Cost of Capital Leadership Present Value Price 
Strategy Driven
SEPTEMBER 9, 2011
Many conventional metrics we use to estimate value are based on faulty assumptions. Net present value [NPV] is a case in point. 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.
Harvard Business Review
OCTOBER 3, 2011
Critics imply that managing for shareholder value is all about maximizing the short-term stock price. Companies that manage for shareholder value, the thinking goes, do whatever it takes to engineer an ever-higher market price. The objective is to build value and then let the price reflect that value.
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