Further, Rappaport presents provocative new insights on shareholder value of his business classic, Creating Shareholder Value, Alfred Rappaport. It’s become fashionable to blame the pursuit of shareholder value for the ills besetting corporate America: managers and investors obsessed with next quarter’s. VBM Thought Leader: Alfred Rappaport. Creating Shareholder Value. The New Standard for Business Performance. Alfred Rappaport About Alfred Rappaport.
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Investment Strategist at Credit Suisse. Michael joined CS in as a packaged food industry analyst.
Michael is the author of Think Twice: Columbia Business School Publishing, He is also co-author, with Alfred Rappaport, of Expectations Investing: Michael has been an adjunct professor of finance at Columbia Business School since and is on the faculty of the Heilbrunn Center for Graham and Dodd Investing.
BusinessWeeks Guide to the Best Business Schools highlighted Michael as one of the schools Outstanding Faculty, a distinction received by only seven professors. Michael earned an A. He is also affiliated with the Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory, and is on the board of directors of Sermo, an online community for physicians.
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In this substantially revised and updated edition of his business classic, Creating Shareholder Value, Alfred Rappaport provides managers and investors with the practical tools needed to generate superior returns.
The ultimate test of corporate strategy, the only reliable measure, is whether it creates economic value sbareholder shareholders. After a decade of downsizings frequ In this substantially revised and updated edition of his business classic, Creating Shareholder Value, Alfred Rappaport provides managers and investors with the practical tools needed to generate superior returns.
Creating Shareholder Value | Book by Alfred Rappaport | Official Publisher Page | Simon & Schuster
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: Readers will be particularly interested in Rappaport’s answers to three management performance evaluation questions: The recent acquisition of Duracell International by Gillette is analyzed in detail, enabling the reader to understand the critical information needed when assessing the risks and rewards of a merger from both sides of the negotiating table.
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 sharehoolder reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.
Hardcoverpages. Published December 1st by Free Press first published December 5th To see what your friends thought of this book, please sign up. To ask other readers questions about Creating Shareholder Valueplease sign up. Be the first to ask a question about Creating Shareholder Sareholder.
Creating Shareholder Value: A Guide for Managers and Investors
Lists with This Book. This book is not yet featured on Listopia. Aug 20, InvestingByTheBooks. During the summer InvestingByTheBooks will review some older crearing that we never got around to writing about although we think they are important. The author shows how corporate managers can apply the shareholder value approach to managing companies and supplies the tools for doing so.
Hence, the main audience is corporate managers but the book is equally useful to anyone on the financial m During the summer InvestingByTheBooks will review some older books that we never got around creatihg writing about although we think they are important.
Hence, the main audience is corporate managers but the book is equally useful to anyone on the financial markets as it addresses issues bordering between business and finance. The introductory chapter is of more philosophical nature than the remainder and the author develops his thoughts on why the shareholder value approach is the one to adhere to for businesses. Rappaport points to the moral aspects of the proprietorship that comes with owning something and to the efficiency aspects of rapppaort capital allocation and how the model benefits the broad masses through both their pensions and higher economic growth — in essence this is how the world rose from the middle ages.
Capitalism is not en vogue in The author explains the concept of shareholder value as the present value of all future free cash flows discounted by the cost of capital, net of net debt. Value is created by investing capital in the business that generates a return on investment which is higher than the cost for the invested capital. Thus, trying to increase shareholder value includes handling all the difficult choices between investing now to hopefully generate higher cash flow in the future.
Rappaport is careful to differentiate the creation of shareholder value from the shareholder return on the stock market. The latter will only correlate to the former on average and over long term.
He also contrasts the creation of shareholder value to the shortcomings of accounting based estimates of value creation. To me the most interesting chapters are those where Rappaport not only links the creation of shareholder value to corporate strategy and execution but also manager evaluation and remuneration. The author discusses the chance of gaining crdating competitive advantage in various industries and shows that management can work with a number of value drivers to increase shareholder value a sales growth rate, b profit margin, c working capital investment, d fixed capital investment vakue e the cost of capital.
Options were for Rappaport a way to try to mitigate the risk that management would enrich themselves at the expense of the owners of the company. The author advices that the allocation of options should be tied to the above leading indicators and that to the extent the share performance plays a role, one must look to the relative price performance compared to industry peers.
Creating Shareholder Value is a short concise book.
This important text makes it crewting obvious that the short-termism that the shareholder movement often is accused of is a faulty later day rationalization.
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