The stern Stewart PERFORMANCE 1000

The big news in Stern Stewart's annual performance rankings is the unseating of Coca-Cola, the top-ranking company for the past three years, by General Electric—and Microsoft's dramatic rise into third place. Besides presenting the full rankings (the top 100 of which were published by Fortune this fall), this article complements the preceding roundtable by describing the inroads of EVA into Europe and Latin America.     

Wall Street''s contribution to management accounting: the Stern Stewart EVAfinancial management system

EVA^®is a variant of residual income marketed byStern Stewart & Co., a New York consulting firm, with the purpose of promoting value–maximizing behaviour in corporate managers. This paper reviews the EVA system in the light of this purpose. First, it outlines the rationale for the use of residual income in ‘value-based management’, highlighting the potential shortcomings of residual income as a single-period performance indicator. Second, it considers the adjustments to GAAP-based accounting advocated by Stern Stewart in order to produce a more economically meaningful version of residual income (EVA) which might serve as an effective indicator of single-period performance. Third, it examines the Stern Stewart approach to the setting of EVA benchmarks. Finally, it reviews the logic behind the use of the ‘bonus bank’ to separate the award of EVA–based bonuses from the payment of such bonuses.     

A Tribute to Joel Stern

The co‐founder of corporate finance consulting firm Stern Stewart and Co. pays tribute to Joel Stern, the well‐known popularizer of “modern corporate finance” and consultant to hundreds of companies worldwide who died on May 21, 2019. During a 45‐year career that spanned his graduation from the University of Chicago's School of Business in 1964, a 14‐year stint at the Chase Manhattan Bank, and the formation of Stern Stewart (and its successor, Stern Value Management), Stern traveled the world over, always eager to address and make converts among legions of corporate executives, board members, and MBA students. One key to his success was a passionate reverence for the academic scholars who developed modern finance. Joel's translation of the Miller‐Modigliani valuation model into a practical framework for evaluating corporate performance gained a following among a generation or two of corporate leaders, leading ultimately to the development of EVA, or Economic Value Added, a practical framework for value‐based financial management.     

世界1000家大急于

“明年，也许仅有四家日本金融机构会跻身于世界25大银行，但是，这些庞然大物几乎毫无例外地将位居全球10大银行之列。”     

The United Shareholders Association Shareholder 1000 and firm performance

From 1989 through 1993, the United Shareholders Association (USA) published its Shareholder 1000 report, which ranked 1000 firms on several dimensions of corporate performance, including shareholder rights and management compensation. We examine two measures reported by the USA of the alignment between managers' and shareholders' interests: a shareholder rights score and a management compensation rating. The associations between these measures and measures of operating performance and investment levels are analyzed. We find evidence that the USA shareholder rights and management compensation scores are significantly and positively associated with measures of operating performance and investment spending. Further tests indicate that USA management compensation scores proxy for aspects of corporate behavior that have significant valuation implications not reflected in financial statements.     

The Contributions of Stewart Myers to the Theory and Practice of Corporate Finance*

In a 40‐plus year career notable for path‐breaking work on capital structure and innovations in capital budgeting and valuation, MIT finance professor Stewart Myers has had a remarkable influence on both the theory and practice of corporate finance. In this article, two of his former students, a colleague, and a co‐author offer a brief survey of Professor Myers's accomplishments, along with an assessment of their relevance for the current financial environment. These contributions are seen as falling into three main categories:

• ? Work on “debt overhang” and the financial “pecking order” that not only provided plausible explanations for much corporate financing behavior, but can also be used to shed light on recent developments, including the reluctance of highly leveraged U.S. financial institutions to raise equity and the recent “mandatory” infusions of capital by the U.S. Treasury.
• ? Contributions to capital budgeting that complement and reinforce his research on capital structure. By providing a simple and intuitive way to capture the tax benefits of debt when capital structure changes over time, his adjusted present value (or APV) approach has not only become the standard in LBO and venture capital firms, but accomplishes in practice what theorists like M&M had urged finance practitioners to do some 30 years earlier: separate the real operating profitability of a company or project from the “second‐order” effects of financing. And his real options valuation method, by recognizing the “option‐like” character of many corporate assets, has provided not only a new way of valuing “growth” assets, but a method and, indeed, a language for bringing together the disciplines of corporate strategy and finance.
• ? Starting with work on estimating fair rates of return for public utilities, he has gone on to develop a cost‐of‐capital and capital allocation framework for insurance companies, as well as a persuasive explanation for why the rate‐setting process for railroads in the U.S. and U.K. has created problems for those industries.

     

全球银行1000强--英国<银行家>杂志排名介绍

全球经济衰退的阴影仍然笼罩着银行业市场,但是在一些地方人们却看见了曙光.与全球前1000家大银行的总利润暴跌了29.7%的2001年不同,2002年银行的总体利润已显示出复苏的好迹象,尤其是美国银行业的不俗表现向人们证明了即使在经济如此不景气的年头,他们也一样能取得不错的利润.     

Integrated 1000-year planning

This paper develops the concept of integrated 1000-year planning. The products of 1000-year planning, referred to as 1000-year plans, are intended to deal with issues on a global scale and address the survival of humanity and the protection of the earth’s environment. One thousand years is an appropriate global planning horizon because it is long enough to unmask big picture problems that appear to be invisible to today’s societies. Furthermore, this time horizon encourages the perspective that over the long-term, many problems that seem unsolvable today, and therefore receive little attention and few resources, can indeed be overcome. Topics of 1000-year plans are numerous and include: energy, land use, carbon management, oceans, biodiversity, nuclear and hazardous waste, water, human settlements, near-earth objects, and space exploration. The argument is made that responsibilities for action by current generations to benefit future generations be based on risk assessments and risk thresholds. In the near-term, 1000-year planning must be driven by an international grassroots coalition of scientists, policy analysts, environmentalists, planners, and concerned citizens.     

世界1000家银行重排座次

英国《TheBanker》杂志推出了今年世界定级1000家银行排名。我们在其中发现了一些值得向业界同仁传递的信息,现择要刊出。     

2008年全球1000家大银行排名综述

2002年-2007年是全球经济发展史上最为繁荣的一个阶段,从2002到2006年底的4年间,国际银行业的利润实现了前所未有的扩张,盈利能力逐年增强。然而,2007年美国次贷危机的爆发,以及随之而来的信贷紧缩,将包括花旗集团（Citigroup）和瑞士联合银行（UBS）在内的许多银行拖入泥潭。对全球银行业而言,2007年是否标志着“幸福时光”的终结,一个漫长的“严寒期”即将到来呢？     

2007年全球1000家大银行排名综述

2007年度《银行家》杂志上榜的全球1000家大银行，一级资本平均回报率继续大步前行，将去年的22．7％推升至23．4％的历史新高。上榜银行的税前利润总体涨幅惊人，结束去年18．6％的放缓态势，今年上涨21．7％，达到7863亿美元。一级资本和资产增长显著，分别增长18．3％和16．3％，合计总值分别达到33651亿和742322亿美元。     

THE 1996 STERN STEWART PERFORMANCE 1000

The most striking aspect of the most recent Stern Stewart MVA rankings is the consistency of the top performers. But, if the identity of the top 10 companies shifted only slightly in 1995 (Exxon was the only newcomer to this group), there are a number of new EVA case studies in this year's set of company profiles: Monsanto; R. R. Donnelley, the Chicago-based printing company; Herman Miller, the well-known furniture manufacturer; SPX, a large manufacturer of specialty auto tools and parts; Allwater Environmental Services; and Vitro, S.A., the giant Mexican glass manufacturer. Also among the latest converts to EVA are the research staffs of a number of Wall Street investment banking houses such as First Boston and Goldman Sachs.     

THE 1997 STERN STEWART PERFORMANCE 1000

The top performers in Stern Stewart's annual ranking have beenc remarkably consistent, with Coca Cola and General Electric still number one and two at the end of 1996. Nevertheless, Microsoft and Intel had moved up to numbers three and four–and Intel had produced the largest EVA numbers for both 1995 and 1996. But, if the identity of the top 10 companies shifted only slightly, there are a number of new EVA case studies in this year's set of company profiles, in-cluding Harnischfeger Industries, Manitowoc Company, International Multifoods, and the German industrial giant Siemens.