Creating Shareholder Value A Guide for Managers and Investors

ISBN-10: 0684844109

ISBN-13: 9780684844107

Edition: 2nd 1997 (Revised)

Authors: Alfred Rappaport

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The ultimate test of corporate strategy is whether it creates economic value for shareholders, according to Rappaport. This business classic provides guidance for managers on how to select and implement tactics that will create the most value.
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Book details

List price: $37.00
Edition: 2nd
Copyright year: 1997
Publisher: Free Press
Publication date: 12/1/1997
Binding: Hardcover
Pages: 224
Size: 6.75" wide x 9.50" long x 1.00" tall
Weight: 1.034
Language: English

List of Illustrations
Shareholder Value And Corporate Purpose
Management Versus Shareholder Objectives
Shareholders and Stakeholders
Shareholders Are "Us"
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)
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
Formulating Strategies
Strategy Formulation Process
Competitive Advantage and Shareholder Value
Strategy "Best Sellers"
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?
Value-Creation Questions
Stock Market Signals To Management
Reading the Market
Corporate Versus Shareholder Rate of Return
Management Implications
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
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
Implementing Shareholder Value
Implementation Objectives
Gaining Commitment
Introducing Shareholder Value
Reinforcing Shareholder Value
The Shareholder Scoreboard
A Rising Tide Doesn't Lift All Stocks
Investing as a Game of Expectations
About the Author
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