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Richard Dobbs,Tim Koller,Bill Huyett

Value

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An accessible guide to the essential issues of corporate finance While you can find numerous books focused on the topic of corporate finance, few offer the type of information managers need to help them make important decisions day in and day out.
Value explores the core of corporate finance without getting bogged down in numbers and is intended to give managers an accessible guide to both the foundations and applications of corporate finance. Filled with in-depth insights from experts at McKinsey & Company, this reliable resource takes a much more qualitative approach to what the authors consider a lost art.
Discusses the four foundational principles of corporate finance Effectively applies the theory of value creation to our economy Examines ways to maintain and grow value through mergers, acquisitions, and portfolio management Addresses how to ensure your company has the right governance, performance measurement, and internal discussions to encourage value-creating decisions A perfect companion to the Fifth Edition of Valuation, this book will put the various issues associated with corporate finance in perspective.
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391 printed pages
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  • Artem Shitovhas quoted9 years ago
    Second, volatility: Some say companies are better valued when they deliver steady, predictable earnings growth. That, too, is an assumption that doesn't emerge from the cornerstones. The truth is that the most sophisticated investors—the ones who should matter most to executives—expect some earnings volatility, if only as recognition of changing economic dynamics beyond any one company's control. Related is a belief that earnings per share guidance, and the significant executive time consumed by managing guidance, is valued by investors even though empirical evidence clearly shows otherwise.
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    • Artem Shitovhas quoted9 years ago
      First, leverage: As the market heated up in 2007 and 2008, many savvy financial services executives thought leverage could be used to create (as opposed to merely redistribute) value. That misconception clashes with the cornerstones. Leverage is a quick way to manufacture accounting profits, but it doesn't add real value to the company or the economy, because it merely rearranges claims on cash flow and increases risk.
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