Here is the in-depth guide to the new financial tool known as economic value-added, or EVA. It explains how and why EVA developed, and shows how corproations and analysts can use it to more acurately measure the financial performance of individual companies, industries, and economies.
Foundations of Economic Value Added
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Book Description
Editorial Reviews
From the Back Cover
Here is the in-depth guide to the new financial tool known as economic value-added, or EVA. It explains how and why EVA developed, and shows how corporations and analysts can use it to more accurately measure the financial performance of individual companies, industries, and economies. This book provides a concise foundation on the "economic value added" approach to both corporate finance and investment management. In corporate finance, emphasis is placed on the present value relationship between a company's expected future EVA and its current NPV, as well as the financial characteristics of wealth-creating firms, industries, and economies. In investment management, the book focuses on how to apply EVA principles to select equity securities, and to build investment opportunities in the context of the Markowitz portfolio model.
Foundations of Economic Value Added was endorsed by G. Bennett Stewart III of Stern Stewart & Co., as well as senior executives in banking and investment management. The book was recently published in Japanese (ISBN4-492-55322-3).
Foundations of Economic Value Added was endorsed by G. Bennett Stewart III of Stern Stewart & Co., as well as senior executives in banking and investment management. The book was recently published in Japanese (ISBN4-492-55322-3).
About the Author
James L. Grant is professor of finance at Simmons Graduate School of Management in Boston. He is the author of several books, including Foundations of Economic Value Added.
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Most Helpful Customer Reviews
36 of 38 people found the following review helpful:
5.0 out of 5 stars
This book provides readers with an independent view on EVA,
By A Customer
This review is from: Foundations of Economic Value Added (Paperback)
As a portfolio manager with a major NYC investment firm, it was refreshing to see Professor Grant drill down to the core concepts of EVA and its impact on market pricing. Everyone acknowledges that Stern Stewart has pushed EVA thinking forward in the corporate world but Professor Grant takes it further and shows how EVA gets priced into securities on a day-to-day basis.
5 of 5 people found the following review helpful:
5.0 out of 5 stars
Go beyond earnings, and into value-based metrics,
By
This review is from: Foundations of Economic Value Added, 2nd Edition (Hardcover)
I took a few courses with Professor Grant at the University of Massachusetts Boston, where this was one of the required texts. I must say his courses and his texts has turned out to be most valuable and useful during my final years as a student of undergraduate finance. All of his texts were reader-friendly and insightful.
Dr. Grant uses active companies in the stock market (GE, Dell, IBM) and their historical data to determine whether they are creating or destroying wealth for their shareholders and bondholders using value-based metrics like eva. His calculations in this book were especially easy to follow and understand - students of finance can relate with me if you have read some of those cryptic finance texts. I would highly recommend Dr. Grant's text to all students. And if you are a UMass Boston student, you should take his course.
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Inside This Book
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First Sentence:
In a market-driven economy many companies will create wealth. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
low corporate valuations, top ten wealth creators, largest wealth creators, unlevered net operating profit, largest wealth destroyers, profitability index ratio, depreciation tax subsidy, positive residual return, wealth wasters, real corporate profitability, large capitalization firms, powerful wealth creators, interest tax subsidy, unlevered firm, valuation spectrum, pricing template, corporate debt policy, corporate financial success, focusing research efforts, overall capital costs, time period zero, published financial reports, total net present value, debt weight, interest tax shield Key Phrases - Capitalized Phrases (CAPs): (learn more)
Value Line, American Home Products Corporation, Cisco Systems, Ford Motor Company, General Motors, Journal of Portfolio Management, Chrysler Corporation, New York, General Electric, Nabisco Holdings, Philip Morris, Industry Analysis Using, Microsoft Corporation, Stern Stewart, Alfred Rappaport, Bennett Stewart, Black Monday, Interest Shield, Journal of Finance, Long-Term Growth Opportunities, Time Warner, Air Touch Communications, American Cyanamid, Full Year, Irving Fisher New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
In a market-driven economy many companies will create wealth. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
low corporate valuations, top ten wealth creators, largest wealth creators, unlevered net operating profit, largest wealth destroyers, profitability index ratio, depreciation tax subsidy, positive residual return, wealth wasters, real corporate profitability, large capitalization firms, powerful wealth creators, interest tax subsidy, unlevered firm, valuation spectrum, pricing template, corporate debt policy, corporate financial success, focusing research efforts, overall capital costs, time period zero, published financial reports, total net present value, debt weight, interest tax shield Key Phrases - Capitalized Phrases (CAPs): (learn more)
Value Line, American Home Products Corporation, Cisco Systems, Ford Motor Company, General Motors, Journal of Portfolio Management, Chrysler Corporation, New York, General Electric, Nabisco Holdings, Philip Morris, Industry Analysis Using, Microsoft Corporation, Stern Stewart, Alfred Rappaport, Bennett Stewart, Black Monday, Interest Shield, Journal of Finance, Long-Term Growth Opportunities, Time Warner, Air Touch Communications, American Cyanamid, Full Year, Irving Fisher New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 3
books:
34
books
cite this book:
See all 34 books citing this book
- The Theory of Finance by Eugene F. Fama on 7 pages
- The Quest for Value: A Guide for Senior Managers by G. Bennett Stewart on 4 pages
- Foundations of Economic Value Added, 2nd Edition by James L. Grant in Front Matter
- Equity Portfolio Management by Frank J. Fabozzi CFA on 9 pages
- Value-Based Metrics: Foundations and Practice by Frank J. Fabozzi CFA on 9 pages
- Focus on Value: A Corporate and Investor Guide to Wealth Creation by James L. Grant on 5 pages
- Applied Equity Valuation (Frank J. Fabozzi Series) by T. Daniel Coggin on page 142, page 143, and page 154
- The Theory and Practice of Investment Management (Frank J. Fabozzi Series) by Frank J. Fabozzi CFA on page 200, and page 337
See all 34 books citing this book
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