The contribution of Maffeo Pantaleoni in the field of financial valuation

This article analyzes the contribution that a distinguished eclectic economist - Maffeo Pantaleoni - gave to the study of financial valuation. The analysis focuses on an essay of 1904 entitled “Some observations on the value assignments in the absence of market prices” that influenced Italian accounting scholars throughout the twentieth century, beginning with Gino Zappa. Each of Pantaleoni's five propositions is analyzed, and their influence on later Italian doctrine is highlighted; specifically: a) the need for empirical research in accounting; b) the relationship between financial valuation and characteristics of the company's production process; c) the relationship between financial valuation and the purposes of financial statements; d) the importance of neutrality in financial valuation; e) complementarity of production factors and the effects of this feature on asset values.