Value - by McKinsey & Company Inc & Tim Koller & Richard Dobbs & Bill Huyett (Hardcover)
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<p/><br></br><p><b> About the Book </b></p></br></br>"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"--<p/><br></br><p><b> Book Synopsis </b></p></br></br><b>An accessible guide to the essential issues of corporate finance</b> <p>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.</p> <p><i>Value</i> 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.</p> <ul> <li>Discusses the four foundational principles of corporate finance</li> <li>Effectively applies the theory of value creation to our economy</li> <li>Examines ways to maintain and grow value through mergers, acquisitions, and portfolio management</li> <li>Addresses how to ensure your company has the right governance, performance measurement, and internal discussions to encourage value-creating decisions</li> </ul> <p>A perfect companion to the <i>Fifth Edition</i> of <i>Valuation, </i> this book will put the various issues associated with corporate finance in perspective.</p><p/><br></br><p><b> From the Back Cover </b></p></br></br>From the team behind <i>Valuation</i>--the #1 bestselling reference on corporate finance--comes a decision-making guide for all executives to use as they create, manage, and sustain shareholder value. <p>Corporate leaders are regularly confronted with conventional wisdom and half-truths about value creation. They're given conflicting advice about what will or won't appeal to investors, often contradicting their own judgment about what builds lasting worth in their companies and the economy.</p> <p>In <i>Value: The Four Cornerstones of Corporate Finance</i>, partners from the management consulting firm of McKinsey & Company describe the basic principles of value creation and their relevance. Internalizing these principles--or cornerstones--gives decision makers the independence and courage they need to challenge conventional wisdom, defy half-truths, and build thriving businesses.</p> <p><b>The four cornerstones are: </b></p> <ul> <li> <p><b>The Core of Value: </b> a business's value is driven by its growth and return on capital, and resulting cash flows</p> </li> <li> <p><b>The Conservation of Value: </b> value is created when companies generate higher cash flows, not by simply rearranging investors' claims on cash flows</p> </li> <li> <p><b>The Expectations Treadmill: </b> movements in company share prices reflect changes in the stock market's expectations, not just underlying performance</p> </li> <li> <p><b>The Best Owner: </b> the value of a business is not an absolute but, rather, depends on who is managing it and the strategy pursued</p> </li> </ul> <p>While there are many books that cover selected topics within corporate finance--often for specialized practitioners--it's the rare book that offers leaders a unifying viewpoint of business. <i>Value</i> is that book.</p><p/><br></br><p><b> About the Author </b></p></br></br><b>McKINSEY & COMPANY</b> is a global management consulting firm that helps leading private, public, and social-sector organizations make distinctive, lasting, and substantial performance improvements. With consultants deployed from more than ninety offices in over fifty countries, McKinsey advises companies on strategic, operational, organizational, financial, and technological issues. <p><b>TIM KOLLER</b> leads the firm's research activities in valuation and capital market issues. He advises clients globally on corporate strategy, capital markets, M&A, and value-based management. Tim is a coauthor of <i>Valuation: Measuring and Managing the Value of Companies</i>.</p> <p><b>RICHARD DOBBS</b> is a director of the McKinsey Global Institute, the firm's business and economics research arm. He advises Korean and other Asian companies and governments on strategy, economics, and M&A issues. Richard is an associate fellow of University of Oxford's Saïd Business School.</p> <p><b>BILL HUYETT</b> advises clients in healthcare and other technology-intensive industries on corporate strategy, M&A, product development and commercialization, and corporate leadership. Bill is active on several not-for-profit boards in basic life sciences research.</p>
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