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Corporate Valuation for Portfolio Investment: Analyzing Assets, Earnings, Cash Flow, Stock Price, Governance, and Special Situations (Bloomberg Financial #132)
by Alexandra Reed Lajoux Robert A. MonksA detailed guide to the discipline of corporate valuation Designed for the professional investor who is building an investment portfolio that includes equity, Corporate Valuation for Portfolio Investment takes you through a range of approaches, including those primarily based on assets, earnings, cash flow, and securities prices, as well as hybrid techniques. Along the way, it discusses the importance of qualitative measures such as governance, which go well beyond generally accepted accounting principles and international financial reporting standards, and addresses a variety of special situations in the life cycle of businesses, including initial public offerings and bankruptcies. Engaging and informative, Corporate Valuation for Portfolio Investment also contains formulas, checklists, and models that the authors, or other experts, have found useful in making equity investments. Presents more than a dozen hybrid approaches to valuation, explaining their relevance to different types of investors Charts stock market trends, both verbally and visually, enabling investors to think like traders when needed Offers valuation guidance based on less quantitative factors, namely management quality and factors relating to the company and the economy Corporate Valuation for Portfolio Investment puts this dynamic discipline in perspective and presents proven ways to determine the value of corporate equity securities for the purpose of portfolio investment.
Corporate Valuation: A Practical Approach with Case Studies (Classroom Companion: Business)
by Benedicto Kulwizira LukanimaThis book provides students with basic knowledge and advance skills for addressing practical challenges in valuation. First, the book presents financial information as a vital ingredient for performing corporate valuation. Second, the book presents key concepts of value and valuation and basic techniques for cash flow discounting. Third, the book offers an understanding of the reality of valuation, not simply as a numerical subject, as most people tend to think, but as a combination of objective and subjective aspects. Finally, it examines valuation in relation to the linkage between a firm’s objective, management role in value creation, investors’ decisions, and the valuation role of financial information. This book is designed and presented to make valuation easily accessible while also not diluting the nature of its complexity. To assist in the learning experience, the author provides illustrative case studies using real world data and review questions to cover all concepts. To assist professors, slides, Microsoft Excel illustrations, working data and sample syllabi are available online for download.
Corporate Valuation: Measuring the Value of Companies in Turbulent Times (Wiley Finance)
by Gianfranco Gianfrate Mario Massari Laura ZanettiRisk consideration is central to more accurate post-crisis valuation Corporate Valuation presents the most up-to-date tools and techniques for more accurate valuation in a highly volatile, globalized, and risky business environment. This insightful guide takes a multidisciplinary approach, considering both accounting and financial principles, with a practical focus that uses case studies and numerical examples to illustrate major concepts. Readers are walked through a map of the valuation approaches proven most effective post-crisis, with explicit guidance toward implementation and enhancement using advanced tools, while exploring new models, techniques, and perspectives on the new meaning of value. Risk centrality and scenario analysis are major themes among the techniques covered, and the companion website provides relevant spreadsheets, models, and instructor materials. Business is now done in a faster, more diverse, more interconnected environment, making valuation an increasingly more complex endeavor. New types of risks and competition are shaping operations and finance, redefining the importance of managing uncertainty as the key to success. This book brings that perspective to bear in valuation, providing new insight, new models, and practical techniques for the modern finance industry. Gain a new understanding of the idea of "value," from both accounting and financial perspectives Learn new valuation models and techniques, including scenario-based valuation, the Monte Carlo analysis, and other advanced tools Understand valuation multiples as adjusted for risk and cycle, and the decomposition of deal multiples Examine the approach to valuation for rights issues and hybrid securities, and more Traditional valuation models are inaccurate in that they hinge on the idea of ensured success and only minor adjustments to forecasts. These rules no longer apply, and accurate valuation demands a shift in the paradigm. Corporate Valuation describes that shift, and how it translates to more accurate methods.
Corporate Value Creation
by Lawrence C. KarlsonA detailed crash course in business management for value creation Corporate Value Creation provides an operations framework that management can use to optimize the impact decisions have on creating value by growing revenue and profitability. Designed to assist professionals without a strong business or financial education, this book provides a thorough understanding of the qualitative and quantitative aspects of managing a business for the purpose of value creation. Readers will find detailed information on financial reports, valuation, modeling and forecasting, and more, including discussion of best practices that functional management can embrace to leverage performance. The final chapter reviews key concepts and helps the reader tie them all together by using a step-by-step approach to build or modify a business plan that includes a complete set of financial statements. In addition, each chapter includes case studies or exercises so that the reader can practice using the material covered in the chapter. Corporate Value Creation can also be used as a handbook for managers who are looking for information on specific topics that range from developing financial statements to manufacturing management, to internet marketing and much more. In most cases, individual topics can be reviewed without reading the entire book. Finally, for the manager who wants to quickly understand what's involved in running a successful business, each chapter begins with the key takeaways from that chapter in a section called "Nuggets". Fundamentally, creating value is as simple as making more money - but therein lies the rub. Effective management of business growth involves a complex interplay of productivity, capital, debt, and margins, and finding the most efficient balance can be challenging. For managers who need a deeper understanding of the forces at work, Corporate Value Creation is a thorough, detailed guide but it is also valuable for managers who are looking for information on a specific topic or simply wanting to understand at a high level what's involved in running a successful business.
Corporate Value of Enterprise Risk Management
by Sim SegalThe ultimate guide to maximizing shareholder value through ERMThe first book to introduce an emerging approach synthesizing ERM and value-based management, Corporate Value of Enterprise Risk Management clarifies ERM as a strategic business management approach that enhances strategic planning and other decision-making processes.A hot topic in the wake of a series of corporate scandals as well as the financial crisisLooks at ERM as a way to deliver on the promise of balancing risk and returnA practical guide for corporate Chief Risk Officers (CROs) and other business professionals seeking to successfully implement ERMERM is here to stay. Sharing his unique insights and experiences as a recognized global thought leader in this field, author Sim Segal offers world-class guidance on how your business can successfully implement ERM to protect and increase shareholder value.
Corporate Venture Capital at Eli Lilly
by David Lane Richard G. Hamermesh Ron LauferReviews the role of corporate venture capital and its history at Eli Lilly. Also presents a challenging venture investment opportunity.
Corporate Venture Capital: Bridging the Equity Gap in the Small Business Sector (Routledge Studies In Small Business Ser. #No. 2)
by Kevin McNallyThis book addresses the lack of academic and practical research into corporate venturing by examining the role of this activity as both a form of large firm-small firm collaboration and as an alternative source of equity finance for small firms. These issues are explored through surveys of independent fund managers, coporate executives and technolo
Corporate Vision and Rapid Technological Change: The Evolution of Market Structure
by Jas Gill Peter SwannThis book examines the role of strategic visions of future technological development in the evolution of market structure. This perspective offers a novel way of resolving some of the puzzles that have arisen in understanding the effects of rapid technology change and market structure. Strategic visions are seen to play a central role in corporate strategy, and industrial policy. The authors develop some theoretical tools to study these questions, and present 5 case studies of high technology industries, with conclusions for policy. The book will be of interest to industrial economists concerned with the effects of rapid technological change, and to those interested in technology management. It will also be of interest to economists and others working in high technology industries, and in government.
Corporate Volunteering, Responsibility and Employee Entrepreneurship (Routledge Studies in Entrepreneurship and Small Business)
by Beata Glinka Aldona Glińska-NeweśSupporting employee entrepreneurship is among major challenges contemporary organizations face. Many facets of corporate entrepreneurship are investigated, and the body of knowledge in the field is growing rapidly; nevertheless, there are still knowledge and research gaps to be filled. Notably, while there are studies linking HRM with corporate entrepreneurship, studies on connections between CSR-oriented practices and corporate/employee entrepreneurship are to be developed. The main goal of this book is to explain relationships between corporate volunteering and employee entrepreneurship in organisations. The book combines two extremely vivid fields of research: entrepreneurship and corporate social responsibility. Based on their own research, the authors present how participation in corporate volunteering, as one of the CSR practices in organisations, leads to strengthening employee entrepreneurial behaviour. The book offers a framework showing the role of CSR practices in shaping entrepreneurial and innovative employees’ behaviour. This book is aimed mainly at postgraduates, researchers and academics in the fields of entrepreneurship and corporate volunteering. As it touches vital fields of managerial education and management, it will also be of interest to master level students at universities or business schools as well as business practitioners.
Corporate Volunteering, Responsibility and Employee Entrepreneurship (Routledge Studies in Entrepreneurship and Small Business)
by Beata Glinka Aldona Glińska-NeweśSupporting employee entrepreneurship is among major challenges contemporary organizations face. Many facets of corporate entrepreneurship are investigated, and the body of knowledge in the field is growing rapidly; nevertheless, there are still knowledge and research gaps to be filled. Notably, while there are studies linking HRM with corporate entrepreneurship, studies on connections between CSR-oriented practices and corporate/employee entrepreneurship are to be developed.The main goal of this book is to explain relationships between corporate volunteering and employee entrepreneurship in organisations. The book combines two extremely vivid fields of research: entrepreneurship and corporate social responsibility. Based on their own research, the authors present how participation in corporate volunteering, as one of the CSR practices in organisations, leads to strengthening employee entrepreneurial behaviour. The book offers a framework showing the role of CSR practices in shaping entrepreneurial and innovative employees’ behaviour.This book is aimed mainly at postgraduates, researchers and academics in the fields of entrepreneurship and corporate volunteering. As it touches vital fields of managerial education and management, it will also be of interest to master level students at universities or business schools as well as business practitioners.
Corporate Warriors
by P. W. SingerSome have claimed that ?War is too important to be left to the generals,? but P. W. Singer asks ?What about the business executives? Breaking out of the guns-for-hire mold of traditional mercenaries, corporations now sell skills and services that until recently only state militaries possessed. Their products range from trained commando teams to strategic advice from generals. This new ?Privatized Military Industry? encompasses hundreds of companies, thousands of employees, and billions of dollars in revenue. Whether as proxies or suppliers, such firms have participated in wars in Africa, Asia, the Balkans, and Latin America. More recently, they have become a key element in U. S. military operations. Private corporations working for profit now sway the course of national and international conflict, but the consequences have been little explored. In this book, Singer provides the first account of the military services industry and its broader implications. Corporate Warriors includes a description of how the business works, as well as portraits of each of the basic types of companies: military providers that offer troops for tactical operations; military consultants that supply expert advice and training; and military support companies that sell logistics, intelligence, and engineering. The privatization of warfare allows startling new capabilities and efficiencies in the ways that war is carried out. At the same time, however, Singer finds that the entrance of the profit motive onto the battlefield raises a series of troubling questions'for democracy, for ethics, for management, for human rights, and for national security.
Corporate Wasteland: The Landscape and Memory of Deindustrialization
by David Lewis Steven HighDeindustrialization is not simply an economic process; it is also a social and cultural phenomenon. The rusting detritus of our industrial past-the wrecked halls of factories, abandoned machinery too large to remove, and now-useless infrastructures-has for decades been a part of the North American landscape. Through a unique blend of oral history, photographs, and interpretive essays, Corporate Wasteland investigates this fascinating terrain and the phenomenon of its loss and rediscovery.
Corporate Water Strategies
by William SarniIn the past businesses have viewed water as a minimal operational cost and not a strategic issue. However, water has now emerged as a critical issue for both corporations and the public sector in response to increased water demand, climatic risks and potentially negative impacts on brand value. This innovative book provides up to date information on global water issues and describes how companies can not only address these challenges but also implement high value global water strategies. It shows: Why water is a critical business issue for companies which now face water risk to their operations and brands; How new concepts such as embedded water and virtual water are forcing companies to think differently about how they use water to manufacture products; That companies need to develop a corporate water strategy to manage it as a key business issue and capture the real value of water; How companies can develop partnerships with non-governmental organizations to implement water strategies
Corporate Welfare: Crony Capitalism That Enriches the Rich
by James T. BennettFrom the time of Alexander Hamilton's "Report on Manufactures" through the Great Depression, American towns and cities sought to lure footloose companies by offering lavish benefits. These ranged from taxpayer-financed factories, to tax exemptions, to outright gifts of money. This kind of government aid, known as "corporate welfare," is still around today. After establishing its historical foundations, James T. Bennett reveals four modern manifestations.His first case is the epochal debate over government subsidy of a supersonic transport aircraft. The second case has its origins in Southern factory relocation programs of the 1930s�the practice of state and local governments granting companies taxpayer financed incentives. The third is the taking of private property for the enrichment of business interests. The fourth�export subsidies�has its genesis in the New Deal but matured with the growth of the Export-Import Bank, which subsidizes international business exchanges of America's largest corporate entities.Bennett examines the prospects for a successful anti-corporate welfare coalition of libertarians, free market conservatives, Greens, and populists. The potential for a coalition is out there, he argues. Whether a canny politician can assemble and maintain it long enough to mount a taxpayer counterattack upon corporate welfare is an intriguing question.
Corporate Whistleblowing Regulation: Theory, Practice, and Design
by Sulette Lombard Vivienne Brand Janet AustinThis book adopts a cross-jurisdictional perspective to consider contemporary corporate whistleblowing issues from an ethical theoretical perspective, regulatory perspective, and practical perspective. It includes in particular arguments in favour of and against the adoption of financial incentive schemes for whistleblowers, as well as the potential implications of adopting such schemes. This approach provides a valuable opportunity for comparison from a law reform perspective. The book brings together authors from various jurisdictions – Canada, Australia, and the USA – who, through their exposure to this area of law, be it as practitioners, regulators, or academics, offer valuable and interesting insights on the emerging and topical area of corporate whistleblowing generally, and whistleblowing rewards in particular. These three jurisdictions were selected on the basis of their reform-oriented stance on corporate whistleblowing and/or implementation of financial incentives for whistleblowing, creating an opportunity to assess contemporary regulatory structures and in particular how incentives measures could interact with corporate whistleblowing regulatory frameworks, and how they could contribute to improved governance. The reasons for the rejection of the notion of financial incentives in the United Kingdom are also reviewed, in order to provide a comparative overview. The book provides useful guidance for those who may be affected by the implementation of corporate whistleblowing schemes, including for reward, whether as regulators, practitioners, company directors, or whistle blowers.
Corporate and Investment Banking: Preparing for a Career in Sales, Trading, and Research in Global Markets
by Fidelio TataThis book provides unique information to prepare graduates and newly hired corporate and investment banking professionals for a career in the global markets environment of large universal and international investment banks. It shows the interrelationship between the three specific business functions of sales, trading, and research, as well as the interaction with corporate and institutional clients. The book fills a gap in the available literature by linking financial market theory to the practical aspects of day-to-day operations on a trading floor and offers a taxonomy of the current banking business, providing an in-depth analysis of the main market participants in the global markets ecosystem. Engaging the reader with case studies, anecdotes, and industry color, the book addresses the risks and opportunities of the global markets business in today’s global financial markets both from a theoretical and from a practitioner’s perspective and focuses on the most important fixed-income financial instruments from a pricing, risk-management, and client-marketing perspective.
Corporate and Organizational Identities: Integrating Strategy, Marketing, Communication and Organizational Perspective
by Bertrand Moingeon Guillaume SoenenThis edited book is devoted to an issue of increasing importance in management theory and practice-organizational identity. The concept of organizational identity has received attention in many disciplines such as strategic management, marketing, communication and public relations and organization theory. In practice a number of consultancy firms h
Corporate and Project Finance Modeling: Theory And Practice (Wiley Finance Ser.)
by Edward BodmerA clear and comprehensive guide to financial modeling and valuation with extensive case studies and practice exercisesCorporate and Project Finance Modeling takes a clear, coherent approach to a complex and technical topic. Written by a globally-recognized financial and economic consultant, this book provides a thorough explanation of financial modeling and analysis while describing the practical application of newly-developed techniques. Theoretical discussion, case studies and step-by-step guides allow readers to master many difficult modeling problems and also explain how to build highly structured models from the ground up. The companion website includes downloadable examples, templates, and hundreds of exercises that allow readers to immediately apply the complex ideas discussed.Financial valuation is an in-depth process, involving both objective and subjective parameters. Precise modeling is critical, and thorough, accurate analysis is what bridges the gap from model to value. This book allows readers to gain a true mastery of the principles underlying financial modeling and valuation by helping them to:Develop flexible and accurate valuation analysis incorporating cash flow waterfalls, depreciation and retirements, updates for new historic periods, and dynamic presentation of scenario and sensitivity analysis;Build customized spreadsheet functions that solve circular logic arising in project and corporate valuation without cumbersome copy and paste macros;Derive accurate measures of normalized cash flow and implied valuation multiples that account for asset life, changing growth, taxes, varying returns and cost of capital;Incorporate stochastic analysis with alternative time series equations and Monte Carlo simulation without add-ins;Understand valuation effects of debt sizing, sculpting, project funding, re-financing, holding periods and credit enhancements.Corporate and Project Finance Modeling provides comprehensive guidance and extensive explanation, making it essential reading for anyone in the field.
Corporate and Social Transformation of Money and Banking
by Simon Mouatt Carl AdamsAs the real economy is increasingly digitalized, banking lags behind. It is thus not well placed to support the new economy. The book provides some perspective on the changes taking place, identifying the systemic weaknesses in the traditional financial infrastructure, and proposing some radical rethinking to address systemic financial instability.
Corporate tax law
by Peter HarrisMany corporate tax systems lack structure. Focusing on structural defects and how they are addressed in practice, this comprehensive and comparative analysis of corporate tax systems uses a conceptual framework to illustrate and analyse the many difficult issues corporations pose. This framework is enhanced by the examination of a large body of legal rules and practical considerations which demonstrate how corporate tax systems work in practice. While adopting a broad comparative approach, the analysis also drills down into the detail of influential corporate tax systems in order to illustrate the major issues they face and the options available to them.
Corporate versus National Interest in US Trade Policy: Chiquita and Caribbean Bananas
by Richard L. BernalThis book provides a history of the WTO US-EU banana dispute through the lens of a major actor: the US-owned multinational firm, Chiquita Brands International. It documents and explains how Chiquita succeeded in having the Clinton administration pursue a trade policy of forcing the European Union to dismantle its preferential banana import regime for exports from the small English-speaking Caribbean (ESC) countries. The export of bananas was critically important to the social stability and economic viability of these countries and that was in the national security interest of the United States. The experience indicates that succeeding in this goal was detrimental to U.S. national security interest in the Caribbean.
Corporate-Governance-Management: Theorie und Praxis der guten Unternehmensführung
by Martin K. Welge Marc EulerichDas Lehrbuch erläutert umfassend alle betriebswirtschaftlichen Perspektiven und Fragestellungen guter Corporate Governance aus theoretischer und praktischer Sicht. Es beschreibt die Aufgaben der Akteure und gibt Handlungsempfehlungen zur operativen sowie strategischen Unternehmensführung und -überwachung durch Vorstand bzw. Aufsichtsrat. Der Fokus liegt dabei auf den Strukturen, Organen und Akteuren der Corporate Governance, den strategischen und operativen Kernprozessen in den Unternehmen, insbesondere innerhalb des Vorstandes und Aufsichtsrats, sowie möglichen Steuerungsinstrumentarien.Für die dritte Auflage wurde das Buch umfassend aktualisiert und überarbeitet, insbesondere durch die Vorgaben des neustrukturierten Deutschen Corporate Governance Kodex.
Corporate-Governance-Management: Theorie und Praxis der guten Unternehmensführung
by Martin K. Welge Marc EulerichDas Lehrbuch erläutert umfassend alle betriebswirtschaftlichen Perspektiven und Fragestellungen guter Corporate Governance aus theoretischer und praktischer Sicht. Es beschreibt die Aufgaben der Akteure und gibt Handlungsempfehlungen zur operativen sowie strategischen Unternehmensführung und -überwachung durch Vorstand bzw. Aufsichtsrat. Der Fokus liegt dabei auf den Strukturen, Organen und Akteuren der Corporate Governance, den strategischen und operativen Kernprozessen in den Unternehmen, insbesondere innerhalb des Vorstandes und Aufsichtsrats, sowie möglichen Steuerungsinstrumentarien.Die zweite, grundlegend überarbeitete Auflage bindet zahlreiche neue Inhalte ein. Neben einem umfassenden Kapitel zu zwischenmenschlichen Interaktionen in Vorstand und Aufsichtsrat (sog. „Board Dynamics“) werden mehrere internationale Corporate-Governance-Systeme verglichen sowie die Bereiche Family Governance und Public Governance beschrieben. Ausführliche Fall- und Praxisbeispiele verdeutlichen dem Leser die große praktische Relevanz des Themas.
Corporate-Influencer-Programme: So gewinnen Unternehmen Mitarbeitende als digitale Markenbotschafter für LinkedIn (essentials)
by Carolin Durst Julian SteigerwaldDieses essential bietet eine fundierte Analyse und praktische Hinweise zur erfolgreichen Implementierung von Corporate-Influencer-Programmen auf LinkedIn. Es beleuchtet die entscheidenden Einflussfaktoren, die Mitarbeitende motivieren, als digitale Markenbotschafter für ihr Unternehmen zu agieren und zeigt auf, wie Unternehmen diese Potenziale optimal nutzen können. In einer detaillierten Conjoint-Analyse werden die Rahmenbedingungen für erfolgreiche Programme untersucht – von besonderer Bedeutung ist dabei eine moderne und gelebte Unternehmenskultur. Für alle Verantwortlichen in der Unternehmenskommunikation, HR und Marketing, die ihre Strategien im Bereich Corporate Influencing optimieren und langfristig eine positive Arbeitgebermarke aufbauen wollen.
Corporate-Startup-Partnerschaften: Innovation durch Kollaboration (Organisationskompetenz Zukunftsfähigkeit)
by Jasmin Weber Alexander ElzEtablierte Unternehmen sehen sich zunehmend mit Entwicklungen konfrontiert, die die Anforderungen an ihre Transformationsgeschwindigkeit erhöhen – so wird das Rennen um die vorderen Plätze beispielsweise durch die Digitalisierung angefacht. Dabei stellen sie immer häufiger fest, dass ihnen der eigene, teils jahrzehntelange Erfolg durchaus im Weg stehen kann und die benötigte Innovationskraft oft nicht innerhalb, sondern außerhalb des Unternehmens zu finden ist. Eine Möglichkeit, diesen Herausforderungen zu begegnen, ist die Kollaboration mit Startups.Corporate-Startup-Partnerschaften vereinen die Kapazitäten etablierter Unternehmen mit der Flexibilität von Startups, was zu mehr Innovationsfähigkeit und damit Wettbewerbsvorteilen führen kann. In diesem Buch werden die Vor- und Nachteile solcher Partnerschaften, die Hebel für ihren Erfolg und die Phasen ihrer Evolution durch erfahrene Expert:innen beschrieben. Praktische Handlungsempfehlungen ergänzen die detaillierte Analyse.