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In Search of Shareholder Value: Managing the Drivers of Performance (2nd Edition)
Andrew Black , Philip Wright , and John E. Bachman Manufacturer: Financial Times/Prentice Hall ProductGroup: Book Binding: Paperback ASIN: 0273650831 |
Book Description
Shareholder value-- the real key to creating wealth. --Fortune MagazineCustomer Reviews:
Keep it Simple.......2003-05-14
Mr. Black - I stand by my judment, Your book is unscientific.......2002-10-03
(2) EVA implies linear simulation, CFROI non-linear simulation (e.g. experience curve effects).
(3) CFROI can be more easily aligned mit Real Options for strategic decisions.(e.g: the experience-curve-effect is a system dynamics modell for a dynamic Cournot/Nash-Oligopoly, which includes a Real Option for capacity extension during the growth phase of an homogenous product one produces with a substitutional technology with an S-shaped path for performance improvements ). If you try to align EVA with Real Options, you run the danger of creating unrealistic scenarios, which violate the laws of oligopolistic theory .
(4) EVA encourages managers to milk a business as it is based on linear depreciation concepts,nominal values,undervalues growth options, and implies linear simulation.
(5) In my 1998 edition there were indeed many mathematical errors (e.g. On the last past text page there was a formula with missing brackets). Your definitions of EVA and CFROI were grossly simplified, and can lead novices to misunderstandings.
(6) Your book fails to mention, that VBM requires consolidated financial statements for the last 5 years, and it does not explain, how to filter the relevant data. E.G: To use VBM in a senseful way, you must factor out transfer pricing, tax shelter effects, accounting distortions by cost budgeting techniques, the shelter effect of financial leverage e.g. Copelands 'Valuation' covers those topics without shocking novices with overly complex formulas - but your book totally ignores these topics.
(7) Some pictures in Your book have got a striking similarity with some charts in earlier editions of Copelands 'Valuation', but You did not have the courtesy to thank Copeland/McKinsey.
(8) You do not warn the reader about the dangers of VBM: Milking a business. If EVA/economic profit had an effect on industrial productivity, we would expect the UK to have the highest productivity in the world, because economic profit was invented by british companies such as BTR and Hanson in the late 1960's. The opposite is true !! In the 1970's the british industry collapsed - because economic profit + primitive linear simulation methods encouraged british managers to milk their companies, keeping prices high and deffering investments, until their assets/market share shrank below minimum-efficient scales.
A chart in Copeland 'Valuation' shows, that in the 1970/1980#s british productivity stagnated both in absolute and relative terms - while german and japanese companies manged to catch up.
Michael Gould "Corporate Level Strategy" ( a Boston Consulting Group publication which dates back to 1994) describes in much detail, how your 'financial controll style' encouraged BTR and Hanson to withdraw from high technology, to burn out assets and employes, to defer any investment in quality, research and education. Poorly applied Economic-Profit-Models were not the only reason for Great Britains industrial decline, but they did reinforce other problems: notoriously confrontational labour-relations and a poor level of professional education. If a CEO milks his company, cutting down investment in education/new machinery, his labour union will retaliate and do the same,asking for higher wages.
Summary: Your book has no scientific value and proposes a grossly simplified approach to VBM, that leads to desastrous, strategic mistakes. Poor Economic-Profit-Models achieved in no more than two decades, what 6 years of incessant bombing by the German Luftwaffe in world war two did NOT achieve: The total desindustrialisation of Great Britain. An industrial heritage created over a period of 100 years was sold off for a few years of high shareholder value.
Does that mean, that VBM is nefarious ? No, it does not.
VBM has got a future, if you ask real experts to simulate CFROI with system dynamics models and Real Options. CFROI, real options and system dynamics were first applied by the Boston Consulting Group back in the early 1970's - about 30 years ago. Therefore I stand by my judgement: Your book is dangerous and not scientific.
An Author comments !.......2002-07-09
Public-Relations-Appetizer - no scientific value.......2001-05-24
I know what I am saying, because I have got a degree in Business Administration and 6 years of experience as a consultant. Their book is superficial, and most mathematical formulas have been simplified, so that they are wrong. This book does give you an overview over Shareholder-Value-Methods and it might entertain a layman, but it does NOT - enable you to calculate SHV - enable you to design Value-Based-Management-Systems (VBM) - enable you to integrate VBM with ERP-Software such as SAP R/3
The book does not catch the underlying microeconomic logic behind shareholder-value-methods, its explanation of CFROI is wrong,and it does not warn you about the downsides of EVA: - the tendency to milk a business because EVA does not force a manager to reinvest assets at their replacement cost - EVA'distortion by inflation - its low correllation with shareholder value
It seems, that this book has been hastily scribbled together by a ghost writer, who stole most formulas und most charts from Copeland#s McKinsey-Handbook 'Valuation', but who did not have the courtesy to quote his source.
All in all, this book is worthless. Anybody with a serious interest in Shareholder-Value should read Copeland 'Valuation'.
Easy to read, well laid out for a complex subject.......2001-03-17
But for investors looking in from the outside, SV becomes difficult to implement. For example, what truly is EBITDA? Cash Flow? Which one? These illusive investor numbers make the SV process hard to implement for those of us without access to the real corporate books. Or at least, the process of determining the correct numbers is more difficult than the SV process lets on... in the world where accounting numbers and forecasts can be made to be anything the CEO or CFO want.
All in all, this methodology has brought a revolution to the corporate financial world. Divisions can now be compared with more rigor. This book easily and clearly explains the logic. The authors care about their subject and it shows.
John Dunbar
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In Search of Shareholder Value: Managing the Drivers of Performance
Philip; Black, Andrew; Bachman, John E.; D Wright Manufacturer: F.T. Pitman Publishing ProductGroup: Book Binding: Hardcover ASIN: B000T4EZ2Q |
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In Search of Shareholder Value: Managing the Drivers of Performance
Andrew; Wright, Philip; Bachman, John E.; Davies, John Black Manufacturer: Financial Times Management ProductGroup: Book Binding: Hardcover ASIN: B000RC1BDQ |
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Money Struggles and City Life: Devaluation in Ibadan and Other Urban Centers in Southern Nigeria, 1986-1996
Jane I. Guyer , LaRay Denzer , and Adigun Agbaje Manufacturer: Heinemann ProductGroup: Book Binding: Hardcover ASIN: 0325070652 |
Book Description
This study examines the operations of the popular economy and social life of southern Nigerian people under the incoherent conditions that followed Nigeria's first currency devaluation in 1986. It describes in detail the institutional and cultural innovations that fostered local economic activity and strengthened social groupings. The book questions standard views of either chaos or stagnation in the African popular economy under autocratic rule and incoherent policy. It shows how over 100 million people continued to make a living and maintain high levels of equanimity and productivity even in the face of chronic turbulence. Despite economic challenges, regrouping, institutional innovation and cultural elaboration did take place, often in ways that reforged the relationship between formal and informal economic practices and among local, regional, and global economies. The book's case studies, taken together, identify distinct patterns and directions of growth at a time when many observ Despite economic challenges, regrouping, institutional innovation and cultural elaboration did take place, often in ways that reforged the relationship between formal and informal economic practices and among local, regional, and global economies. The book's case studies, taken together, identify distinct patterns and directions of growth at a time when many observers thought that chaos seemed the most likely outcome. This is an important contribution to the literature on the social history of globalization and to interdisciplinary analyses of local social, cultural, and political economic systems.
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Money Struggles and City Life: Devaluation in Ibadan and Other Urban Centers in Southern Nigeria, 1986-1996.(Book Review) : An article from: African Studies Quarterly
Insa Nolte Manufacturer: Thomson Gale ProductGroup: Book Binding: Digital ASIN: B000BLBWUU Release Date: 2005-09-28 |
Book Description
This digital document is an article from African Studies Quarterly, published by Thomson Gale on September 22, 2003. The length of the article is 838 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
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Postmodern Legal Movements: Law and Jurisprudence At Century's End
Gary Minda Manufacturer: NYU Press ProductGroup: Book Binding: Paperback Similar Items:
ASIN: 0814755119 Release Date: 1996-05-01 |
Book Description
Deserves the attention of all who are interested in understanding the state of jurisprudence in the 1990s.An exceedingly well-informed look at the most important trend in legal scholarship today. An excellent, readable presentation of the most controversial and difficult ideas about law and legal culture.
--David KennedyHarvard Law School
What do Catharine MacKinnon, the legacy of Brown v. Board of Education, and Lani Guinier have in common? All have, in recent years, become flashpoints for different approaches to legal reform. In the last quarter century, the study and practice of law have been profoundly influenced by a number of powerful new movements; academics and activists alike are rethinking the interaction between law and society, focusing more on the tangible effects of law on human lives than on its procedural elements.
In this wide-ranging and comprehensive volume, Gary Minda surveys the current state of legal scholarship and activism, providing an indispensable guide to the evolution of law in America.
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Postmodern Legal Movements: Law and Jurisprudence at Century's End. (book reviews): An article from: Michigan Law Review
Christopher L. Sagers Manufacturer: Michigan Law Review Association ProductGroup: Book Binding: Digital ASIN: B00097PLXU Release Date: 2005-07-28 |
Book Description
This digital document is an article from Michigan Law Review, published by Michigan Law Review Association on May 1, 1997. The length of the article is 8948 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
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Postmodern Legal Movements: Law and Jurisprudence at Century's End
Gary Minda Manufacturer: New York Univ Press ProductGroup: Book Binding: Hardcover ASIN: B000MBVILW |
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Controlling Mineral Emissions in European Agriculture: Economics, Policies and the Environment (Cabi Publishing)
Manufacturer: CABI ProductGroup: Book Binding: Hardcover ASIN: 0851991823 |
Book Description
Mineral emissions from agriculture include nitrogen, phosphorus and heavy metals, derived particularly from fertilizer use and farm animal wastes in intensive agricultural systems. These have the potential to cause pollution and affect the quality of water, soils, and agricultural produce. This book presents analyses of the economics and policy options related to nonpoint-source pollution in European agriculture. The book includes both theoretical analyses and empirical studies from several countries. It represents an important volume for research academics and professionals in soil science, environmental and pollution studies, and agricultural and environmental economics and policy.Customer Reviews:
Yowsa!.......2000-06-27
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Fourier Transform Infrared Spectrometry
Peter R. Griffiths , and James A. De Haseth Manufacturer: Wiley-Interscience ProductGroup: Book Binding: Hardcover Similar Items:
ASIN: 0471099023 |
Book Description
An up-to-date introduction to the theory, instrumentation and applications of FT-IR spectrometry, including new and emerging techniques. Designed to allow actual and potential users of the technique to plan their experimental procedures correctly. Easy-to-read, logical presentation makes this sophisticated subject accessible to students as well as chemists and analysts. End of chapters references. Index.Customer Reviews:
FTIR Bible.......2000-09-30
The book is really geared to the chemist, however, additional material on alignment techniques and a more complete and jointed discussion on design trade-offs and instrument characterization would make it much more useful to other users.
Bottom line: It is still a great reference
The Classic Reference on FTIR.......2000-09-01
1. The book is written at a rather advanced level, and is full of mathematics. For doctorate level scientists and engineers this is fine, but it blows away anyone without the appropriate math and science background. As a result, beginners to the field are often times frustrated with this book. The book is more approriate for instrument designers and lab managers than it is for the average technician running spectra.
2. The book was written in 1986, and parts of it are terribly outdated. Not surprisingly, discussions of specific computers, software, and instruments were outdated years ago. Things that the book predicts will happen, have long ago come to pass. Certain important new developments, such as IR Microscopy, FT-Raman, and new applications of Step Scanning, are totally missing. Come on guys...its time for a new edition.
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Adulteration of diesel/biodiesel blends by vegetable oil as determined by Fourier transform (FT) near infrared spectrometry and FT-Raman spectroscopy [An article from: Analytica Chimica Acta]
F.C.C. Oliveira , C.R.R. Brandao , H.F. Ramalho , and da Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000PDU2HI |
Book Description
This digital document is a journal article from Analytica Chimica Acta, published by Elsevier in 2007. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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Application of FT-MIR spectrometry in wine analysis [An article from: Analytica Chimica Acta]
C.D. Patz , A. Blieke , R. Ristow , and H. Dietrich Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000RR02P4 |
Book Description
This digital document is a journal article from Analytica Chimica Acta, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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A basic study of lipsticks utilizing microspectrophotometry, laser desorption/ionization mass spectrometry, and Fourier transform infrared spectroscopy: (Dissertation)
Carissa Ann Stark Manufacturer: ProQuest Information and Learning ProductGroup: Book Binding: Digital ASIN: B000EHSQM8 Release Date: 2006-02-08 |
Book Description
Citation Details
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Chemical imaging techniques for the analysis of complex mixtures: New application to the characterization of ritual matters on African wooden statuettes [An article from: Analytica Chimica Acta]
V. Mazel , P. Richardin , D. Touboul , A. Brunelle , and W Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000RR8JHW |
Book Description
This digital document is a journal article from Analytica Chimica Acta, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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A comparison of pyrolysis-gas chromatography-mass spectrometry and fourier transform infrared spectroscopy for the characterisation of automative paint ... [An article from: Analytica Chimica Acta]
D.T. Burns , and K.P. Doolan Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000RR3I4G |
Book Description
This digital document is a journal article from Analytica Chimica Acta, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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Detection of volatile organic compounds by temperature-programmed desorption combined with mass spectrometry and Fourier transform infrared spectroscopy [An article from: Analytica Chimica Acta]
R.A. Ketola , J.T. Kiuru , V. Tarkiainen , and Kokkonen Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000RR723Y |
Book Description
This digital document is a journal article from Analytica Chimica Acta, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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Development of a simple and low cost device for vapour phase Fourier Transform Infrared spectrometry determination of ethanol in mouthwashes [An article from: Analytica Chimica Acta]
S. Armenta , F.A. Esteve-Turrillas , G. Quintas , and Gar Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000RR8KL2 |
Book Description
This digital document is a journal article from Analytica Chimica Acta, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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The discrimination of automotive clear coat paints indistinguishable by Fourier transform infrared spectroscopy via pyrolysis-gas chromatography-mass spectrometry ... [An article from: Analytica Chimica Acta]
D.T. Burns , and K.P. Doolan Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000RR3I64 |
Book Description
This digital document is a journal article from Analytica Chimica Acta, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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Establishment of a knowledge base for identification of residual solvents in pharmaceuticals [An article from: Analytica Chimica Acta]
Y. Liu , and C.Q. Hu Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000P6OJWE |
Book Description
This digital document is a journal article from Analytica Chimica Acta, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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Biogeochemical Exploration for Mineral Deposits
Manufacturer: Brill Academic Publishers ProductGroup: Book Binding: Hardcover ASIN: 9067640999 |
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Biogeochemical exploration for mineral deposits =: Biogeokhimicheskie poiski rudnykh mestorozhdeniĭ
A. L Kovalevskiĭ Manufacturer: Amerind Pub. Co ProductGroup: Book Binding: Unknown Binding ASIN: B0007AQEBM |
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Biogeochemical exploration for mineral deposits
A. L Kovalevskiĭ Manufacturer: Vnu Science Press ProductGroup: Book Binding: Unknown Binding ASIN: B0007BHGCC |
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Compact Sources of Ultrashort Pulses (Cambridge Studies in Modern Optics)
Manufacturer: Cambridge University Press ProductGroup: Book Binding: Hardcover ASIN: 0521461928 |
Book Description
The papers in this comprehensive volume survey many recent innovations in ultrashort pulse generation, and review the state of the art in compact, modelocked laser systems, discussing both their operational principles and potential applications. The book first covers the theory of short optical pulse generation by modelocking. Then, contributors discuss modelocking techniques in different types of lasers: solid state; diode-pumped; fiber; surface emitting semiconductor lasers; external cavity semiconductor lasers; hybrid soliton pulse sources; and monolithic colliding pulse modelocked diode lasers. Presenting both theoretical and experimental aspects throughout, this book will be invaluable to anyone interested in short pulse laser systems, and particularly to researchers involved in high speed communications or the investigation of ultrafast phenomena.
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Compact Sources of Ultrashort Pulses
Irl N Duling Manufacturer: CAMBRIDGE UNIV*@ PRESS ProductGroup: Book Binding: Hardcover ASIN: B000N7BG6M |
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The Embellished Tales of the Schmitt Brothers: My, How Unfortuneate
James Clements Manufacturer: Writers Club Press ProductGroup: Book Binding: Paperback ASIN: 059520967X |
Book Description
There are eight Schmitt Brothers in all, and one of them is even a girl, the poor thing. They all live together in the brick Schmitt house where they invent all kinds of kooky inventions, get into all kinds of mischief, pull all kinds of pranks, and in general live one grand adventure after another. A must-read for all ages.Customer Reviews:
A Great Adventure of a book for all the family........2006-04-08
I work with one of the brothers!.......2004-03-27
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