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Creating Shareholder Value
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Table of Contents

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

Earnings An 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 Alternatives Shareholder Value Added (SVA)

Performance Evaluation Alternatives Residual Income

Performance Evaluation Alternatives Economic Value Added (EVA)

Performance Evaluation Alternatives Change 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

About the Author

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.

Reviews

Alan Shapiro Ivadelle and Theodore Johnson Professor of Banking and Finance, Graduate School of Business Administration, University of Southern California Al Rappaport lives up to his reputation as the father of shareholder value. This book is an invaluable resource for anyone committed to creating shareholder value or teaching about it. Creating Shareholder Value presents not just the basic principles and theoretical underpinnings of its subject matter but also their application through numerous well-chosen and up-to-date real-world examples.
Michael J. Mauboussin Managing Director, Equity Research, Credit Suisse First Boston Corporation Herein lie the power tools of any investor's toolbox. This significant update to the seminal Creating Shareholder Value offers investors and corporate managers a theoretically sound and practically usable guide for decision making. Business people who have been jostled by the latest management fads and buzzwords will find refuge in Rappaport's well-conceived and effective framework.
Harry M. Jansen Kraemer, Jr. President, Baxter International, Inc Dr. Rappaport does a phenomenal job of bridging the gap between shareholder value theory and practice. I highly recommend Creating Shareholder Value for CEOs, CFOs, business school students and anyone who wants to truly understand as well as create shareholder value.
Stephen F. Bollenbach President and CEO, Hilton Hotels Corporation Updates all of us on the front lines with the latest thinking about creating shareholder value from the social aspects to the very specific. I recommend this book to any person seriously concerned about the function of a corporation in a market economy.
Martin L. Leibowitz, Vice Chairman and Chief Investment Officer, TIAA-CREF Rappaport's work shines a bright light on how to systematically apply fiancial theory to the pratical problems of corporate valuation. The distinction Rappaport makes between shareholder return and corporate return is particularly critical in today's markets. Every serious ananlyst should have a firm understanding of his writings.
Charles W. McCall President and CEO, HBO & Company I've had the pleasure of following Al Rappaport's work for over 20 years and I feel this is his best work ever. The insights on acquisitions and the work on performance measurements are very important for fast-growing companies. Al's principles have helped us grow from a market value of less than $100 million to over $7 billion in the past six years.

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