Download or read book Capital Allocation Principles Strategies and Processes for Creating Long Term Shareholder Value written by David R. Giroux and published by McGraw Hill Professional. This book was released on 2021-10-26 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seize the competitive edge through intelligent, differentiated capital allocation The intelligent deployment of capital is one of the most effective ways to create long-term value. But despite this, there are very few capital allocation experts on the boards of the largest publicly traded companies, and academic research consistently finds that most firms deploy capital sub-optimally. Capital Allocation aims to educate senior leaders, board members, investors, students, and anyone interested in business on this important topic. Until now very little has been written on capital allocation outside of academia, even though the strategic deployment of excess capital is an increasingly significant source of competitive advantage for many companies. David Giroux, Chief Investment Officer for Equities and Multi-Asset and Head of Investment Strategy at T. Rowe Price, covers the entire gamut of capital allocation issues, including optimal capital structure, capital allocation alternatives, mergers & acquisitions, and special situations. Capital Allocation walks you through this critical topic from beginning to end, including: Stories of companies that allocated capital in ways that created significant shareholder value Several real-life decision-making models you can use for strategically allocating your firm’s capital Guidelines for generating high returns in the long term to build sustainable shareholder wealth Giroux uses academic research, personal experience, and uncomplicated mathematics to reveal approaches and actions that create long-term value. He provides case studies from Kodak, Comcast, Thermo Fisher Scientific, Danaher, General Electric, Microsoft, and others showing how capital allocation has―and hasn’t―worked in real-life situations. And he shows how to use capital allocation to head off possible activist investors. Capital Allocation offers everything you need to know for deploying capital wisely to outperform your competitors over the long term.
Download or read book Creating Shareholder Value written by Alfred Rappaport and published by Simon and Schuster. This book was released on 1999-10-13 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economist, consultant, and Wall Street Journal contributor Alfred Rappaport provides managers and investors with the practical tools and tests for a corporate strategy that creates shareholder value. The ultimate test of corporate strategy, the only reliable measure, is whether it creates economic value for shareholders. After a decade of downsizings frequently blamed on shareholder value decision making, this book presents a new and indepth assessment of the rationale for shareholder value. Further, Rappaport presents provocative new insights on shareholder value applications to: (1) business planning, (2) performance evaluation, (3) executive compensation, (4) mergers and acquisitions, (5) interpreting stock market signals, and (6) organizational implementation. Readers will be particularly interested in Rappaport's answers to three management performance evaluation questions: (1) What is the most appropriate measure of performance? (2) What is the most appropriate target level of performance? and (3) How should rewards be linked to performance? Through the lens of high-stakes case studies, like the notable acquisition of Duracell International by Gillette, Rappaport dissects the intricate decisions and risks inherent in the merger and acquisition process. The shareholder value approach presented here has been widely embraced by publicly traded as well as privately held companies worldwide. Brilliant and incisive, this is the one book that should be required reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.
Download or read book The Outsiders written by William Thorndike and published by Harvard Business Press. This book was released on 2012 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: It's time to redefine the CEO success story. Meet eight iconoclastic leaders who helmed firms where returns on average outperformed the S&P 500 by more than 20 times.
Download or read book T Rowe Price written by Cornelius C. Bond and published by John Wiley & Sons. This book was released on 2019-03-19 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: T. Rowe Price, the Sage of Baltimore In 1937, Thomas Rowe Price, Jr. founded an investment company in Baltimore that would become one of the most successful in the world. Today, The T. Rowe Price Group manages over one trillion dollars and services clients around the world. It is among the largest investment firms focused on managing mutual funds and pension accounts. Uniquely trusted and respected, the firm is considered the “gold standard” by many investment advisors. In this book, Cornelius Bond tells the full story, for the first time, of how Price, a modest and ethical man, built the company bearing his name. From the private, unpublished personal and corporate records, you will get direct access to the creative process behind Price’s highly successful approach to investing. Personal insights based on Price’s own writings and the personal experience of the author who worked with him for many years. The Growth Stock philosophy as described in the words of the creator and master of this approach. Two fund managers who worked closely with Mr. Price reunite to consider the investment environment of the next five to ten years as Price himself might have viewed it. This book will give you an insider’s access to the true story of Thomas Rowe Price, Jr.
Download or read book Value Imperative written by James M. Mctaggart and published by . This book was released on 1994-03-28 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moving beyond the strategies that managers have employed to create shareholder value, three corporate finance experts reveal their powerful framework for the systematic day-to-day management of shareholder value. They also dispel many of the "value myths" that can skew a company's strategy.
Download or read book The Signs Were There written by Tim Steer and published by Profile Books. This book was released on 2018-11-29 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: When companies suffer a dramatic even catastrophic drop in their share price, it is the investors who lose their shirts and employees their jobs. But often, a company's published accounts offer clues to impending disaster, providing you know where to look. Through the forensic examination of more than 20 recent stock market disasters, Tim Steer reveals how companies hide or disguise worrying facts about the robustness of their business. In his lively style, he looks at the themes that underlie the ways companies hide the truth and he stresses that in an assessment of a company's accounts, investors should always bear in mind that the only fact is cash; everything else - profit, assets, etc - is a matter of opinion. Full of invaluable lessons for investors, the book concludes with some trenchant observations on what is wrong in the worlds of investment, audit and financial regulation, and what changes should be introduced.
Download or read book Grow the Pie written by Alex Edmans and published by Cambridge University Press. This book was released on 2021-11-11 with total page 541 pages. Available in PDF, EPUB and Kindle. Book excerpt: Should companies be run for profit or purpose? This book shows how they can deliver both-based on rigorous evidence and an actionable framework. This edition, updated to include the pandemic and latest research, explains how managers, investors and citizens can put purpose into practice-and overcome the difficult trade-offs that hold them back.
Download or read book Capital Allocation and Value Creation written by Torbjörn Arenbo and published by Springer Nature. This book was released on 2023-11-30 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: By adopting a practical, market-oriented approach to capital allocation, this book sheds light on the complex issue of cash flow deployment and the creation of shareholder value. In order to run a company efficiently, it is not sufficient to simply be a competent businessperson. One must also possess the skills of a knowledgeable investor. The management must determine where to invest capital given the diverse range of investment options available, such as mergers and acquisitions (M&A), dividends, share repurchase programs, and organic growth opportunities. This book provides a useful analytical framework for corporate executives to consider when allocating capital, along with empirical findings from peer group studies and company case studies. The book helps answer the following questions: · What are the primary factors that drive your company's shareholder value? Are they aligned with the strategy the company is pursuing? · What are the key dynamics and trade-offs between return on investments (ROIC), growth, and earnings quality? · What are the current market expectations embedded in the stock price? · Given the capital allocation priorities, what does an “optimal” capital structure look like? · How do you set, and in turn communicate, the capital allocation and funding priorities? Written by an expert with more than 25 years of experience, this book helps business executives improve their skills as capital allocators by better understanding the financial markets.
Download or read book Value Creation Principles written by Bartley J. Madden and published by John Wiley & Sons. This book was released on 2020-06-10 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: PRAISE FOR VALUE CREATION PRINCIPLES "In Value Creation Principles, Madden introduces the Pragmatic Theory of the Firm that positions the firm as a system fueled by human capital, innovation, and, at a deeper level, imagination. He challenges us to understand how we know what we think we know in order to better discover faulty assumptions that often are camouflaged by language. His knowledge building loop offers guideposts to design experiments and organize feedback to facilitate early adaptation to a changed environment and to avoid being mired in ways of thinking rooted in 'knowledge' of what worked well in the past—a context far different from the context of today. His book explains a way of being that enables those who work for, or invest in, business firms to see beyond accounting silos and short-term quarterly earnings and to focus on capabilities instrumental for creating long-term future and sustainable value for the firm's stakeholders. I can't recommend this astounding book enough especially given its deep and timely insights for our world today." —John Seely Brown, former Chief Scientist for Xerox Corp and Director of its Palo Alto Research Center (PARC); co-author with Ann Pendleton-Jullian of Design Unbound: Designing for Emergence in a White Water World "In contrast to existing abstract theories of the firm, Madden's pragmatic theory of the firm connects management's decisions in a practical way to a firm's life cycle and market valuation. The book promotes a firm's knowledge building proficiency, relative to competitors, as the fundamental driver of a firm's long-term performance, which leads to insights about organizational capabilities, intangible assets, and excess shareholder returns. Value Creation Principles is ideally suited to facilitate progress in the New Economy by opening up the process by which firms build knowledge and create value, which is a needed step in revising how neoclassical economics treats the firm." —Tyler Cowen, Professor of Economics, George Mason University; co-author of the popular economics blog Marginal Revolution "Bartley Madden rightfully points out that both textbook and more advanced economic theories of the firm fail to address the concerns of top management and boards of directors. He offers a tantalizing pragmatic alternative that directly connects to quantitative changes in the firm's market value. His framework gives recognition to the importance of intangible assets, and his pragmatic approach is quite complementary to the Dynamic Capabilities framework that strategic managers implicitly and sometimes explicitly employ." —David J. Teece, Thomas W. Tusher Professor in Global Business, Faculty Director, Tusher Center for the Management of Intellectual Capital, Haas School of Business, University of California, Berkeley
Download or read book The Social Executive written by Dionne Kasian-Lew and published by John Wiley & Sons. This book was released on 2014-09-15 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social media is not about social media. It's about leadership and connections. Billions of conversations are taking place in social networks every day. But for busy executives and business owners, time constraints make it hard to dedicate time to demystifying these communication opportunities. In The Social Executive, readers are given evidence-based, data-driven strategies for mastering social media, and using it to enable business success. This book's easy, straightforward, practical style ensures that you will gain a solid working platform in the shortest amount of time possible. The focus is on the reasons why social media is important for executives, and how it aligns perfectly with business strategies. The Social Executive is for analogue people who know they need to be digital but need a guiding hand - the book is a safety net - it's saying - we will guide you there - we will tell you why - we will tell you how - let us help you to remain relevant and become more influential - it's about human communication. It gives the tips and tools to adapt to new online environments, and the confidence to use them to build credibility, authority deeper and new business relationships. Written by Dionne Kasian-Lew, an expert who has advised many executives on the topic of corporate social media use, this resource also helps professionals pinpoint the most important social networks to invest time in, and explores which platforms are best suited for various communication goals. Brings together strategy and concrete actions, so can learn not only the most rewarding approaches, but how best to carry them out Delves into the benefits of a strong presence on the most popular social networks, including Twitter, LinkedIn, SlideShare, Pinterest, Instagram, Google+ and YouTube Presents hard evidence that shows the positive results of investing time and energy in social networks Focuses on the most important aspects of social networks that can be learned in a short period, and is designed for busy professionals Social networks represent a powerful way to make connections and draw attention and interest to your company. This resource can help you hit the ground running and become social media savvy efficiently and effectively.
Download or read book Frames and Connections in the Governance of Global Communications written by Elena Pavan and published by Lexington Books. This book was released on 2012-01-16 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The governance of global communications is consolidating as a field where innovative political practices of multi-actor collaboration are being experimented. Within this broad political landscape, the Internet governance domain is emerging as one of the most relevant areas where institutional and non-institutional actors are converging in order to reform collectively governance mechanisms that will determine the future developments of the Internet technology. This book adopts a network approach to study the progressive and collective construction of a new discourse on Internet governance fostered by the realization of the United Nations Internet Governance Forum, a new “space for multi-stakeholder policy-dialogue” (WSIS Tunis Agenda 2005, art. 72). Looking both at how semantic and social connections are created in the online and the offline discursive spaces, this book seeks to provide insights on how principles of democratic collaboration between institutional and non-institutional actors are translated into actual political dynamics; on how the global political agenda on the governance of the Internet comes to be shaped thanks to the provision of heterogeneous and sometimes opposite thematic inputs; and, finally, on how the roles of States, intergovernmental bodies, civil society entities in participatory supra-national politics are progressively being (re)defined. Starting form the Internet governance case study, this books aims at providing an alternative approach to the study of supra-national politics as well as of global communication governance processes: one that considers simultaneously contents and processes of political dynamics and examines how immaterial resources, such as information and communication, become a new field for multi-actor politics experiments, conflicts and network construction.
Download or read book The Big Money written by Frederick R. Kobrick and published by Simon and Schuster. This book was released on 2007-04-10 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: Veteran investor and mutual-fund manager Fred Kobrick draws on his decades ofsuccess as a stock-picker to explain his Seven Steps to financial security inany investing climate.
Download or read book ESG and Responsible Institutional Investing Around the World A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Download or read book Trendology written by C. Kerns and published by Springer. This book was released on 2014-12-01 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this, the first data-driven guide to real time marketing, Chris Kerns outlines the value of RTM via a comprehensive social data performance analysis. He lays out best practices for measuring RTM, injects a data-driven mindset into every step of its methodology, and shows how marketers can grow RTM into a daily win for brands across the globe.
Download or read book Alternative Investments A Primer for Investment Professionals written by Donald R. Chambers and published by CFA Institute Research Foundation. This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Alternative Investments: A Primer for Investment Professionals provides an overview of alternative investments for institutional asset allocators and other overseers of portfolios containing both traditional and alternative assets. It is designed for those with substantial experience regarding traditional investments in stocks and bonds but limited familiarity regarding alternative assets, alternative strategies, and alternative portfolio management. The primer categorizes alternative assets into four groups: hedge funds, real assets, private equity, and structured products/derivatives. Real assets include vacant land, farmland, timber, infrastructure, intellectual property, commodities, and private real estate. For each group, the primer provides essential information about the characteristics, challenges, and purposes of these institutional-quality alternative assets in the context of a well-diversified institutional portfolio. Other topics addressed by this primer include tail risk, due diligence of the investment process and operations, measurement and management of risks and returns, setting return expectations, and portfolio construction. The primer concludes with a chapter on the case for investing in alternatives.
Download or read book Applied Corporate Finance written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, have delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.
Download or read book Principles for Capital Allocation written by Guillermo Estefani Monárrez and published by . This book was released on 2021-07-16 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews and updates key principles for sound and smart capital allocation for successful results. In the text there are principles that motivate capital allocation, the appropriate attitudes, the existing realities in order to avoid falling into the mental traps and deceptions that can cause our mistake. There are also general guides on the various aspects to consider when conducting an analysis of a business, the state of financial systems, and finally, how to start the search for opportunities and define the principles of what to look for, to have success in this discipline.
