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Title: Creating Shareholder Value: A Guide for Managers and Investors by Alfred Rappaport ISBN: 0-684-84410-9 Publisher: Free Press Pub. Date: 01 December, 1997 Format: Hardcover Volumes: 1 List Price(USD): $35.00 |
Average Customer Rating: 4.5 (8 reviews)
Rating: 5
Summary: Valuation Fundamentals
Comment: Given that investors value bonds by discounting future cash flows, it stands to reason that they value stocks in the same fashion. Alfred Rappaport is the founder of the shareholder value mindset which gained importance in the '80 and is widely accepted in this new millenium. Rappaport starts the book explaining that objections to using a discounted Cash Flow model do not hold. Strong arguments and empirical evidence is given to explain the market's valuation mechanism. What follows is a basic but thorough explanation of the 3 elements for valuing a company (cash flows , risk and the competitive advantage period). In the second part of the book, it will become clear for the reader DCF is closely linked to strategic analysis and is not in contradiction with stakeholder analysis, customer value analysis, Activity Based costing or any other tool. On the contrary, Rappaport shows DCF is a communication tool that helps investors understand a company's implied performance and how to (re)act. Together with the Valuation book from Copeland, Koller and Murrin this is the book you need.
Rating: 4
Summary: The Classic -- From the "Father" of Shareholder Value
Comment: Professor Rappaport's revised and updated edition, provides a clear explanation of shareholder value concepts and application. One welcomed insight: he compares and contrasts the various shareholder methodologies (EVA and CFROI). As an indepent consultant specializing in shareholder value, I owe professor Rappaport and "Creating Shareholder Value" a debt of gratitude for introducing the critical link between corporate finance and competitive strategy. This is definately the "classic" work on shareholder value.
Rating: 3
Summary: Good explanation of creating shareholder value, but...
Comment: Professor Rappaport's revised version of his 1986 book on creating shareholder value provides a good description of the value based management concept that he helped create. However, many of the chapters are stand alone sections that do not flow well together. In some chapters he does not provide enough depth on how this book can actually be used by managers. In addition, the chapters on using his concepts to formulate value-maximizing business strategies was somewhat lacking.
Nevertheless, the book was an easy read and many of his points were right on target. I would also highly recommend interested readers to check out "The Value Imperative" by Marakon Associates and "Valuation" by McKinsey & Co for more information on value based management.
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Title: Expectations Investing: Reading Stock Prices for Better Returns by Alfred Rappaport, Michael J. Mauboussin, Peter L. Bernstein ISBN: 159139127X Publisher: Harvard Business School Press Pub. Date: 01 February, 2003 List Price(USD): $19.95 |
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Title: Valuation: Measuring and Managing the Value of Companies, 3rd Edition by McKinsey & Company Inc., Tom Copeland, Tim Koller, Jack Murrin ISBN: 0471361909 Publisher: Wiley Pub. Date: 28 July, 2000 List Price(USD): $80.00 |
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Title: The Quest for Value: The Eva Tm Management Guide by G. Bennett Stewart ISBN: 0887304184 Publisher: HarperBusiness Pub. Date: 01 March, 1991 List Price(USD): $50.00 |
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Title: The Value Imperative: Managing for Superior Shareholder Returns by James M. McTaggart, Peter W. Kontes, Michael C. Mankins ISBN: 0029206707 Publisher: Free Press Pub. Date: 01 April, 1994 List Price(USD): $40.00 |
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Title: EVA and Value-Based Management: A Practical Guide to Implementation by S. David Young, Stephen F. O'Byrne ISBN: 0071364390 Publisher: McGraw-Hill Companies Pub. Date: 22 November, 2000 List Price(USD): $45.00 |
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