Achieving Fair Value: How Companies Can Better Manage Their - download pdf or read online

By Mark C. Scott

ISBN-10: 0470023902

ISBN-13: 9780470023907

ISBN-10: 0470023910

ISBN-13: 9780470023914

The only 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 objective of such a lot administration groups is to maximize percentage fee. but the genuine impacts at the back of pursuits in percentage cost are poorly understood, and therefore many businesses don't do an exceptional activity of coping with their traders. attaining reasonable worth presents the correct procedure instruments and methods for administration to make sure that their company is valued in a fashion that effectively displays its primary, sustainable worthy for the long run. it's a well timed and useful contribution to a subject that are supposed to be excessive at the time table of any senior administration group.

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

Sample text

If all the system did was get the product to market as efficiently, objectively and unbiasedly as possible, then this would be quite simple. In other words, if the intermediary web performed a pure logistics function, adding as much value as possible at each step and incurring as little cost. But that is not how things have necessarily evolved. Much of the power in the system is held by the intermediary market of agents and advisors, not by its principals, and these agents can sometimes have distinctly biased agendas that means they are not performing a pure logistics function.

Whilst some are 5 0 / A C HI E V I N G F A I R VA L U E well known, their strategies well stated, and their proclivities established, others are completely opaque. It may even be difficult to work out who they are if they trade through proxies. Even if a particular fund is a known quantity, the strategy of the individual fund manager may be far less predictable. The average length of employment of a fund manager on a particular portfolio is 3 years, slightly longer than the average fund mandate, and each new manager typically introduces a new strategy to the portfolio they inherit.

A robust mid-tier of independent brokers do exist, but they tend to deal with small caps. Brokers catering to larger companies will typically form part of the equities division of an integrated investment bank. There are around 30 major integrated investment banks operating in the City, for example, and the top ten control around 65% of the FTSE 250 accounts and around 80% of the FTSE 100 accounts. Despite being the original heartland of most UK investment banking operations, the equities divisions of such banks are sometimes not hugely profitable.

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Achieving Fair Value: How Companies Can Better Manage Their Relationships with Investors by Mark C. Scott


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