Valuation: Measuring and Managing the Value of Companies

Valuation: Measuring and Managing the Value of Companies

Mixed media product Wiley Finance

By (author) Inc. McKinsey & Company, By (author) Tim Koller, By (author) Marc Goedhart, By (author) David Wessels

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  • Publisher: John Wiley & Sons Ltd
  • Format: Mixed media product | 864 pages
  • Dimensions: 178mm x 252mm x 44mm | 1,479g
  • Publication date: 17 August 2010
  • Publication City/Country: Chichester
  • ISBN 10: 0470424702
  • ISBN 13: 9780470424704
  • Edition: 5, Revised
  • Edition statement: University ed
  • Sales rank: 78,100

Product description

McKinsey s Trusted Guide to Teaching Corporate Valuation is Back and Better than Ever Designed for classroom use, Valuation, University Edition Fifth Edition is filled with the expert guidance from McKinsey & Company that students and professors have come to trust. Fully Revised and Updated, NEW FEATURES to the Fifth Edition include: * ALL NEW CASE STUDIES that illustrate how valuation techniques and principles are applied in real-world situations * NEW CONTENT on the strategic advantages of value-based management * EXPANDED to include advanced valuation techniques * UPDATED to reflect the events of the real estate bubble and its effect on stock markets, new developments in corporate finance, changes in accounting rules, and an enhanced global perspective Valuation, Fifth Edition remains true to its roots with a solid framework for valuation through key concepts such as: * Analyzing historical performance, including reorganizing a company's financial statements to reflect economic rather than accounting performance * Forecasting performance, with emphasis on not just the mechanics of forecasting but also how to think about a company's future economics * Estimating the cost of capital with practical tips that aren't found in textbooks * Interpreting the results of a valuation in light of a company's competitive situation * Linking a company's valuation multiples to the core drivers of its performance. The University Edition contains the same key chapters as Valuation Fifth Edition but expands on them to enhance classroom application with End of Chapter Summaries and Review Questions to help students master key concepts from each chapter before moving on to the next. For professors, Wiley offers an Online Instructor s Manual with a full suite of resources exclusive to adopting professors. Contact your rep for more information.

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Author information

McKINSEY & COMPANY is a management consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Over the past seven decades, the firm's primary objective has remained constant: to serve as an organization's most trusted external advisor on critical issues facing senior management. TIM KOLLER is a partner in McKinsey's New York office. Tim has served clients in North America and Europe on corporate strategy and issues concerning capital markets, M&A transactions, and value-based management. He leads the firm's research activities in valuation and capital markets issues. He received his MBA from the University of Chicago. MARC GOEDHART is an associate principal in McKinsey's Amsterdam office. Marc has served clients across Europe on portfolio restructuring, issues concerning capital markets, and M&A transactions. He received a PhD in finance from Erasmus University Rotterdam. DAVID WESSELS is an adjunct professor of finance and director of executive education at the Wharton School of the University of Pennsylvania. Named by BusinessWeek as one of America's top business school instructors, he teaches corporate valuation at the MBA and Executive MBA levels. David received his PhD from the University of California at Los Angeles.

Back cover copy

The #1 guide to corporate valuation is back . . . and better than ever!"The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives." --Professor Benjamin C. Esty, Harvard Business School, author of "Modern Project Finance: A Casebook""The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition." --Dr. Raymund Breu, former chief financial officer, Novartis AG""Valuation" gets to the heart of how to measure and manage value in a company. Whether you are evaluating an acquisition, restructuring a corporation, or formulating strategy, this book will help you do it well." --John A. Manzoni, Chief Executive Officer, Talisman Energy Inc."A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies." --"New York Times""The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation." --"Financial Times"

Table of contents

FOREWORD xi CHAPTER 1. THE SERVICES PROVIDED BY MARINE ECOSYSTEMS: ECONOMIC ASSESSMENTS AND THEIR USAGES 1 Harold LEVREL, Pedro CABRAL, Oceane MARCONE and Remi MONGRUEL 1.1. Marine ecosystem services 1 1.1.1. Ecosystem services 1 1.1.2. A historic balance leading to an inefficient exploitation of ecosystem services 4 1.1.3. Marine ecosystem services 6 1.2. The monetary evaluation of ecosystem services 11 1.2.1. The factors that motivate demands for monetary evaluation 11 1.2.2. Monetary evaluation methods and their limits 14 1.3. The monetary evaluation of ecosystem services: some results for marine ecosystems 20 1.4. The effective use of the assessment of benefits associated with ecosystem services 26 1.4.1. The expected uses of monetary evaluation 26 1.5. A complementary approach: assessing the cost of maintaining ecosystem services 29 1.5.1. The principles of assessment 29 1.5.2. Evaluation of the cost of the degradation of the environment in the directive framework Strategy for the marine habitat 30 1.6. Toward multifaceted evaluations of ecosystem services using a spatial approach 34 1.6.1. The integrated spatial evaluation of marine and coastal ecosystem services 34 1.6.2. The spatial integrated assessment of ES and the compromises associated with their development 37 1.6.3. Tools for spatial integrated assessment of ecosystem services 38 1.7. Conclusions 41 1.8. Bibliography 42 CHAPTER 2. FISHERIES AND AQUACULTURE SUSTAINABILITY 53 Sylvestre VOISIN and Pierre FREON 2.1. Sustainability and responsibility of provisioning: learning the lessions from overfishing 53 2.1.1. Introduction: challenges and summary of key points 54 2.1.2. The initial fisheries approach challenged by the complexity of the ocean ecosystem and the failures of fisheries regulation 59 2.1.3. Contributions of the new sciences on sustainability and responsibility 68 2.1.4. New accounting framework for sustainability and responsibility: integrating uncertainty and uncontrollability in fishery and aquaculture management 86 2.2. Sustainability evaluation methods: translation of scientific knowledge for a political debate 94 2.2.1. Classification and good use of the sustainability and responsibility evaluation methods 94 2.2.2. Sustainability analysis of fisheries and aquaculture supply chains: state of the art, trends of the new practices and case study 96 2.2.3. Relevance of the concepts of ecosystem-based fisheries management, bioeconomics, sustainable and responsible consumption of seafood products 118 2.3. Interpretations of the evaluations of sustainability/responsibility in global performance: scenarios of complex organization policies and strategies 121 2.3.1. Interpretation of the sustainability analysis and knowledge management 121 2.3.2. Large prospective scenarios on the organization of fisheries and marine aquaculture supply chains in a globalized context 124 2.3.3. Conclusion and perspective: toward an integrated sustainable and responsible approach to fishery and aquaculture management 131 2.4. Acknowledgments 134 2.5. Appendices 135 2.5.1. Appendix 1135 2.5.2. Appendix 2 136 2.5.3. Appendix 3 137 2.6. Bibliography 138 CHAPTER 3. FISHERIES ECONOMICS 153 Christian CHABOUD 3.1. Outline of fisheries economics 153 3.1.1. Object of fisheries economics 153 3.1.2. Specific features and characteristics of fisheries economics 154 3.2. The bioeconomic approach of fisheries 160 3.2.1. Gordon Schaefer s model 161 3.2.2. Dynamic non-equilibrium model 187 3.2.3. The Clark Munro s model: the golden rule of the intertemporal allocation of natural capital 193 3.2.4. The age-structured bioeconomic models 200 3.2.5. Toward more realistic and complex bioeconomic models 210 3.3. Contribution of economics to fisheries management 211 3.3.1. A negative view about the efficiency of public policies in the fishery sector 211 3.3.2. A classification attempt of the tools for fisheries management 214 3.3.3. An economic assessment of the relevance of the tools of fisheries management 215 3.4. Conclusion: the contributions of fisheries economics and its future evolution 222 3.5. Bibliography 224 CHAPTER 4. MARITIME ECONOMY: DEFINITION AND MAIN ASPECTS 233 Regis KALAYDJIAN 4.1. Overview of the European maritime economy 235 4.1.1. Marine resources 235 4.1.2. Maritime transport 240 4.1.3. Management of the marine environment 242 4.1.4. The diversity of the maritime economy 244 4.2. The European maritime policy and its economic information requirements 245 4.3. Sector-based approach to the maritime economy 250 4.4. Maritime economy coverage 253 4.5. Maritime economy: sector-based approach and methodology issues 256 4.6. Sector-based approach to the French maritime economy 258 4.7. From a sector-based approach to a maritime basins approach 261 4.7.1. Economic and social assessment of the MSFD: use of marine waters 262 4.7.2. The Atlantic maritime basin: a European project 267 4.8. Ecosystems and costs of degradation 267 4.8.1. Ecosystem approach to the costs of degradation 268 4.8.2. Practical application of the ecosystem approach 272 4.8.3. Direct approach to degradation costs 273 4.8.4. Combining the different approaches: the problem of local data 275 4.9. Conclusions 278 4.10. Appendices 280 4.11. Bibliography 284 LIST OF AUTHORS 291 INDEX 293