Download Achieving Fair Value: How Companies Can Better Manage Their by Mark C. Scott PDF

By Mark C. Scott

The one greatest preoccupation of senior administration of any indexed corporation is its institutional traders. CEOs and CFOs on typical spend round forty% in their time facing this crew, and the implicit target of such a lot administration groups is to maximize percentage expense. but the genuine impacts in the back of routine in proportion expense are poorly understood, and hence many businesses don't do an outstanding task of dealing with their traders. attaining reasonable price offers the proper procedure instruments and methods for administration to make sure that their enterprise is valued in a fashion that adequately displays its primary, sustainable worthy for the longer term. it's a well timed and useful contribution to a subject that are meant to be excessive at the time table of any senior administration group.

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Extra info for Achieving Fair Value: How Companies Can Better Manage Their Relationships with Investors

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These rules will condition the core behaviour of fund managers as it will flow through to their own compensation. Second, there is the old complaint about short-termism. Given the short mandate lifetime, it is possible that the individual fund manager will not be concerned with the long-term view. The fact that a company’s strategy may deliver in 5 years may be irrelevant compared with annual performance. This time horizon is ultimately down to the mandate and asset owner, whether pension or insurance fund.

Around 80% of an analysts’ notes are seen by the company before they are released, putting the company in a position to influence them, which they typically do. Analysts’ notes tend to be viewed by management as a way of communicating forecasts indirectly. Indeed, well-rated analysts will often complain about the level of company interference, particularly when analysis reveals a valuation problem. Conversely, few managers will challenge a premium and most tend to be happy with optimistic forecasts.

35 Most companies are complicit in situations of overvaluation. Around 80% of an analysts’ notes are seen by the company before they are released, putting the company in a position to influence them, which they typically do. Analysts’ notes tend to be viewed by management as a way of communicating forecasts indirectly. Indeed, well-rated analysts will often complain about the level of company interference, particularly when analysis reveals a valuation problem. Conversely, few managers will challenge a premium and most tend to be happy with optimistic forecasts.

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