From 1980s onward there has been a remarkable transformation of the global business and financial scene, thanks to deregulation, liberalisation, globalisation, automation, privatisation, and the ascendance of the services sector.
In the wake of these developments, competition has intensified, investment and financing avenues have expanded, corporates have grown in size and complexity, capital has become more mobile, institutional investors (who are in general, more demanding than individual investors) have become an important force, financial prices have become more volatile, and intangible assets have assumed greater significance.
In response to these opportunities and challenges, shareholder value has become the central corporate agenda and corporates are becoming more focused on value creation. In this context, every manager would like to know:
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What is the value of my company?
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How can the value of the company be enhanced?
Thus 'corporate valuation' and 'value creation' are of interest to managers in general and senior managers in particular - they are also of interest to 'value investors'. This book addresses these issues. It seeks to blend the conceptual world of the scholar with the "how to do it" view of the practitioner. It takes a pragmatic approach, highlighting useful insights from diverse disciplines like finance, strategy, management accounting, corporate governance, organisational design, and behavioural economics. As a result, it synthesises a range of perspectives instead of focusing on a single silo of ideas.
Preface
Acknowledgements
Part A : Corporate Valuation
Chapter 1 : An Overview
Chapter 2 : Enterprise DCF Model
Chapter 3 : The Cost of Capital
Chapter 4 : Other DCF Models
Chapter 5 : Relative Valuation
Chapter 6 : Other Non-DCF Approaches
Chapter 7 : Advances Issues in Valuation
Chapter 8 : Case Studies in Valuation
Part B : Value Creation
Chapter 9 : Corporate Objective
Chapter 10 : Performance Measurement and Analysis
Chapter 11 : Strategy and Business Model
Chapter 12 : Capital Allocation
Chapter 13 : Strategic Financing Decisions
Chapter 14 : Organisational Architecture
Chapter 15 : Cost Management
Chapter 16 : Corporate Risk Management
Chapter 17 : Mergers, Acquisitions, and Restructuring
Chapter 18 : Corporate Governance
Chapter 19 : Value Based Management
Chapter 20 : Stellar Value Creators
Table A : Normal Distribution
Select Bibliography
Index
