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Value: The Four Cornerstones of Corporate Finance


Praise for VALUE

"Value will help senior leaders and their boards act on bold ideas for creating value in the businesses they lead. The four principles of value creation are a concise guide to growing and shaping companies."
Ed Breen, Chairman and Chief Executive Officer, Tyco International Ltd.

"In a complex business world, we shouldn't overlook the relatively simple financial principles that underlie the creation of long-term shareholder value. This book gives corporate leaders a clear base of knowledge for creating and sustaining value under any economic, industry, or company circumstances."
Dominic J. Caruso, Chief Financial Officer, Johnson & Johnson

"More than a handbook, this is the bible of value creation. It should be read by corporate leaders across the entire spectrum. It also reminds us not to ignore the abiding financial principles that guide companies to long-term value creation."
Stefan Krause, Chief Financial Officer, Member of the Management Board, Deutsche Bank AG

"A valuable source of guidance for business leaders who are focused on creating real, lasting value."
Mark Loughridge, Senior Vice President and Chief Financial Officer, Finance and Enterprise Transformation, IBM Corporation

"A very useful, no-nonsense guide for creating shareholder value. Competition, capital structure, acquisitions, buybacks, dividends, and more—it's all here with straightforward principles and examples."
Keith S. Sherin, Vice Chairman and Chief Financial Officer, General Electric Company

"If more owners and executives had the overriding objective of long-term value creation—and enough knowledge about how to create it—then our financial world would be a more stable one."
Rajiv Singh, Vice Chairman, DLF Limited

"Value cuts through clutter and myopia to provide a sound foundation for leaders who are building enterprises that thrive and serve society."
Daniel Vasella, MD, Chairman, Novartis AG

McKINSEY & COMPANY 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.

TIM KOLLER 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 Valuation: Measuring and Managing the Value of Companies.

RICHARD DOBBS 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.

BILL HUYETT 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.

About the Authors.



Part One The Four Cornerstones.

1 WhyValueValue?

2 The Core of Value.

3 The Conservation of Value.

4 The Expectations Treadmill.

5 The Best Owner.

Part Two The Stock Market.

6 Who Is the Stock Market?

7 The Stock Market and the Real Economy.

8 Stock Market Bubbles.

9 Earnings Management.

Part Three Managing Value Creation.

10 Return on Capital.

11 Growth.

12 The Business Portfolio.

13 Mergers and Acquisitions.

14 Risk.

15 Capital Structure.

16 Investor Communications.

17 Managing for Value.

Appendix A The Math of Value.

Appendix B The Use of Earnings Multiples.