"This is an uncommon books on a common topic written a readable and racy style. The little understodd, but widely, used cliche; shareholder value has been demystified with a detailsed and perceptive analysis of serveral companies. Being the first of its kind this books will be of immense value to capital market players, intermediaries, corporate executives and all those intersted in the theory and practice of sharholder value."
Corporate governance is part of an economy's system which has today become the most important mechanism for resource allocation. It is affected by capital market, block holders, institutional investors, proxy wars, company law and capital market regulations, and many other macro-economic as well as political factors. Historical evolution of corporate governance naturally has a bearing on current developments. This book is an attempt to weave these factors together coherently. Much of the concerned literature revolves around the agency problem, while in developing countries expropriation of small shareholders is the governance problem. However, shareholder activism is not likely to resolve the issue. Many more measures, from audit committees of the board, rigorous disclosures, exercise of voting rights by institutional investors, strict monitoring by capital market regulator to takeover bids are required to ensure corporate accountability.
This book focuses on the regulatory aspect of retail investor protection in the context of Initial Public Offerings (IPOs) in the Indian securities market. The book captures the salient policy changes that have transformed the IPO markets in India from their rudimentary structure at their present advanced structure. While primary markets reforms in India have been an ongoing endeavor, there has been a renewed emphasis in the recent past on reforming the market keeping the retail investors in focus. Greater retail participation is the intended objective of the reforms agenda. The book assesses retail participation in all the IPOs that have been floated between the period 2012-2017 in terms of their subscriptions, size of investment and quantum of applications. The book also provides a concise overview of the significant legislative developments that have been enacted keeping the retail investor in focus.
This book advances an innovative, multi-jurisdictional argument for the necessity of company law reform to reorient companies towards environmental sustainability.
Merging theory and practice into a comprehensive, highly-anticipated text Corporate Finance continues its legacy as one of the most popular financial textbooks, with well-established content from a diverse and highly respected author team. Unique in its features, this valuable text blends theory and practice with a direct, succinct style and commonsense presentation. Readers will be introduced to concepts in a situational framework, followed by a detailed discussion of techniques and tools. This latest edition includes new information on venture finance and debt structuring, and has been updated throughout with the most recent statistical tables. The companion website provides statistics, graphs, charts, articles, computer models, and classroom tools, and the free monthly newsletter keeps readers up to date on the latest happenings in the field. The authors have generously made themselves available for questions, promising an answer in seventy-two hours. Emphasizing how key concepts relate to real-world situations is what makes Corporate Finance a valuable reference with real relevance to the professional and student alike. Readers will gain insight into the methods and tools that shape the industry, allowing them to: Analyze investments with regard to hurdle rates, cash flows, side costs, and more Delve into the financing process and learn the tools and techniques of valuation Understand cash dividends and buybacks, spinoffs, and divestitures Explore the link between valuation and corporate finance As the global economy begins to recover, access to the most current information and statistics will be required. To remain relevant in the evolving financial environment, practitioners will need a deep understanding of the mechanisms at work. Corporate Finance provides the expert guidance and detailed explanations for those requiring a strong foundational knowledge, as well as more advanced corporate finance professionals.
Economist, consultant, and Wall Street Journal contributor Alfred Rappaport provides managers and investors with the practical tools and tests for a corporate strategy that creates shareholder value. The ultimate test of corporate strategy, the only reliable measure, is whether it creates economic value for shareholders. After a decade of downsizings frequently blamed on shareholder value decision making, this book presents a new and indepth assessment of the rationale for shareholder value. Further, Rappaport presents provocative new insights on shareholder value applications to: (1) business planning, (2) performance evaluation, (3) executive compensation, (4) mergers and acquisitions, (5) interpreting stock market signals, and (6) organizational implementation. Readers will be particularly interested in Rappaport's answers to three management performance evaluation questions: (1) What is the most appropriate measure of performance? (2) What is the most appropriate target level of performance? and (3) How should rewards be linked to performance? Through the lens of high-stakes case studies, like the notable acquisition of Duracell International by Gillette, Rappaport dissects the intricate decisions and risks inherent in the merger and acquisition process. The shareholder value approach presented here has been widely embraced by publicly traded as well as privately held companies worldwide. Brilliant and incisive, this is the one book that should be required reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.
