Outperform with Expectations-Based Management
A State-of-the-Art Approach to Creating and Enhancing Shareholder Value
Published on 28. September 2011
358 pages
978-1-118-16105-0 (ISBN)
Description
CEOs and managers live and die by delivering superior performanceto shareholders. This is why expectations-based management has beendeveloped. Outperform with Expectations-Based Management(EBM) introduces a revolutionary new performance metric that linksperformance standards, performance measurement, and the achievementof performance.
It's easy to say that if a CEO can get performance measurementright, then performance improvement will follow. But what is the"right" measure of performance, and how do you use it to improveperformance? Authors Tom Copeland and Aaron Dolgoff answer thesequestions and many more, as they show you how to find the measureof performance that has the strongest link to the creation ofwealth for the owners of both public and private companies. Theyanswer the puzzle of why growth in earnings is not correlated withshareholder returns and explain the under- and over-investmenttraps. And they explain how clear communications to investors andmanagers alike improve value.
The bottom line is that share prices go up when companies exceedexpectations -- short-term and long-term -- of income statement andbalance sheet performance and daily operating value drivers. Gain acomplete understanding of EBM and discover how to do this, and muchmore, while staying competitive in an unforgiving businessenvironment.
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Tom Copeland | Aaron Dolgoff
Outperform with Expectations-Based Management
A State-of-the-Art Approach to Creating and Enhancing Shareholder Value
Book
10/2005
1st Edition
Wiley
€28.50
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Persons
TOM COPELAND, PHD, is Managing Director Emeritus of CorporateFinance at The Monitor Group, Inc., a top management consultingcompany, and Senior Lecturer at MIT's Sloan School of Management.He has consulted at over 200 companies in thirty-four countries andis a leading authority on valuation. He coauthored Valuation withTim Koller and Jack Murrin, and Real Options: A Practitioner'sGuide with Vladimir Antikarov (both from Wiley). Copeland receiveda BA in economics from The Johns Hopkins University, an MBA infinance from the Wharton School, and a PhD in applied economicsfrom the University of Pennsylvania. He has also taught at theAnderson School of Management, UCLA; at the Stern School at NYU;and at Harvard Business School.
AARON DOLGOFF is an Associate Principal in the Finance practiceof CRA International. He works on litigation andbusiness-consulting matters requiring specialized financeexpertise. Dolgoff's experience spans a range of industries,including pharmaceuticals, agribusiness, truck manufacturing,office supplies, healthcare services, and consumer goods. Hereceived a BS in economics from the Wharton School and an MA ininternational relations and economics from The Johns HopkinsUniversity.
Content
Preface.
Dedications and Acknowledgments.
PART I: MEASURINGPERFORMANCE.
Chapter 1: The Right Objective, Strategy, and Metric.
Chapter 2: Expectations Count: The Evidence.
PART II: MANAGERIALIMPLICATIONS.
Chapter 3: Management of Existing Businesses.
Chapter 4: New Investment and Business Mix Decisions.
Chapter 5: What About the WACC?
Chapter 6: Capital Efficiency.
Chapter 7: Reverse Engineer the Value of Your Firm.
Chapter 8: Investor Relations.
Chapter 9: Incentive Design.
Chapter 10: Implementing an EBM System.
PART III: OTHER POINTSOF VIEW.
Chapter 11: Investor Relations: Understanding theInvestor's Perspective.
Chapter 12: Comparison of Value-Based Management Systems.
Chapter 13: Expectations, Noise, and Public Policy.
Chapter 14: Summary and Conclusions.
References.
Index.
