Value: The Four Cornerstones of Corporate Finance

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Overview

From the team behind Valuation—the #1 bestsellingreference on corporate finance—comes a decision-making guidefor all executives to use as they create, manage, and sustainshareholder value.

Corporate leaders are regularly confronted with conventionalwisdom and half-truths about value creation. They're givenconflicting advice about what will or won't appeal to investors,often contradicting their own judgment about what builds lastingworth in ...

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Overview

From the team behind Valuation—the #1 bestsellingreference on corporate finance—comes a decision-making guidefor all executives to use as they create, manage, and sustainshareholder value.

Corporate leaders are regularly confronted with conventionalwisdom and half-truths about value creation. They're givenconflicting advice about what will or won't appeal to investors,often contradicting their own judgment about what builds lastingworth in their companies and the economy.

In Value: The Four Cornerstones of Corporate Finance,partners from the management consulting firm of McKinsey &Company describe the basic principles of value creation and theirrelevance. Internalizing these principles—orcornerstones—gives decision makers the independence andcourage they need to challenge conventional wisdom, defyhalf-truths, and build thriving businesses.

The four cornerstones are:

  • The Core of Value: a business's value is driven by itsgrowth and return on capital, and resulting cash flows
  • The Conservation of Value: value is created whencompanies generate higher cash flows, not by simply rearranginginvestors' claims on cash flows
  • The Expectations Treadmill: movements in company shareprices reflect changes in the stock market's expectations, not justunderlying performance
  • The Best Owner: the value of a business is not anabsolute but, rather, depends on who is managing it and thestrategy pursued

While there are many books that cover selected topics withincorporate finance—often for specializedpractitioners—it's the rare book that offers leaders aunifying viewpoint of business. Value is that book.

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Product Details

  • ISBN-13: 9780470424605
  • Publisher: Wiley
  • Publication date: 11/9/2010
  • Series: Wiley Desktop Editions Series
  • Edition number: 1
  • Pages: 272
  • Sales rank: 491,948
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.30 (d)

Meet the Author

McKINSEY & COMPANY is a global management consultingfirm that helps leading private, public, and social-sectororganizations make distinctive, lasting, and substantialperformance improvements. With consultants deployed from more thanninety offices in over fifty countries, McKinsey advises companieson strategic, operational, organizational, financial, andtechnological issues.

TIM KOLLER leads the firm's research activities invaluation and capital market issues. He advises clients globally oncorporate strategy, capital markets, M&A, and value-basedmanagement. Tim is a coauthor of Valuation: Measuring andManaging the Value of Companies.

RICHARD DOBBS is a director of the McKinsey GlobalInstitute, the firm's business and economics research arm. Headvises Korean and other Asian companies and governments onstrategy, economics, and M&A issues. Richard is an associatefellow of University of Oxford's Saïd Business School.

BILL HUYETT advises clients in healthcare and othertechnology-intensive industries on corporate strategy, M&A,product development and commercialization, and corporateleadership. Bill is active on several not-for-profit boards inbasic life sciences research.

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Table of Contents

About the Authors.

Preface.

Acknowledgments.

Part I: The Cornerstones of Value Creation.

Chapter 1: Why Value Value?

Chapter 2: The Core of Value Creation.

Chapter 3: The Conservation of Value.

Chapter 4: The Expectations Treadmill.

Chapter 5: The Best Owner.

Part II: The Stock Market.

Chapter 6: Who Is the Stock Market?

Chapter 7: The Stock Market and the Real Economy.

Chapter 8: Stock Market Bubbles.

Chapter 9: Earnings Management.

Part III: Managing Value Creation.

Chapter 10: Return on Capital.

Chapter 11: Growth.

Chapter 12: Corporate Portfolio Decisions.

Chapter 13: Mergers and Acquisitions.

Chapter 14: Risk.

Chapter 15: Financial Decisions.

Chapter 16: Investor Communications.

Chapter 17: Organizational Issues.

Index.9780470424605

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