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Valuation Measuring and Managing the Value of Companies

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ISBN-10: 0471557188

ISBN-13: 9780471557180

Edition: 1st 1990

Authors: Tom Copeland, Tim Koller, Jack Murrin

List price: $39.95
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"This book on valuation represents fresh new thinking. The writing is clear & direct, combining the best academic principles with actual experience to arrive at value increasing solutions." J. Fred Weston, Cordner Professor of Money & Financial Markets, Graduate School of Management, UCLA. "The book's clarity & comprehensive coverage make it one of the best practitioners' guides to valuation."--Financial Times. In the global economy of the 1990s, investors move their money quickly & easily around the world in search of the greatest return. As such it's essential for today's business graduates to understand the importance of measuring, managing, & maximizing shareholder value. Valuation illustrates how to take advantage of the American tradition of maximizing shareholder value, demonstrates how value-based management contributes to improved strategic thinking, & shows how managers at any level can create value for their companies. In addition this book provides: * A chapter featuring insights into the strategic advantages of value-based management. * Strategies for multibusiness valuation, & valuation for corporate restructuring, mergers, & acquisitions. * International comparisons of the cost of capital, differences in accounting procedures, & how valuation works in different countries. * A detailed case study showing how valuation techniques & principles are applied.
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Book details

List price: $39.95
Edition: 1st
Copyright year: 1990
Publisher: John Wiley & Sons, Incorporated
Publication date: 2/1/1994
Binding: Paperback
Pages: 448
Size: 5.94" wide x 8.94" long x 1.10" tall
Weight: 1.320
Language: English

McKINSEY & COMPANY is a management consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Over the past seven decades, the firm's primary objective has remained constant: to serve as an organization's most trusted external advisor on critical issues facing senior management. With consultants deployed from over eighty offices in more than forty countries, McKinsey advises companies on strategic, operational, organizational, financial, and technological issues. The firm has extensive experience in all major industry sectors and primary functional areas, as well as in-depth expertise in high-priority areas for today's business leaders.Tim Koller is a partner in McKinsey's New York office. Tim has served clients in North America and Europe on corporate strategy and issues concerning capital markets, M&A transactions, and value-based management. He leads the firm's research activities in valuation and capital markets issues. He received his MBA from the University of Chicago.Marc Goedhart is an associate principal in McKinsey's Amsterdam office. Marc has served clients across Europe on portfolio restructuring, issues concerning capital markets, and M&A transactions. He received a PhD in finance from Erasmus University Rotterdam.David Wessels is an Adjunct Professor of Finance and director of executive education at the Wharton School of the University of Pennsylvania. Named by BusinessWeek as one of America's top business school instructors, he teaches corporate valuation at the MBA and Executive MBA levels. David received his PhD from the University of California at Los Angeles.Jeffrey P. Lessard, CFA, is Associate Professor of Finance and Accounting at the Rochester Institute of Technology. Dr. Lessard received his PhD in finance from the Sam M. Walton College of Business at the University of Arkansas. His primary scholarly interests are in the areas of corporate valuation, the influence of the board of directors on the creation of shareholder value, portfolio performance, and performance and presentation standards in the investment industry.

Company Value and the Manager's Missionp. 1
Why Value Value?p. 3
The Value Managerp. 30
Cash Is Kingp. 69
Value-Based Managementp. 93
Cash Flow Valuation: A Practitioner's Guidep. 129
Frameworks for Valuationp. 131
Analyzing Historical Performancep. 154
Forecasting Performancep. 201
Estimating the Cost of Capitalp. 239
Estimating Continuing Valuep. 274
Calculating and Interpreting Resultsp. 301
Applying Valuationp. 313
Multibusiness Valuationp. 315
Valuing Foreign Subsidiariesp. 346
Valuation Outside of the United Statesp. 374
Mergers, Acquisitions, and Joint Venturesp. 408
Using Option Pricing Methods to Value Flexibilityp. 446
Valuing Banksp. 476
Appendix A: Proof of the Equivalence of Two Formulas for Estimating Continuing Valuep. 513
Appendix B: Sources of Valuation Datap. 516
Appendix C: Valuation Modelsp. 523
Indexp. 553
Table of Contents provided by Blackwell. All Rights Reserved.