In search of shareholder value: managing the drivers of performance
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | Undetermined |
| Veröffentlicht: |
London [u.a.]
Financial times, Pitman publ.
1998
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XI, 292 S. |
| ISBN: | 027363027X |
Internformat
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Datensatz im Suchindex
| _version_ | 1804138768811163648 |
|---|---|
| adam_text | CONTENTS
Foreword ix
Acknowledgements xi
Introduction 1
Parti
WHAT IS SHAREHOLDER VALUE?
1 Shareholder value: fad versus fact 7
Why SHV is not a fad 8
What is SHV? 12
Why is SHV so controversial? 13
Summary 17
2 The history of value 19
Customer value 21
Shareholder value 21
The development of a theory 22
Further work on SHV 23
After the history, what? 23
SHV in practice 24
Summary 25
3 What does your capital cost? 27
Hurdle rates 28
CAPM: the key risk equation 29
Elements of the CAPM equation 30
The cost of equity 37
The cost of debt 38
The weighted average cost of capital (WACC) 38
Summary 40
4 Profit is an opinion; cash is a fact 41
Accounting profit 42
Correlating share price movements and cash flow 43
The investor s new focus 45
Summary 46
NTS
5 Shareholder value: a definition 47
Risk, growth and returns and the seven value drivers 49
The market mirror 51
Sensitivity analysis 51
Summary 53
6 Shareholder value: a single metric or a common framework? 55
SVA: capital and calculations 57
Assessing strategy decisions 60
Q ratios and CFROI 62
Residual value: a digression 63
CFROI and residual values 64
Summary 68
Part 2
PUTTING IT INTO PRACTICE; THE VALUE MINDSET
7 The transforming power of SHV 71
Value and its transformation 75
The three stages of value 77
Five core value processes 80
Linkages and obstacles 99
Sustaining VBM 100
Summary 101
8 SHV at war: mergers and acquisitions 103
The pros and cons of takeovers 105
Overshooting the target? 108
A framework for best practice 110
Striking a deal 114
Downside risks 115
Practical problems with acquisition models 117
Communicating to shareholders 118
The future 119
Summary 119
9 Rising from the ashes: value re-creation and SHV 121
Stakes and shares revisited 122
Why do businesses fail? 129
Unlocking the value potential of troubled businesses 133
I
C0NTE1
Four options for getting out of trouble 134
The virtues of value re-creation 140
Summary 141
Part 3
SHY IN ACTION
10 Sector appeal 145
Cash flow and the cost of capital 146
Residual value 150
Financial services 151
Technology and know-how intensive industries 166
Other sectors 176
Summary 189
11 SHV around the world 191
Corporate governance 192
Could the two views converge? 195
The Anglo-Saxons 197
Mainland Europe 205
Emerging markets 223
Summary 230
12 Japan: a special case? 231
Historical background: who are the owners? 233
Valuation techniques 239
Towards managing for SHV 242
Japan and the decline of stakeholder power 249
Part 4
BRINGING IT ALL TOGETHER
13 Reporting on the future: the blueprint 253
What makes value reporting necessary? 255
Why ask accountants? 255
Three areas of accounting merge 256
The seven core components of VR 258
External reporting 259
Applying VR: a hypothetical case 261
The future of value 265
ENTS
Appendix 1: Blueprint Inc. 267
Appendix 2: Glossary of acronyms 280
Appendix 3: Some technicalities 282
Index 285
|
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| indexdate | 2024-07-09T21:33:27Z |
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| isbn | 027363027X |
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| physical | XI, 292 S. |
| publishDate | 1998 |
| publishDateSearch | 1998 |
| publishDateSort | 1998 |
| publisher | Financial times, Pitman publ. |
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| spelling | In search of shareholder value managing the drivers of performance Andrew Black ... London [u.a.] Financial times, Pitman publ. 1998 XI, 292 S. txt rdacontent n rdamedia nc rdacarrier Shareholder-Value-Analyse (DE-588)4353913-0 gnd rswk-swf Management (DE-588)4037278-9 gnd rswk-swf Shareholder-Value-Analyse (DE-588)4353913-0 s Management (DE-588)4037278-9 s DE-188 Black, Andrew Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017263406&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | In search of shareholder value managing the drivers of performance Shareholder-Value-Analyse (DE-588)4353913-0 gnd Management (DE-588)4037278-9 gnd |
| subject_GND | (DE-588)4353913-0 (DE-588)4037278-9 |
| title | In search of shareholder value managing the drivers of performance |
| title_auth | In search of shareholder value managing the drivers of performance |
| title_exact_search | In search of shareholder value managing the drivers of performance |
| title_full | In search of shareholder value managing the drivers of performance Andrew Black ... |
| title_fullStr | In search of shareholder value managing the drivers of performance Andrew Black ... |
| title_full_unstemmed | In search of shareholder value managing the drivers of performance Andrew Black ... |
| title_short | In search of shareholder value |
| title_sort | in search of shareholder value managing the drivers of performance |
| title_sub | managing the drivers of performance |
| topic | Shareholder-Value-Analyse (DE-588)4353913-0 gnd Management (DE-588)4037278-9 gnd |
| topic_facet | Shareholder-Value-Analyse Management |
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