I (Eds.) Optimization in Artificial Intelligence and Data Sciences, AIRO Springer Series, vol. 8, pp. 61-71, Springer, Cham.
  • Baschieri D,  Iori M, Magni CA, Marchioni A,  Vezzali D 2021. Smart-meter installation scheduling in the context of water distribution. 31st European Conference on Operational Research, July 11-14, Athens, Greece.
  • Campana NP, Zucchi G, Iori M, Magni CA, Subramanian A 2021. An integrated task and personnel scheduling problem to optimize distributed services in hospitals. Proceedings of the 23rd International Conference on Enterprise Information Systems (ICEIS 2021). vol. I, 461-470 (Best Paper Award). Click here for video presentation
  • Bruck BP, Vezzali D, Iori M., Magni CA, Pretolani D 2021.  A Decision Support System to evaluate suppliers in the context of Global Service Providers. Proceedings of the 23rd International Conference on Enterprise Information Systems (ICEIS 2021), vol. I, 418-426. Click here for videopresentation
  • Magni CA 2021. Teaching financial statements with the split-screen Matrix. BAFA Accounting Education SIG Conference.  May 19-21
  • Magni CA, Baschieri D, Marchioni A 2020. Comprehensive financial modeling of solar PV systems. EU PVSEC, Proceedings of the 37th European PV Solar Energy Conference and Exhibition. September 7-11 (online)
  • Marchioni A, Magni CA, Baschieri D 2020. Investment and financing perspectives for a solar photovoltaic project. Presentato a Management International Conference (MIC 2020), Ljubljana Slovenia, 12-15 November (online).
  • Magni CA, Marchioni A  2019. Performance measurement and decomposition of value added. Proceedings of the 9th International Conference of Financial Engineering and Banking Society. Prague (May 30-June 1).
  • Magni CA, Marchioni A  2019. The accounting-and-finance of a solar photovoltaic plant: Economic efficiency of a replacement project.  Proceedings of 4th International Conference on Energy and Environment: bringing together Engineering and Economics (May 16-17), pp. 40-50. ISBN: 978-989-97050-9-8, ISSN: 2183-3982.
  • Magni CA, Marchioni A 2018. Project appraisal and the Intrinsic Rate of Return. Proceeding of the 4th International Conference on Production Economics and Project Evaluation, ICOPEV, pp. 225–229. University of Minho, Guimaraes (Portugal), September 20-21.
  • Magni CA, Veronese P, Graziani R 2016. Chisini mean and a unified approach to capital budgeting criteria. Nineteenth International Working Seminar on Production Economics, Innsbruck, February 22-26.
  • Guerra ML, Magni CA, Stefanini L 2012. Average rate of return with uncertainty,  In Greco S. Bouchon-Meunier B, Coletti G, Fedrizzi M, Matarazzo B, Yager RR (Eds). Advances in Computational Intelligence,  14th International Conference on Information Processing and Management of Uncertainty in Knowledge-Based Systems (IPMU 2012). Communications in Computer and Information Science, vol. 300, pp. 64-73, Springer, Berlin-Heidelberg.
  • Magni CA 2011. Return On Equity, Internal Rate of Return and shareholder value creation. Proceedings of EAA 2011 Annual Congress, Rome 20-22 April, European Accounting Association.
  • Guerra ML, Magni CA, Stefanini L 2011. Average Internal  Rate of Return with interval arithmetic, Proceedings  of  XXXV AMASES Conference,  Pisa.
  • Magni CA 2011. Using Average Internal Rates of Return for investment performance measurement and attribution. Proceedings of XXXV AMASES Conference, Pisa.
  • Magni CA 2010. On the long-standing issue of the Internal Rate of Return: A complete resolution. Proceedings of  XXXIV AMASES Conference, Macerata.
  • Ghiselli Ricci R, Magni CA 2003. Economic value added and systemic value added as competing measures for modelling excess profit. Proceedings of XXVII AMASES Conferences, Cagliari.
  • Mastroleo G, Facchinetti G, Magni CA 2001. A proposal for modeling real options through fuzzy expert systems, Proceedings of the 16th ACM Symposium on Applied Computing (SAC 2001), 479-481, Las Vegas (USA), March.
  • Facchinetti G, Magni CA, Mastroleo G, Vignola M 2001. An application of fuzzy expert systems to strategic investments: The case of Florim S.p.a., Proceedings of the 4th International ICSC Symposia on Soft Computing (SOCO2001) and Intelligent Systems for Industry (ISFI 2001), June 26−29, University of Paisley, Scotland, UK.
  • Facchinetti G, Magni CA, Mastroleo G, Vignola M 2001. Valuing strategic investments with a fuzzy expert system: An Italian case, Proceedings of International Fuzzy Systems Association and The North American Fuzzy Information Processing Society, Joint Conference, Vancouver, Canada July 25-28.
  • Magni CA 2000. Decomposition of a certain cash flow stream: differential systemic value and net final value. Proceedings of XXIV AMASES Conference, Padenghe.
  • Magni CA 1997. La trappola del ROE e la tridimensionalità del VAN in un approccio sistemico [The ROE trap and the tridimensionality of NPV in a systemic approach]. Proceedings of XXI AMASES Conference, Roma.
  • Magni CA 1996. Un esempio di opzione di investimento industriale con interazione competitiva e avversione al rischio, Proceedings of XX AMASES Conference, Urbino.
  • Magni CA 1995. Un uso delle catene di Markov nella rappresentazione dell’intensità concorrenziale in un settore economico. Proceedings of XIX AMASES Conference, Pugnochiuso.
  • Magni CA 1994. Un criterio Matrioska nella selezione del portafoglio. Proceedings of  XVIII AMASES Conference, Modena.
  • Magni CA 1993. Valore attuale netto e politiche ottimali d’indebitamento. Proceedings of XVII AMASES Conference, Ischia.

    Start of page ▲

Working Papers

  • Columbu G, Magni CA, Baschieri D 2023.  Greening the fleet: financial modeling for vechicle replacement in waste management. SSRN Working paper
  • Magni CA 2019. How to correctly interpret, apply, and generalize the TRM model: Some guidelines for real-life projects. SSRN Working paper
  • Magni CA, Martin JD 2018. Defining a reliable multi-period project rate of return. An alternative to IRR. SSRN Working paper
  • Magni CA 2018. Pamphlet sulla crisi. Come difendersi dalla disinformazione e dal mito dell’Euro (January 2014) . SSRN Working paper
  • Magni CA, Martin JD 2017. The reinvestment rate assumption fallacy. SSRN Working paper
  • Magni CA, Peasnell KV 2015. The term structure of capital values: An accounting-based framework for measuring economic profitability. SSRN Working paper
  • Magni CA 2015. ROI and profitability index: A note on managerial performance. SSRN Working paper
  • Magni CA 2014. Pseudo-naive approaches to investment performance measurements. SSRN Working paper
  • Magni CA, Peasnell KV 2012. Economic profitability and the accounting rate of return. SSRN Working paper.
  • Magni CA 2010. Depreciation classes, return on investment and economic profitability. SSRN Working paper.
  • Magni CA 2009.  Accounting and economic measures: An integrated theory of capital budgeting.  SSRN Working paper.
  • Magni CA 2009. Firm value and the mis-use of the CAPM for valuation and decision making,  Applied Economics Research Bulletin Peer-Reviewed Working Paper Series.
  • Magni CA 2007. A Sum&Discount method of appraising firms: An illustrative example. Working paper n. 572, Dipartimento di Economia Politica, Modena.
  • Magni CA 2005. Theoretical flaws in the use of CAPM for investment decisions. Working paper n. 511, Dipartimento di Economia Politica, Modena.
  • Magni CA 2005. Reasoning the ‘net-present-value’ way: Biases and how to use psychology for falsifying decision models, Working paper n. 496, Dipartimento di Economia Politica, Modena.
  • Magni CA 2005. Norms of rationality and investment decisions: CAPM, arbitrage and description invariance. Working paper n. 503, Dipartimento di Economia Politica, Modena.
  • Magni CA 2005. The use of NPV and CAPM for capital budgeting is not a good idea. A Reply to De Reyck (2005), Materiali di discussione, n. 495, Dipartimento di Economia Politica, Modena.
  • Facchinetti G., Magni C. A., Mastroleo G. 2000. Real options: a fuzzy approach for strategic investments, Working paper, n. 321, Dipartimento di Economia Politica, Modena.
  • Magni CA 2000. Systemic Value Added, Residual Income and Decomposition of a Cash Flow Stream, Working paaper n. 318, Dipartimento di Economia Politica, Modena.
  • Magni CA 1998. Pictures, Language and Research: The case of Finance and Financial Mathematics, Working paper n. 245, Dipartimento di Economia Politica, Modena.
  • Magni CA 1998. Note sparse sul dilemma del prigioniero (e non solo) [Scattered notes on the prisoner’s dilemma (and others)], Working paper n. 242, Dipartimento di Economia Politica, Modena.
  • Magni CA 1998. A systemic rule for investment decisions: generalizations of the traditional DCF criteria and new conceptions, Working paper n. 237, Dipartimento di Economia Politica, Modena.
  • MagniCA 1997. Critica alla definizione classica di investimento: un approccio sistemico, Working paper n. 211, Dipartimento di Economia Politica, Modena.
  • Magni CA 1997. IRR, ROE and NPV: a systemic approach, Working paper n. 208, Dipartimento di Economia Politica, Modena.
  • Magni CA 1997. Paradossi, inverosimiglianze e contraddizioni del VAN: operazioni aleatorie, Working paper n. 204, Dipartimento di Economia Politica, Modena.
  • Magni CA 1997. Paradossi, inverosimiglianze e contraddizioni del VAN: operazioni certe, Working paper n. 177, Dipartimento di Economia Politica, Modena.
  • Magni CA 1996. Un semplice modello di opzione di differimento e di vendita in àmbito discreto, Working paper  n. 158, Dipartimento di Economia Politica, Modena.
  • Magni CA 1996. Opzioni reali d’investimento e interazione competitiva: programmazione dinamica stocastica in optimal stopping, Working paper n. 129, Dipartimento di Economia Politica, Modena.
  • Magni CA 1996. Repeatable and una tantum real options: a dynamic programming approach, Working paper n. 128, Dipartimento di Economia Politica, Modena.

Start of page ▲