- Hardcover: 304 pages
- Publisher: Financial Times/ Prentice Hall; 1 edition (5 Dec 1997)
- Language English
- ISBN-10: 027363027X
- ISBN-13: 978-0273630272
- Product Dimensions: 24.3 x 16.2 x 2.8 cm
- Average Customer Review: 5.0 out of 5 stars See all reviews (2 customer reviews)
- Amazon Bestsellers Rank: 1,613,264 in Books (See Top 100 in Books)
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Product Description
Review
"Read this and never again will the financial reports from the markets go over your head." Business Money "In Search of Shareholder Value accumulates our global experience of helping companies to enhance shareholder value. CEOs, CFOs and other senior executives tell us that this continues to be a key priority. I believe this book demonstrates our commitment to contributing to their success." Jim Schiro, CEO, PricewaterhouseCoopers "This is very much a how to book, with plenty of original ideas. The application of its concepts should make a significant contribution to raising management performance." Sir Brian Pitman, Chairman, Lloyds TSB Group plc "SHV creation has become the flag waved by large corporates aiming to build international franchise through easier access to global financing. Philip Wright and Andrew Black enlighten the complexity of the concept... Their book provides an invitation to business managers to think how they may contribute to creating a sound and sustainable basis for economic growth within a balanced social organization." Gerard de la Martiniere, CFO, Axa "Traditional accounting methods do not allow proper assessment of intrinsic value of stocks. Cash is what counts! Value-based analysis is essential for investors to evaluate potential opportunities, and for corporates to run their business more efficiently. [This book] should contribute to make these necessary changes happen." Francois Langlade-Demoyen, Director of European Strategy, Credit Suisse First Boston "ABB has always supported the concept of shareholder value and the time is now right to focus on Value Based Management throughout the business. It provides a good health check for the organization and reassures shareholders that there is alignment of resources around a common goal." Renato Fassbind, CFO, ABB "Creating shareholder value is the objective of every company today. PricewaterhouseCoopers' experience in helping companies on this continuous journey is invaluable. Getting started on the process is sometimes mysterious. This book can help you begin the journey." Steven S. Reinemund, Chairman and CEO, Frito-Lay Inc. "In Search of Shareholder Value gave me the reasons and clear road map for the journey of introducing a value mindset and value management into TPG." Peter Braake, CFO, TPG
--This text refers to an out of print or unavailable edition of this title.
Product Description
In Search of Shareholder Value examines the whole philosophy of value. By using the drivers of shareholder value, in sales, operating profit margin, cash tax rate, working capital, fixed assets, cost of capital and growth duration period, managers will be able to identify where their own businesses are strong and weak in the creation shareholder value.
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Customer Reviews
Most Helpful Customer Reviews
1 of 1 people found the following review helpful
Format:Hardcover
In Search of Shareholder Value: Managing the Drivers of Performance is the PricewaterhouseCoopers book on shareholder value. This is the only shareholder value book which explicitly recognizes the necessity of using industry-specific models and using real option modeling techniques. If you read one book on shareholder value management, this is the book to read.
Format:Hardcover
 In Search of Shareholder Value: Managing the Drivers of Performance is the PricewaterhouseCoopers book on shareholder value. This is the only shareholder value book which explicitly recognizes the necessity of using industry-specific models and using real option modeling techniques. If you read one book on shareholder value management, this is the book to read.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
9 reviews
2 of 2 people found the following review helpful
An Author comments !
9 July 2002
Format:Paperback
I couldn't help but look at some of the reviews, admittedly rather a long time after the 2nd edition now. The book is really designed as a primer on the subject, and also to maintain the links between what is going on in the equity market, and what is going on internally inside the corporates. As such we steered a path between making the book overly complicated and hence off-putting, and between making it overly simple. It was never designed to sell SAP software, as one reviewer suggested, and indeed, its overall position in the PwC offering was less clearcut than it should be. Perhaps to remind readers that it originated from the old PW company might explain rather more. The descriptions and analysis of the models are reasonably correct, including that of the CFROI model - at least judging by the materials I had to hand. The critique on the replacement value of assets and the corresponding weakness of the EVA model is a valid point, made elsewhere, but also picked up in the book I believe. Yes the book has been used extensively by PwC people, but by no means exclusively so. Yes, we did go on to develop a VBM offering out of it, but again not exclusively around the book - though it helped. The combination of the approach (Valuebuilder, which is not for sale), capital markets, consultancy and corporate governance issues remains very useful, and rather distinct from a number of other offerings in the market. So, do continue to buy it and read it !!
Keep it Simple
14 May 2003
Format:Paperback
I despair of acedemics intent on picking holes in the acedemic rigour of books on shareholder value. Businesses are run by business managers. They leave "trendy" financial concepts for the FD to trot out to the board, in vain and ad infinitum. Bridge the gap between those who run the business and the cerebral numerates who keep score and you will...create shareholder value...hurray. This book does just that.
Easy to read, well laid out for a complex subject
17 Mar 2001
Format:Paperback
Most people hate lots of numbers and formulas. This book handles them well. This book clearly describes the concepts of Shareholder Value. I think this book, and many of its SV kind, are great for corporate financial people who have (mostly) accurate accounting numbers.
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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