Updated and featuring a new Introduction by the author, this business classic provides definitive guidance for managers on how to select and implement the tactics that will create the most value for shareholders and businesses.
Updated and featuring a new Introduction by the author, this business classic provides definitive guidance for managers on how to select and implement the tactics that will create the most value for shareholders and businesses.
Dr. Alfred Happaport, the Leonard Spacek Professor Emeritus of J. L. Kellogg Graduate School of Management at Northwestern University, developed the idea for the Shareholder Scoreboard, published annually by The Wall Street Journal. He is co-founder and former Chairman of the Board of The Alcar Group Inc., whose consulting and education practices are now part of The LEK/Alcar Consulting Group, LLC, the U.S. operation of a worldwide strategy consulting firm. He has been a guest columnist for The Wall Street Journal, The New York Times, and Business Week, and lives in La Jolla, California.
Inhaltsangabe
List of Illustrations Preface CHAPTER 1. SHAREHOLDER VALUE AND CORPORATE PURPOSE Management Versus Shareholder Objectives Shareholders and Stakeholders Shareholders Are "Us" CHAPTER 2. SHORTCOMINGS OF ACCOUNTING NUMBERS EarningsAn Unreliable Bottom Line The Trouble with Accounting Return on Investment (ROI) ROI Versus DCF Return Illustrated Additional Shortcomings of ROI Shortcomings of Return on Equity (ROE) CHAPTER 3. SHAREHOLDER VALUE APPROACH Estimating Shareholder Value Estimating Shareholder Value Added (SVA) Threshold Margin The Shareholder Value Network Appendix: Conventional Versus Shareholder Value Break-Even Analysis CHAPTER 4. FORMULATING STRATEGIES Strategy Formulation Process Competitive Advantage and Shareholder Value Strategy "Best Sellers" CHAPTER 5. VALUING STRATEGIES Strategy Valuation Process Valuing Alternative Business Opportunities Valuing Interdivisional Synergies Choosing Optimal Investment Level for a New Business Do Stock Repurchases Create Value? Ten Value-Creation Questions CHAPTER 6. STOCK MARKET SIGNALS TO MANAGEMENT Reading the Market Corporate Versus Shareholder Rate of Return Management Implications CHAPTER 7. PERFORMANCE EVALUATION AND EXECUTIVE COMPENSATION CEOs and Other Corporate-Level Executives Operating Managers Performance Evaluation AlternativesShareholder Value Added (SVA) Performance Evaluation AlternativesResidual Income Performance Evaluation AlternativesEconomic Value Added (EVA) Performance Evaluation AlternativesChange in Residual Income or Change in EVA Leading Indicators of Value Target Level of Performance Linking Rewards to Superior Performance CHAPTER 8. MERGERS AND ACQUISITIONS The Acquisition Process Value Creation Framework Do Mergers Create Value for the Acquiring Company? Gillette's Acquisition of Duracell International Premium Advice for Targets CHAPTER 9. IMPLEMENTING SHAREHOLDER VALUE Implementation Objectives Gaining Commitment Introducing Shareholder Value Reinforcing Shareholder Value CHAPTER 10. THE SHAREHOLDER SCOREBOARD A Rising Tide Doesn't Lift All Stocks Investing as a Game of Expectations Notes Index About the Author
List of Illustrations Preface CHAPTER 1. SHAREHOLDER VALUE AND CORPORATE PURPOSE Management Versus Shareholder Objectives Shareholders and Stakeholders Shareholders Are "Us" CHAPTER 2. SHORTCOMINGS OF ACCOUNTING NUMBERS EarningsAn Unreliable Bottom Line The Trouble with Accounting Return on Investment (ROI) ROI Versus DCF Return Illustrated Additional Shortcomings of ROI Shortcomings of Return on Equity (ROE) CHAPTER 3. SHAREHOLDER VALUE APPROACH Estimating Shareholder Value Estimating Shareholder Value Added (SVA) Threshold Margin The Shareholder Value Network Appendix: Conventional Versus Shareholder Value Break-Even Analysis CHAPTER 4. FORMULATING STRATEGIES Strategy Formulation Process Competitive Advantage and Shareholder Value Strategy "Best Sellers" CHAPTER 5. VALUING STRATEGIES Strategy Valuation Process Valuing Alternative Business Opportunities Valuing Interdivisional Synergies Choosing Optimal Investment Level for a New Business Do Stock Repurchases Create Value? Ten Value-Creation Questions CHAPTER 6. STOCK MARKET SIGNALS TO MANAGEMENT Reading the Market Corporate Versus Shareholder Rate of Return Management Implications CHAPTER 7. PERFORMANCE EVALUATION AND EXECUTIVE COMPENSATION CEOs and Other Corporate-Level Executives Operating Managers Performance Evaluation AlternativesShareholder Value Added (SVA) Performance Evaluation AlternativesResidual Income Performance Evaluation AlternativesEconomic Value Added (EVA) Performance Evaluation AlternativesChange in Residual Income or Change in EVA Leading Indicators of Value Target Level of Performance Linking Rewards to Superior Performance CHAPTER 8. MERGERS AND ACQUISITIONS The Acquisition Process Value Creation Framework Do Mergers Create Value for the Acquiring Company? Gillette's Acquisition of Duracell International Premium Advice for Targets CHAPTER 9. IMPLEMENTING SHAREHOLDER VALUE Implementation Objectives Gaining Commitment Introducing Shareholder Value Reinforcing Shareholder Value CHAPTER 10. THE SHAREHOLDER SCOREBOARD A Rising Tide Doesn't Lift All Stocks Investing as a Game of Expectations Notes Index About the Author
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