Cost of Capital Innovation Leadership Price 
Strategy Driven
SEPTEMBER 9, 2011
Many people do not typically think of metrics and accounting as roadblocks to innovation, yet you call these out as potential problem areas. The logic of NPV is to project cash flows into the future and then discount those flows back into today’s dollars at a given cost of capital. Net present value [NPV] is a case in point.
Harvard Business Review
JUNE 27, 2012
My colleagues and I at Bain & Company have been tracking this for forty years, and we have never seen companies losing their leadership positions as quickly as they are today. Of the 70,000 companies with market data available, more than 42,000 earned shareholder returns (dividends + stock price appreciation) below inflation.
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