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The Quest for Value |  |
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The Quest for Value | |
In this bestselling classic of financial management, G. Bennett Stewart, III, raises and answers these provocative questions:
Do dividends matter?Are earnings per share really accurate measures of corporate performance?What is the engine that really drives share prices?
More than that, Stewart lays the foundation for EVAr, the financial management and incentive system now in place at nearly 300 companies around the world, and which is rapidly becoming the global standard for corporate governance.
Managers, confused about what investors really want, often find it difficult to reach informed decisions regarding business strategy, acquisitions and divestitures, financial structure, dividend policy, and executive compensation. But now an EVAr -based revolution is providing a practical framework that managers can use to build a premium-valued company. At the forefront of this revolution is the consulting firm of Stern Stewart & Co., of which G. Bennett Stewart, III, author of The Quest for Value, is senior partner and cofounder.
The Quest for Value is written for senior management, key operating people, and planning and financial staff. This bible of financial management will assist managers in goal setting, resource allocation, strategy development, valuation of acquisitions, financial policy setting, incentive compensation planning, and building shareholder value.
The Quest for Value cuts sharply through the myths that to this day misinform corporate strategists in their pursuit of shareholder value. Laying waste to inaccurate yet widely used methods of performance, Stewart demonstrates how the Stern Stewart EVAr approach not only creates greater shareholder value but also provides a powerful framework for the broadest range of corporate decision making.
"The Quest for Value is a superb reference for students and researchers in finance, operating managers, corporate planners, consultants, and deal doers. It is so chock-full of practical advice that each chapter is virtually a book unto itself. The anecdotal style is as entertaining as it is informative." -- Mark C. Ubelhart, practice leader, corporate finance/compensation,Hewitt Associates
"The Quest for Value is an excellent work for the corporate strategist. It presents new, leading-edge planning paradigms in a practical, user-friendly way. Stewart's plan to restructure from within is of utmost importance to top management. It is my belief that companies may well come to be structured in the manner he prescribes, by necessity if not by choice." -- George J. Kirk, director, corporate strategy, corporate development, Westinghouse Electric Corporation
"The Quest for Value is the definitive handbook on how to enhance shareholder value. It provides senior managers with practical goals and guidelines to create value for their shareholders and for themselves." -- James J. Schiro, vice chairman, Price Waterhouse
"After more than forty experiences over ten years, we firmly believe that corporations that are owned by their management and their board and are prudently leveraged will produce superior investment returns. In this excellent work, Bennett Stewart skillfully explains why." -- Carl Ferenbach, general partner, Berkshire Partners
"Bennett Stewart challenges corporate management to focus on its principal mission of increasing shareholder wealth and shows how to do it. We are in the process of implementing a number of his recommendations for executive incentives." -- William W. McCarten, senior vice president, finance, corporate controller, Marriott Corporation
"Bennett Stewart's book is a notable example of what we at Chicago have always believed: Nothing is more practical than good theory. His neatly chosen, real-world illustrations bring the basic concepts of finance vividly to life. The book can be read with profit (and enjoyment) by anyone with an interest in corporate finance, from beginning student to senior executive." -- Merton H. Miller, Robert R. McCormick Distinguished Service Professor, Graduate School of Business, The University of Chicago, 1990 Nobel Prize winner
