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Full Description
Economist, consultant, and Wall Street Journal contributor Alfred Rappaport provides managers and investors with the practical tools and tests for a corporate strategy that creates shareholder value.The ultimate test of corporate strategy, the only reliable measure, is whether it creates economic value for shareholders.After a decade of downsizings frequently blamed on shareholder value decision making, this book presents a new and indepth assessment of the rationale for shareholder value. Further, Rappaport presents provocative new insights on shareholder value applications to: (1) business planning, (2) performance evaluation, (3) executive compensation, (4) mergers and acquisitions, (5) interpreting stock market signals, and (6) organizational implementation. Readers will be particularly interested in Rappaport's answers to three management performance evaluation questions: (1) What is the most appropriate measure of performance? (2) What is the most appropriate target level of performance? and (3) How should rewards be linked to performance? The recent acquisition of Duracell International by Gillette is analyzed in detail, enabling the reader to understand the critical information needed when assessing the risks and rewards of a merger from both sides of the negotiating table.The shareholder value approach presented here has been widely embraced by publicly traded as well as privately held companies worldwide. Brilliant and incisive, this is the one book that should be required reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.
Contents
List of IllustrationsPrefaceCHAPTER 1. SHAREHOLDER VALUE AND CORPORATE PURPOSEManagement Versus Shareholder ObjectivesShareholders and StakeholdersShareholders Are "Us"Earnings An Unreliable Bottom LineThe Trouble with Accounting Return on Investment (ROI)ROI Versus DCF Return IllustratedAdditional Shortcomings of ROIShortcomings of Return on Equity (ROE)CHAPTER 3. SHAREHOLDER VALUE APPROACHEstimating Shareholder ValueEstimating Shareholder Value Added (SVA)Threshold MarginThe Shareholder Value NetworkAppendix: Conventional Versus Shareholder Value Break-Even AnalysisCHAPTER 4. FORMULATING STRATEGIESStrategy Formulation ProcessCompetitive Advantage and Shareholder ValueStrategy "Best Sellers"CHAPTER 5. VALUING STRATEGIESStrategy Valuation ProcessValuing Alternative Business OpportunitiesValuing Interdivisional SynergiesChoosing Optimal Investment Level for a New BusinessDo Stock Repurchases Create Value?Ten Value-Creation QuestionsReading the MarketCorporate Versus Shareholder Rate of ReturnManagement ImplicationsCHAPTER 7. PERFORMANCE EVALUATION AND EXECUTIVE COMPENSATIONCEOs and Other Corporate-Level ExecutivesOperating ManagersPerformance Evaluation Alternatives Shareholder Value Added (SVA)Performance Evaluation Alternatives Residual IncomePerformance Evaluation Alternatives Economic Value Added (EVA)Performance Evaluation Alternatives Change in Residual Income or Change in EVALeading Indicators of ValueTarget Level of PerformanceLinking Rewards to Superior PerformanceCHAPTER 8. MERGERS AND ACQUISITIONSThe Acquisition ProcessValue Creation FrameworkDo Mergers Create Value for the Acquiring Company?Gillette's Acquisition of Duracell InternationalPremium Advice for TargetsCHAPTER 9. IMPLEMENTING SHAREHOLDER VALUEImplementation ObjectivesGaining CommitmentIntroducing Shareholder ValueReinforcing Shareholder ValueCHAPTER 10. THE SHAREHOLDER SCOREBOARDA Rising Tide Doesn't Lift All StocksInvesting as a Game of ExpectationsNotes IndexAbout the Author
