Valuation

TOM COPELAND is a partner in the New York office of McKinsey & Co., Inc., and a co-leader of the firm's corporate finance practice. He is coauthor with J. Fred Weston of Financial Theory and Corporate Policy and Managerial Finance. He received his Ph.D. in applied economics from the University of Pennsylvania. TIM KOLLER is a partner at McKinsey & Co., Inc., and a co-leader of the firm's corporate finance practice. He was formerly a vice president at Stern Stewart & Co., and a senior financial analyst with Mobil Corporation. He received his MBA from the University of Chicago. JACK MURRIN, a former partner and leader of the corporate finance practice at McKinsey's New York Office, is Senior Vice President, Travelers, Inc., in New York. He is a Certified Public Accountant and was previously with Arthur Andersen & Co. He received his MBA from Stanford University.

COMPANY VALUE AND THE MANAGER'S MISSION; Why Value Value?; The Value Manager; Cash Is King; Value-Based Management; CASH FLOW VALUATION: A PRACTITIONER'S GUIDE; Frameworks for Valuation; Analyzing Historical Performance; Forecasting Performance; Estimating the Cost of Capital; Estimating Continuing Value; Calculating and Interpreting Results; APPLYING VALUATION; Multibusiness Valuation; Valuing Foreign Subsidiaries; Valuation Outside of the United States; Mergers, Acquisitions, and Joint Ventures; Using Option Pricing Methods to Value Flexibility; Valuing Banks; Appendices; Index.