Capital Allocation 1st Edition by David R. Giroux – Ebook PDF Instant Download/DeliveryISBN: 1264270070, 9781264270071
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ISBN-10 : 1264270070
ISBN-13 : 9781264270071
Author : David R. Giroux
Seize the competitive edge through intelligent, differentiated capital allocation The intelligent deployment of capital is one of the most effective ways to create long-term value. But despite this, there are very few capital allocation experts on the boards of the largest publicly traded companies, and academic research consistently finds that most firms deploy capital sub-optimally. Capital Allocation aims to educate senior leaders, board members, investors, students, and anyone interested in business on this important topic. Until now very little has been written on capital allocation outside of academia, even though the strategic deployment of excess capital is an increasingly significant source of competitive advantage for many companies. David Giroux, Chief Investment Officer for Equities and Multi-Asset and Head of Investment Strategy at T. Rowe Price, covers the entire gamut of capital allocation issues, including optimal capital structure, capital allocation alternatives, mergers & acquisitions, and special situations. Capital Allocation walks you through this critical topic from beginning to end, including: Stories of companies that allocated capital in ways that created significant shareholder value Several real-life decision-making models you can use for strategically allocating your firm’s capital Guidelines for generating high returns in the long term to build sustainable shareholder wealth Giroux uses academic research, personal experience, and uncomplicated mathematics to reveal approaches and actions that create long-term value. He provides case studies from Kodak, Comcast, Thermo Fisher Scientific, Danaher, General Electric, Microsoft, and others showing how capital allocation has―and hasn’t―worked in real-life situations. And he shows how to use capital allocation to head off possible activist investors. Capital Allocation offers everything you need to know for deploying capital wisely to outperform your competitors over the long term.
Capital Allocation 1st Table of contents:
Chapter 1. The Power of Capital Allocation
Chapter 2. Capital Allocation in a Slow-Growth World
Chapter 3. Optimizing the Capital Structure: Advantages of an Alternatives-Based Capital Allocation Framework
Chapter 4. Five Stress Test Rules for Downturns
Chapter 5. Capital Spending
Chapter 6. Dividends and the Case for Returning Excess Capital to Shareholders
Chapter 7. The “Regular-Special” Dividend: A New Way to Allocate Excess Capital
Chapter 8. The (Alleged) Seven Deadly Sins of Share Repurchase
Chapter 9. How Should Management Teams and Boards Think About Share Repurchase?
Chapter 10. AutoZone: The Power of Intelligent Share Repurchase
Chapter 11. Acquisitions
Chapter 12. Complex Transactions
Chapter 13. Superior Businesses with Lower Valuations
Chapter 14. Private Deals
Chapter 15. Distressed Sellers
Chapter 16. Non-Core Divestitures
Chapter 17. Short-Term Challenges, Long-Term Benefits
Chapter 18. The Rise and Fall of the General Electric Empire
Chapter 19. Inferior Businesses with Higher Valuations
Chapter 20. Low-Return, Strategic Acquisitions: A Cautionary Tale
Chapter 21. Supply/Demand Imbalance
Chapter 22. Short-Term Plug Deal
Chapter 23. Spin-Offs
Chapter 24. Restructuring
Chapter 25. Secular Challenges
Chapter 26. Best Board Practices: The 14-Point Strategic Plan
Chapter 27. Capital Allocation: Establishing a Long-Term Focus and Good Corporate Citizenship
Chapter 28. Conclusions
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