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.
Creating Shareholder Value: A Guide for Managers and Investors by Alfred Rappaport
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 Avlue highlighted Michael as one of the schools Outstanding Faculty, a distinction received by only seven professors.
Michael earned an Rappapotr.
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. Goodreads helps you keep track of books you want to read. Want to Read saving….
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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 for 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.
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 required reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.
Creating Shareholder Value: A Guide for Managers and Investors
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Aug 20, InvestingByTheBooks. During the summer InvestingByTheBooks will review some older books creaating we never got around to writing about although we think they are important.
The author shows how corporate managers can apply the sharsholder 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 creatijg books that we never got around to 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 optimized capital allocation and creatng 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 creatign 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 creatung 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 rappapprt long term. He also contrasts the creation of shareholder value to the shortcomings of accounting based estimates of value creation.
Alfred Rappaport – Creating Shareholder Value
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 a 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 and 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 blatantly obvious that the short-termism that the shareholder movement often is accused of is a faulty later day rationalization. Feb 24, Sanjay Jhaveri rated it it was amazing Shelves: John rated it really liked it Mar 01, Ryan Hanson rated it it was amazing Dec 29, Tyler Olson rated it it was amazing Sep 14, Dat Dinh quang rated it it was amazing Feb 19, Patrick Voigt rated it liked it Oct 24, Christine rated it it was amazing Jan 23, Ashiesh Bhatia rated it it was amazing May 08, Sanjay Bakshi rated it it was amazing Feb 06, Grale rated it it was amazing Sep 28, BayKay rated it really liked it Sep 06, Alan rated it liked it Nov 10, Eric rated it really liked it Feb 16, Lance Bertsch rated it it was amazing Nov 05, Gustavo Artuzo rated it liked it Mar 22, Travis Owen rated it really liked it Sep 25, Eric rated it it was amazing Oct 27, Siro Gutierrez rated it it was amazing Jul 30, Fabian rated it really liked it Oct 21, Kimberly Miller rated it it was amazing Sep 25, Ashiesh Bhatia rated it it was amazing May 11, Duke Joo rated it really liked it May 13, Ray Bonneau rated it really liked it Aug 09, Not Karl Marx rated it liked it Jun 28, Steve McBride rated it it was ok Aug 25, Marcus Campeau rated it it was amazing Nov 07, Eric Connerly rated it really liked it Apr 28, Alex rated it it was amazing Aug 21, There are no discussion topics on this book yet.
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