Economic value added and systemic value added: symmetry, additive coherence and differences in performance

Roberto Ghiselli Ricci and Carlo Alberto Magni ()

Applied Financial Economics Letters, 2006, vol. 2, issue 3, pages 151-154

Abstract: Two 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.

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