Nuova ricerca

ANDREA MARCHIONI

CULTORE DELLA MATERIA presso: Dipartimento di Economia "Marco Biagi"

DOCENTE A CONTRATTO presso: Dipartimento di Economia "Marco Biagi"


Home | Curriculum(pdf) | Didattica |


Pubblicazioni

2020 - Comprehensive financial modeling of solar PV systems [Relazione in Atti di Convegno]
Baschieri, D; Magni, Ca; Marchioni, Andrea
abstract


2020 - Investment and financing perspectives for a solar photovoltaic project [Relazione in Atti di Convegno]
Marchioni, Andrea; Magni, Ca; Baschieri, D
abstract


2019 - THE ACCOUNTING-AND-FINANCE OF A SOLAR PHOTOVOLTAIC PLANT: ECONOMIC EFFICIENCY OF A REPLACEMENT PROJECT [Relazione in Atti di Convegno]
Magni, Ca; Marchioni, Andrea
abstract

In this work we illustrate a simple logical framework serving the purpose of assessing the economic profitability and measuring value creation in a solar photovoltaic (PhV) project and, in general, in a replacement project where the cash-flow stream is nonnegative, with some strictly positive cash flows. We use the projected accounting data to compute the average ROI, building upon Magni (2011, 2019) (see also Magni and Marchioni 2018), which enables retrieving information on the role of the project's economic efficiency and the role of the project scale on increasing shareholders' wealth. The average ROI is a genuinely internal measure and does not suffer from the pitfalls of the internal rate of return (IRR), which may be particularly critical in replacement projects such as the purchase of a PhV plant aimed at replacing conventional retail supplies of electricity.


2018 - PROJECT APPRAISAL AND THE INTRINSIC RATE OF RETURN [Relazione in Atti di Convegno]
Magni, Ca; Marchioni, Andrea
abstract

Building upon Magni (2011)'s approach, we propose a new rate of return measuring a project's economic profitability. It is called the intrinsic rate of return (IROR). It is defined as the ratio of project return to project's intrinsic value. The IROR approach decomposes the NPV into project scale and economic efficiency. In particular, NPV is found as the product of the project's total invested capital and the excess rate of return, obtained as the difference between the IROR and the minimum attractive rate of return (MARR). This approach provides correct project ranking and is capable of managing time-varying costs of capital. In case of levered projects, shareholder value creation is captured by the equity IROR, which we call Intrinsic Return On Equity (IROE) (net income divided by total equity capital invested). If the project is unlevered, the IROE and the IROR lead to the same decision; if the project is levered, and the nominal value of debt is not equal to the market value of debt, the IROE should be preferred to project IROR.


2016 - Sensitivity analysis and investment decisions: NPV-consistency of rates of return [Working paper]
Marchioni, Andrea; Magni, C. A.
abstract