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EVA as a measure for shareholder value and executive compensation - A critical view

Verlag
GRIN Verlag
Jahr
2007

Gebraucht - Sehr gut Leichte Lagerspuren - Bachelor Thesis from the year 2003 in the subject Business economics - Investment and Finance, grade: 1.0 (A), Edinburgh Napier University (Business School), 200 entries in the bibliography, language: English, abstract: For several decades academics have been looking for an efficient performance measure, which not only reflects the effectiveness and efficiency of the firm, but also aligns manager s and shareholder s interests. Even though many studies question the merit of a single measure for overall firm performance, Stern and Stewart claim to have solved the puzzle with a method labeled Economic Value Added (EVA). This paper examines two aspects: First, EVA s predicting power regarding stock returns and second, its impact on management behavior as an element of executive compensation. At first glance, Stern and Stewart seem to be right. During the early 1990s their approach gained tremendous popularity, reflected by dozens of anecdotal success stories. Though EVA s demand of integrating a total capital charge is appealing, the concept is by no means new. The framework of residual income (economic profit), which has been around for decades, also requires a charge for equity capital. Further, some scholars criticize the use of accounting adjustments in order to calculate EVA and its ability to capture performance at the divisional level. So far there is no independent empirical evidence that EVA is superior to accounting measures in predicting stock returns. Some studies even question EVA s incremental value regarding executive compensation by stating that economic profit is doing as good a job. Consequently, it is tempting to doubt that Economic Value Added indeed adds any value. 88 pp. Englisch

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EVA as a measure for shareholder value and executive compensation - A critical view

Verlag
GRIN Verlag
Jahr
2007

Gebraucht - Sehr gut Leichte Lagerspuren - Bachelor Thesis from the year 2003 in the subject Business economics - Investment and Finance, grade: 1.0 (A), Edinburgh Napier University (Business School), 200 entries in the bibliography, language: English, abstract: For several decades academics have been looking for an efficient performance measure, which not only reflects the effectiveness and efficiency of the firm, but also aligns manager s and shareholder s interests. Even though many studies question the merit of a single measure for overall firm performance, Stern and Stewart claim to have solved the puzzle with a method labeled Economic Value Added (EVA). This paper examines two aspects: First, EVA s predicting power regarding stock returns and second, its impact on management behavior as an element of executive compensation. At first glance, Stern and Stewart seem to be right. During the early 1990s their approach gained tremendous popularity, reflected by dozens of anecdotal success stories. Though EVA s demand of integrating a total capital charge is appealing, the concept is by no means new. The framework of residual income (economic profit), which has been around for decades, also requires a charge for equity capital. Further, some scholars criticize the use of accounting adjustments in order to calculate EVA and its ability to capture performance at the divisional level. So far there is no independent empirical evidence that EVA is superior to accounting measures in predicting stock returns. Some studies even question EVA s incremental value regarding executive compensation by stating that economic profit is doing as good a job. Consequently, it is tempting to doubt that Economic Value Added indeed adds any value. 88 pp. Englisch

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  • Preis + Versand 1,65 € + 0,00 € Versand

EVA as a measure for shareholder value and executive compensation - A critical view

Taschenbuch Gebraucht - Sehr gut Leichte Lagerspuren - Bachelor Thesis from the year 2003 in the subject Business economics - Investment and Finance, grade: 1.0 (A), Edinburgh Napier University (Business School), 200 entries in the bibliography, language: English, abstract: For several decades academics have been looking for an efficient performance measure, which not only reflects the effectiveness and efficiency of the firm, but also aligns manager s and shareholder s interests. Even though many studies question the merit of a single measure for overall firm performance, Stern and Stewart claim to have solved the puzzle with a method labeled Economic Value Added (EVA). This paper examines two aspects: First, EVA s predicting power regarding stock returns and second, its impact on management behavior as an element of executive compensation. At first glance, Stern and Stewart seem to be right. During the early 1990s their approach gained tremendous popularity, reflected by dozens of anecdotal success stories. Though EVA s demand of integrating a total capital charge is appealing, the concept is by no means new. The framework of residual income (economic profit), which has been around for decades, also requires a charge for equity capital. Further, some scholars criticize the use of accounting adjustments in order to calculate EVA and its ability to capture performance at the divisional level. So far there is no independent empirical evidence that EVA is superior to accounting measures in predicting stock returns. Some studies even question EVA s incremental value regarding executive compensation by stating that economic profit is doing as good a job. Consequently, it is tempting to doubt that Economic Value Added indeed adds any value.

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Kinderträume

Taschenbuch 300 kleine Geschichten

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Das Vorstellungsgespräch

Verlag
Merit
Jahr
2003

Taschenbuch Tadelloses Exemplar

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Internationale Fondues für verwöhnte Gäste.

Jahr
1991

Pappe der Einband hat etwas gelitten, ansonsten TOP Ein Fondue-Essen soll immer etwas ganz Besondere sein. Meistens wird hier eine ganz spezielle Atmosphäre erzeugt. Nur schade, wenn dann das Gericht nicht so recht gelungen ist. Nach der Lektüre dieses Buches brauchen Sie davor keine Angst mehr zu haben. Hier wird Ihnen auf 120 Seiten mit insgesamt 400 farbigen Abbildungen die Zubereitung der köstlichsten Fondues aus aller Welt vorgestellt. Ob Fondues aus Fleisch, Käse, Meeresfrüchten, Fisch oder Süßigkeiten - in diesem Buch finden Sie alles. Da ich meine Angebote auch bei anderen Plattformen anbiete, kann es in seltenen Fällen vorkommen, dass ein Kauf bei booklooker nicht zustande kommt und ich diesen stornieren muss.

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Phantasievolle Tischdekorationen für alle Anlässe

Hardcover/gebunden Ein perfekt gedeckter Tisch ist das i-Tüpfelchen jeder Einladung. In diesem reich illustrierten Buch finden Sie auf 120 Seiten über 100 Anregungen für alle Anlässe.Jeder Dekorationsvorschlag wird mit insgesamt 375 farbigen Schritt-für-Schritt-Fotos veranschaulicht. Gut erhaltene Ausgabe.

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