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Eva And Shareholder Value Creation
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Book Synopsis Best-Practice EVA by : Bennett Stewart
Download or read book Best-Practice EVA written by Bennett Stewart and published by John Wiley & Sons. This book was released on 2013-02-19 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Best-Practice EVA tells the new EVA story from the ground up. Stewart covers EVA essentials—the classic economic profit version of EVA—in the first three chapters of the book. He shows readers how simple and intuitive EVA really is, how it is defined, and why it is better than all other measures of corporate profit. You discover how it naturally guides managers into making all the right decisions—the ones that will truly maximize value. You see how to use it in profit-sharing bonus plans that create the powerful incentives of an owner. Later, Stewart introduces new ratios that make EVA much more powerful and much easier to use than ever before. The pinnacle of the new ratio framework is EVA Momentum, calculated by taking the change in EVA versus the prior period, and dividing by the revenues in the prior period. It measures the growth rate in EVA, scaled to the sales size of the business. It is the only corporate performance ratio where bigger always is better, because it gets bigger when EVA does, which means it should be every company's most important financial goal, the one ratio metric that everyone aims to maximize as the key measure of corporate success. Stewart then walks through the nuts and bolts of Best-Practice EVA, kicking off with an in-depth look at EVA Margin, or EVA as a percent of sales. It’s a key productivity metric, and Stewart’s candidate to replace ROI. The last link in the Best-Practice program is PRVit—the EVA market score report. Stewart shows how to read and interpret the report, how the score is determined, and why investors are turning to it to screen and rate stocks. He also shows why it is finding a home with CFOs and IR directors who want insights into how the market is pricing their stock. The book concludes with battle-tested tips from the firing line, practical suggestions for how you can test drive and adopt Best-Practice EVA at your company.
Book Synopsis EVA as a Measure for Shareholder Value and Executive Compensation - A Critical View by : Stephan Pietge
Download or read book EVA as a Measure for Shareholder Value and Executive Compensation - A Critical View written by Stephan Pietge and published by GRIN Verlag. This book was released on 2007-07-29 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2003 in the subject Business economics - Investment and Finance, grade: 1.0 (A), Edinburgh Napier University (Business School), 200 entries in the bibliography, language: English, abstract: For several decades academics have been looking for an efficient performance measure, which not only reflects the effectiveness and efficiency of the firm, but also aligns manager′s and shareholder′s interests. Even though many studies question the merit of a single measure for overall firm performance, Stern and Stewart claim to have solved the puzzle with a method labeled Economic Value Added (EVA). This paper examines two aspects: First, EVA′s predicting power regarding stock returns and second, its impact on management behavior as an element of executive compensation. At first glance, Stern and Stewart seem to be right. During the early 1990s their approach gained tremendous popularity, reflected by dozens of anecdotal success stories. Though EVA′s demand of integrating a total capital charge is appealing, the concept is by no means new. The framework of residual income (economic profit), which has been around for decades, also requires a charge for equity capital. Further, some scholars criticize the use of accounting adjustments in order to calculate EVA and its ability to capture performance at the divisional level. So far there is no independent empirical evidence that EVA is superior to accounting measures in predicting stock returns. Some studies even question EVA′s incremental value regarding executive compensation by stating that economic profit is doing as good a job. Consequently, it is tempting to doubt that Economic Value Added indeed adds any value.
Book Synopsis Valuation Methods and Shareholder Value Creation by : Pablo Fernandez
Download or read book Valuation Methods and Shareholder Value Creation written by Pablo Fernandez and published by Elsevier. This book was released on 2002-09-11 with total page 661 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation Methods and Shareholder Value Creation provides a comprehensive examination of valuation tools and guidance for analyzing and valuing a business. It covers the basics of valuation methods and shareholder value creation in addition to rigorous approaches to discounted cash flow valuation and real options for valuing a company. It highlights quantitative analyses of firm value; emphasizes qualitative management assessments; and integrates data from international companies. By examining eight different methods of discounted cash flow valuation and discussing the pros and cons of each method, the book offers thorough, accessible coverage of corporate valuation. The book provides well-structured guidance for practitioners and MBA students with a background in finance. Highlights quantitative analyses of firm value Emphasizes qualitative management assessments Integrates data from international companies
Book Synopsis The EVA Challenge by : Joel M. Stern
Download or read book The EVA Challenge written by Joel M. Stern and published by John Wiley & Sons. This book was released on 2003-12-22 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Value Added - das EVA-Konzept - wurde von der Beratungsfirma Stern Stewart & Co. entwickelt. Es ist ein effektiver Maßstab zur Messung der finanziellen Performance eines Unternehmens und ist eng mit dem Shareholder-Value-Ansatz verbunden. Darüber hinaus kann mit Hilfe von EVA -Berechnungen auch eine Unternehmensbewertung durchgeführt werden; ein positiver EVA-Wert bedeutet einen Wertzuwachs, ein negativer hingegen einen Wertverlust. "The EVA Challenge" erläutert, wie man EVA implementiert - angefangen bei der Schulung von Angestellten bis hin zur Beantwortung und Lösung der häufigsten Implementierungsfragen und -probleme, denen Unternehmen begegnen. Diskutiert wird komplett neues Material zu 'real options', 'leveraged stock options' und anderen wichtigen Finanzkonzepte für Unternehmen der New und der Old Economy. Mit zahlreichen Fallbeispielen aus der Unternehmenspraxis.
Book Synopsis Creation of shareholder value by application of EVA by : Anne-Kristin Rademacher
Download or read book Creation of shareholder value by application of EVA written by Anne-Kristin Rademacher and published by GRIN Verlag. This book was released on 2013-04-25 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2012 in the subject Business economics - Controlling, grade: 1,7, University of Applied Sciences Essen, language: English, abstract: Creation of shareholder value; this simple idea has become a principle of corporate governance over the past fifty years (Lazonick et al, 2000). Managers shall maximize the value of their business by efficiently allocating resources and hence increase the wealth of shareholders (Worthington et al, 2001). The operationalization of this objective is done by various indicators. Shareholders, managers and other interested parties strongly follow these in order to assess business and predict future performance. EVA is one of these indicators. The following paper presents the concept and measurement behind the trademark EVA. It is practically applied for the company Fresenius in a simplified way. Theoretical and practical analyses reveal strengths and weaknesses of measurement and concept. In general it can be said that EVA is one approach to identify value creation and degrading. The concept can be used for investment decisions as well as performance appraisal. Main disadvantage has been identified to be a high degree of complexity in order to derive the true EVA. If adjustments are not made the measurement appears to be similar to other residual income indicators.
Book Synopsis EVA and Value-Based Management: A Practical Guide to Implementation by : S. Young
Download or read book EVA and Value-Based Management: A Practical Guide to Implementation written by S. Young and published by McGraw-Hill Education. This book was released on 2000-11-22 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Value Added (EVA) and Value Based Management (VBM) are today’s hottest management buzzwords. But written information has often been biased and clouded by the authors’ hidden agendas. EVA and Value-Based Management is the first book to unflinchingly discuss the pros and cons of EVA and VBM. Covering both implementation and conceptual issues, with a strong emphasis on performance measurement, value drivers, and management compensation, it allows readers to come to their own informed conclusions.
Book Synopsis EVA and Shareholder Value Creation by : Wajeeh Elali
Download or read book EVA and Shareholder Value Creation written by Wajeeh Elali and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Value Added (EVA). Drivers and Leverages by : Dirian El Amine
Download or read book Economic Value Added (EVA). Drivers and Leverages written by Dirian El Amine and published by GRIN Verlag. This book was released on 2013-04-10 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Project Report from the year 2011 in the subject Business economics - Business Management, Corporate Governance, grade: 1,5, University of Cooperative Education Stuttgart; Horb, language: English, abstract: From the contemporary dominance of the shareholder value approach arises more and more the necessity to precisely detect its performance as shareholder value is broadly seen as a significant indicator determining a company’s success or failure. However, measuring the performance of a company’s shareholder value can be very challenging. Hence, the purpose of this paper is to deal with a well-known approach that enables businesses to detect its shareholder value performance: Economic Value Added (EVA). The thesis discusses the correlation between EVA and shareholder value, it further outlines its main drivers. In the second part, the paper elaborates on the specific links of the EVA approach to a regional Sales department and identifies the department’s main leverages on EVA. In order to detect the influence of the main operative decisions on EVA, the thesis introduces the key figure Effect-on-EVA. The applicability of Effect-on-EVA is shown in a model calculation. Above all, this project thesis shall create a profound practical value by sharpening the awareness of how to influence EVA in a positive way. In order to meet the recommended scope, the paper does not elaborate Asset Management, Accounts Receivable Management and Incentive Compensation in detail, but strives to point out the respective links to EVA.
Download or read book EVA written by Al Ehrbar and published by John Wiley & Sons. This book was released on 1998-10-15 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: EVA ("economic value added" - wirtschaftliche Wertschöpfung) ist eine Maßeinheit zur Ermittlung des echten Finanzergebnisses eines Unternehmens und eine Strategie zur Schaffung von Unternehmens- und Aktionärsvermögen. Das EVA-Prinzip besagt, daß ein Unternehmen kein Vermögen schafft, solange es nicht in der Lage ist, Gewinne einzufahren, die höher sind als die Kapitalkosten. EVA ist auch eine Methode, die Prioritäten innerhalb eines Unternehmens so zu gewichten, daß das Hauptaugenmerk auf der Schaffung von Vermögen liegt, und zwar zum Nutzen aller. Leicht verständlich geschrieben, mit zahlreichen Fallbeispielen bekannter Firmen und einem Minimum an Gleichungen und Finanzjargon. (11/98)
Book Synopsis EVA and Value-Based Management: A Practical Guide to Implementation by : S. David Young
Download or read book EVA and Value-Based Management: A Practical Guide to Implementation written by S. David Young and published by McGraw Hill Professional. This book was released on 2000-12-13 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Value Added (EVA) and Value Based Management (VBM) are today’s hottest management buzzwords. But written information has often been biased and clouded by the authors’ hidden agendas. EVA and Value-Based Management is the first book to unflinchingly discuss the pros and cons of EVA and VBM. Covering both implementation and conceptual issues, with a strong emphasis on performance measurement, value drivers, and management compensation, it allows readers to come to their own informed conclusions.
Book Synopsis EVA as the best financial performance measure: the theory of reality by : Alina Ignatiuk
Download or read book EVA as the best financial performance measure: the theory of reality written by Alina Ignatiuk and published by GRIN Verlag. This book was released on 2009-04-23 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2008 in the subject Business economics - Business Management, Corporate Governance, grade: A, St. Mary's University San Antonio, Texas, language: English, abstract: In this paper these issues will be discussed: •the main purpose and functions of the financial performance management and how it is related to the problem of shareholders value creation, company growth and managers decision making process and management motivation; •the appropriate measures of management performance from the shareholders point of view; •contradictions or goal incongruence between shareholders, management and company long-term growth.
Book Synopsis EVA and Cash Value Added Do NOT Measure Shareholder Value Creation by : Pablo Fernandez
Download or read book EVA and Cash Value Added Do NOT Measure Shareholder Value Creation written by Pablo Fernandez and published by . This book was released on 2019 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze 582 American companies using EVA, MVA, NOPAT and WACC data provided by Stern Stewart. For each of the 582 companies, we have calculated the 10-year correlation between the increase in the MVA (Market Value Added) each year and each year's EVA, NOPAT and WACC. For 296 (of the 582) companies, the correlation between the increase in the MVA each year and the NOPAT was greater than the correlation between the increase in the MVA ach year and the EVA. There are 210 companies for which the correlation with the EVA has been negative! The average correlation between the increase in the MVA and EVA, NOPAT and WACC was 16%, 21% and -21.4%. The average correlation between the increase in the MVA and the increases of EVA, NOPAT and WACC was 18%, 22.5% and -4.1%.lt;brgt;lt;brgt;We also find that the correlation between the shareholder return in 1994-1998 and the increase in the CVA (according to the Boston Consulting Group) of the world's 100 most profitable companies was 1.7%.
Book Synopsis Foundations of Economic Value Added by : James L. Grant
Download or read book Foundations of Economic Value Added written by James L. Grant and published by John Wiley & Sons. This book was released on 2003-05-13 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated look at the role of economic profit analysis in the process of wealth creation Grant explains the pivotal role of economic value added (EVA) in the theory of finance, how to measure EVA with standard accounting adjustments, how to use EVA to value companies and their stock, and how to use economic profit principles to identify wealth-creating firms, industries, and even market economies.
Download or read book Dissecting Eva written by John H. Hall and published by . This book was released on 2002 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aimed to address issues of shareholder value creation. The EVA model of value creation was used in this study as it is arguably one of the best methods to express and quantify shareholder value creation. As a starting point, EVA was quot;dissectedquot; into various building blocks or components (value drivers). In the empirical section of this study, multiple regression analyses of a company's EVA and identified variables were undertaken.The variables that explained or contributed most to EVA were a number of profitability ratios (in the case of the all company sample). Balance sheet ratios or variables did not provide significant explanations of a company's EVA in this sample.For companies that generate positive EVAs, the total regression coefficients not only increased in value, but, more importantly, there was a move away from profitability ratios towards balance sheet ratios. When the regression analyses were performed on the top 20 EVA companies, balance sheet ratios took centre stage.One can conclude that initially profitability (income statement) ratios are the most important factors in the wealth creating process. However, as companies become established wealth creators and keep improving on their performance, profitability ratios become less important. Efficient financing of the balance sheet, efficient fixed asset and working capital management become top priorities in creating shareholder value.
Book Synopsis Driving Shareholder Value by : Roger A. Morin
Download or read book Driving Shareholder Value written by Roger A. Morin and published by McGraw-Hill Companies. This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors draw on lessons learned since 1925 from industry leaders, winning companies, management gurus, and research to offer an examination of valuation methodologies, checklists, case studies, worksheets, and an integrative framework for VBM.
Book Synopsis Creating Shareholder Value by : Alfred Rappaport
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.
Book Synopsis Shareholder Value Management by : Carol Pendray
Download or read book Shareholder Value Management written by Carol Pendray and published by . This book was released on 2000 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
