An
Analysis of Shareholder Agreements |
Shareholder agreements govern the relations among shareholders in
pivately-held companies, such as joint ventures or venture
capital-backed firms. We provide an economic explanation for the use
of put and call options, pre-emption rights, catch-up clauses,
drag-along rights, demand-rights, and tag-along rights in
shareholder agreements. pdf-file |
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Approaching the next level of shareholder value management |
Why is traditional shareholder value management falling short today?
The new approach: focus on the business fundamentals and on the
enterprise’s total factor productivity (E-TFP) August 2002 |
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Building shareholder value by building a culture of risk awareness |
Protecting shareholder value by ensuring that a company’s risks are
competently managed is an important responsibility of any Chief
Executive Officer (CEO), a responsibility that is increasingly
acknowledged by the appointment of a Chief Risk Officer (CRO). pdf |
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Corporate Risk Management as a Lever for Shareholder Value Creation |
Firm value is influenced in many direct and indirect ways by
financial risks, which consist of unexpected changes of foreign
exchange rates, interest rates and commodity prices. This paper
presents a comprehensive review of positive theories and their
empirical evidence regarding the contribution of corporate risk
management to shareholder value. |
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Creating Shareholder Value |
This paper examines some common fallacies as to how the market
values companies, in particular "short termism," the preoccupation
with accounting earnings and corporate stereotyping. It then
examines what does drive shareholder value and the role playing by
"value management" management systems. pdf-file |
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Customer Satisfaction |
How important is customer satisfaction for long term shareholder
value? Pdf-file |
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Economic Value Added and the Measurement of Financial Performance |
This book chapter considers the measurement of financial
performance. It introduces the concept of economic value added,
which uses the same discount rate developed for capital budgeting.
Pdf |
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Economic Value-Added: A Review of the Theoretical and Empirical
Literature |
This paper attempts to provide a synoptic survey of EVA’s conceptual
underpinnings and the comparatively few empirical analyses of
value-added performance measures. Special attention is given to the
GAAPrelated accounting adjustments involved in EVA-type
calculations. |
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Financial Incentives ... |
... Resolve the Shareholder Value puzzle. The Role of Leverage in
Incentives. Pdf file |
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Human Capital As a Lead Indicator of Shareholder Value |
Human Capital Index®: Watson Wyatt's new 2001/2002 Human Capital
Index report shows for the first time a cause and effect
relationship between superior HR practices and business performance. |
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Interpreting Measures of Shareholder Value |
How should shareholder value statistics be interpreted? |
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Maximising Shareholder Value - Achieving clarity in decision-making |
This briefing is an attempt to draw attention to the context, tools,
techniques and philosophy of managing for shareholder value, or
value-based management (VBM) as it is sometimes known. Like other
management concepts, managing for value has been adapted by
companies to suit their circumstances. There can be no “one size
fits all” model. |
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Maximizing Shareholder Value |
Focus on captive insurance companies |
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Maximizing Shareholder Value at the Private Company |
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Projects for Shareholder Value - The Influence of Project Managers |
This paper analyses what impact the three traditional measures of
project success, (time, cost and functionality), have on the eight
value drivers, and hence what impact project managers have on the
success of their companies through the successful delivery of their
projects. |
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Recognizing Macroeconomic Fluctuations in Value Based Management |
Value Based Management (VBM) has become a common tool for ex ante
and ex post evaluation of corporate strategies and projects from the
perspective of shareholder wealth maximization (SWM). Pdf-file 2001 |
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Shareholder value and the clash in performance measurement: are
banks special ? |
This paper analyses the information content of traditional and
innovative performance indicators in the light of creating SHV
within the banking industry. Pdf-file |
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Shareholder Value Index |
For the global automotive industry, prepared by PwC |
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Striving for Shareholder Value |
What is SV? How do firms practice SV? Where to from here? |
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Systemic Value Added: an alternative to EVA as a residual income
model |
This work presents a notion of residual income called Systemic Value
Added (SVA). It is antithetic to Stewart’s (1991) EVA, though it is
consistent with it in overall terms: a project’s Net Final Value (NFV)
can be computed as the sum of capitalized EVAs or as the sum of
uncapitalized SVAs. |
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The
conflict with other stakeholders |
A mild though interesting debate can also often be witnessed about
the conflict of shareholder interests with those of other
stakeholders. Interesting because there is no real conflict between
maximizing shareholder value and the benefit to the other
stakeholders. |
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The
Holy Grail of Shareholder Value Measurement |
Few dispute the value of EVA as a performance measure, but some
companies think that other metrics correlate more closely with
long-term shareholder returns. Here are the pros and cons of the
most commonly used metrics. |
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Trading the corporate portfolio |
A systematic approach to buying and selling assets can deliver
superior shareholder returns. Pdf-File 177 KB |
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Value Drivers Intangible Assets |
Do We Need a New Approach to Financial and Management Accounting? -
A Blueprint for an Improved Management System. Pdf-file 526 KB |
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What Drives Shareholder Value? |
Many corporate executives still focus on quarterly earnings figures
as a key driver of stock market values. Stock market values are
driven by real corporate performance, as compared to market
benchmarks. The key relationship is whether the money entrusted to
corporate management earns a higher return than the owners can get
elsewhere. |
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You
Can't Spot Serious Shareholder Value? Check Your Paradigms! |
Policies (the way things are done) are key constraints to better
profits and improved SVA and many need to be changed. Some examples
show how policies from the past are blocking businesses from earning
much better SVAs |
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