00:00    |    
Initial credits
00:06    |    
Introduction
01:13    |    
Cash dividend payments
03:33    |    
Capital gain preference
06:54    |    
What happens when a company is private or shareholders want liquidity?
08:17    |    
Taxation results on dividend payment
09:39    |    
Economic Value Added (EVA)
Risk pricing
Debt-free firm
11:52    |    
EVA background
Deficiencies in accounting framework
Cost of capital
Telephone retail business
20:05    |    
Return on investment categories
21:19    |    
What happens if you have impairments?
Pooling of interests
26:10    |    
Acquisitions viewed through EVA
28:00    |    
Risk management
29:07    |    
Set decisions
31:16    |    
Quotes  Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, Michael Jensen and William Meckling
Underperformance costs
35:42    |    
Importance of agency theory
37:28    |    
Quotes Fault Lines: How Hidden Fractures Still Threaten the World Economy, Raghuram G. Rajan
Middle management presence
40:10    |    
Valuation models
Capital charge for debt
43:08    |    
Value change agents
45:40    |    
Key to success
47:15    |    
Value creating machine
50:05    |    
Do you remove other incentive plans when you implement EVA in companies?
Alpha site
52:30    |    
Free cash flow
55:11    |    
Rates of return opportunities
57:19    |    
Value paradigm
59:10    |    
Are decisions always taken on the margin?
01:00:19    |    
Accounting framework errors
01:01:52    |    
Value optimization condition
01:02:37    |    
Management expectations
Role of the Chief Executive Officer 
Cost of capital in management
01:13:01    |    
EVA impact on shares
01:14:13    |    
Free cash flow model
Positive free cash flow
Negative free cash flow
01:21:06    |    
Accounting anomalies
01:21:37    |    
Inflation in the United States
01:25:10    |    
Quotes Shyam Sunder
01:28:23    |    
Ronald Reagan tax policy
01:31:29    |    
Management value added 
01:35:05    |    
Is company value already in the price?
01:36:47    |    
EVA book value incentive
01:40:11    |    
EVA incentives
Properties
Simple
Significant payments
Definitive
Objectivity
Conditions
Improvements in EVA
No caps
Bonus bank
Collaboration
01:50:11    |    
How does this apply to functional units?
01:51:14    |    
Do you think that the incentive percentages should be different?
01:52:45    |    
Missionary anecdote in New Zealand
01:55:56    |    
Final words
01:59:24    |    
Final credits



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Economic Value Added (EVA): Principles and Framework

18 de octubre de 2011   | Vistas: 38 |   Accounting Model Capitalism Economic Value Added (eva) Free Cash Flow (fcf)

Joel M. Stern explains the elements of the management technique that has revolutionized the most important companies in the market, Economic Value Added (EVA). He explains the logic of incentives on different levels, and sets examples of how these allurements may result counterproductive. By implementing the EVA framework, he describes how he has managed to increase the value of the enterprises successfully advised on. One of the main topics in his lecture is the excess in confidence people have in accounting frameworks, and how, most of the time, this resource does not take into account costs that might affect the company in its quest for increasing value. Finally, Stern explains how the EVA program benefits every individual, enables collaboration and productiveness in a company, and he encourages his audience to search the creation of value.




Joel M. Stern is the creator and developer of Economic Value Added (EVA), Chairman and CEO of Stern Stewart &…

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Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.

Universidad Francisco Marroquín