Value

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.

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‘…marches the reader through the very practical issues that affect value.' (Financial Times, November 2010).

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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 Said 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.

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About the Authors. Preface. Acknowledgments. 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. Index.

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