Current issues in European migration

The authors examine recent migration patterns into and within the European Union. Issues involving asylum and migration policy are discussed, and problems caused by differing naturalization practices in different countries are considered. Skill patterns of migrants and problems in labor markets are also investigated.     

What's it worth? A general manager's guide to valuation

Behind every major resource-allocation decision a company makes lies some calculation of what that move is worth. So it is not surprising that valuation is the financial analytical skill general managers want to learn more than any other. Managers whose formal training is more than a few years old, however, are likely to have learned approaches that are becoming obsolete. What do generalists need in an updated valuation tool kit? In the 1970s, discounted-cash-flow analysis (DCF) emerged as best practice for valuing corporate assets. And one version of DCF-using the weighted-average cost of capital (WACC)-became the standard. Over the years, WACC has been used by most companies as a one-size-fits-all valuation tool. Today the WACC standard is insufficient. Improvements in computers and new theoretical insights have given rise to tools that outperform WACC in the three basic types of valuation problems managers face. Timothy Luehrman presents an overview of the three tools, explaining how they work and when to use them. For valuing operations, the DCF methodology of adjusted present value allows managers to break a problem into pieces that make managerial sense. For valuing opportunities, option pricing captures the contingent nature of investments in areas such as R&D and marketing. And for valuing ownership claims, the tool of equity cash flows helps managers value their company's stake in a joint venture, a strategic alliance, or an investment that uses project financing.     

The Genesis Enterprise: creating peak-to-peak performance

Peak performance is often the beginning of failure. The process of continuously creating peak-to-peak performance defines the Genesis Enterprise. There will always be more problems than there are solutions. We need to install a process that anticipates and solves problems before they are problems and to continuously transform our organization into a championship organization that is nevertheless the underdog.