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Walter Schroeder Library, Milwaukee School of Engineering
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Mallett, Gregory
Subjects
Economic value added -- Management
Corporations -- Valuation -- Measurement
MSEM Thesis.
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Mallett, Gregory
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EVA and MVA financia...
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EVA and MVA financial measurement techniques used to measure restructuring performance / by Gregory Mallett.
by
Mallett, Gregory
Subjects
Economic value added -- Management
Corporations -- Valuation -- Measurement
MSEM Thesis.
Description:
iv, 101 leaves : ill. ; 29 cm.
Contents:
Advisor: Cecil Head.
Committee members: Julian Piekarski, Dr. Bruce Thompson.
EVA and MVA financial measurement systems -- Techniques for calculating EVA -- The relationship between EVA and MVA -- Case Study 1: Analysis of GD's strategy, EVA, and MVA 1991 through 1994 -- Case Study 2: Analysis of Scott's strategy, EVA, and MVA 1991 through 1994 -- Case Study 3: Analysis of Sears' strategy, EVA, and MVA 1991 through 1994 -- Analysis of the three firms' value creating manuevers -- Financial strategic recommendation for increasing EVA and MVA -- Bibliography
For more than a decade American companies made shareholder value their core concern and prioritized it as the number one corporate goal. For many years, the best way for companies to keep abreast with their value was to watch daily stock reports. This method of keeping track of shareholder value assumed that increased stock prices resulted from improved financial performance, increased dividends policy, a major contract, etc., for which the CEO received the credit for increasing shareholders' wealth. After years of declining shareholder value increasing concerns from institutional investors prompted innovative measures of value creation. The birth of economic value added received wide spread acclaim as the most reliable indicator of value creation.
In the 1990's, may corporations were confronted with erratic environmental forces that dimished earning and stock price value. Institutional investors became outraged by corporate performance and the returns they were receiving on the investments. This prompted widespread changes in the way managers managed. They were now required to adopt strategies that created wealth for their shareholders. In the wake of these sweeping changes, adaptive decline strategies were employed throughout many corporations to deliver shareholders quick decisive short-term results. However, long-term shareholder value was compromised for short-term returns.
Retrenchment and divestiture were the most popular adaptive decline strategies used in the 1990's which entailed reducing a firm's size by downsizing or disposing of one or various businesses; when successfully performed, these strategies enabled corporations to deal with adverse environmental forces and develop a more profitable organization. Nevertheless, many corporations in the 1990's adopted these adaptive decline strategies for the wrong reason. Rather than adopting them to emerge as a more competitive organization, they were chosen because Wall Street applauded adaptive decline strategies on the grounds that corporations who undertook them would emerge more competitive by allowing them to concentrate on their core businesses or products. Nonetheless, many corporations circumventeed Wall Street's approval of the adaptive decline strategies to obtain short-term increases in stock value.
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Walter Schroeder Library
Master's Theses
AC805 .M25 1997
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