By Mark C. Scott
The only greatest preoccupation of senior administration of any indexed corporation is its institutional traders. CEOs and CFOs on common spend round forty% in their time facing this crew, and the implicit aim of so much administration groups is to maximize percentage rate. but the genuine affects at the back of routine in percentage fee are poorly understood, and therefore many businesses don't do a very good activity of dealing with their traders. reaching reasonable worth offers the proper procedure instruments and methods for administration to make sure that their enterprise is valued in a manner that appropriately displays its basic, sustainable worthy for the long run. it's a well timed and useful contribution to a subject matter that are meant to be excessive at the time table of any senior administration crew.
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Additional info for Achieving Fair Value: How Companies Can Better Manage Their Relationships with Investors
They know the forecasts are bullish, that the growth expectations can be unrealistic. They even employ buy-side analysts who ostensibly have no such vested interest other than ﬁnding the truth. So, why do they go along with the bias of the intermediary machine? Some don’t. Some see the pitfalls and quickly become sellers of growth stocks into a rising market and buyers where there is real value. But many large-cap fund managers appear to adopt a far more passive approach, closely hugging the index and the pack.
2 The number of data points can be quite small, say between three and ﬁve. If a company issues more than three data points suggesting a particular direction of development during a discrete period of time, the markets tend to extrapolate these out into the future. So if, for example, a company issues a series of three trading statements showing marked double-digit growth, the markets 2 See Shleifer (2000). W H Y D O T H E M A R K E T S G E T I T W R O N G ? / 25 quickly price in an expectation of double-digit growth into the future.
Investment funds, by contrast, have tended to be much more active traders of their portfolios. Insurance funds have classically favoured more active management whereas pension funds have tended towards an index bias. They have also adopted different approaches towards investment procedures. Insurance funds, for a variety of reasons, early on evolved their own in-house fund management capability. Over the years this strategy has been reinforced, with the result that up to 90% of insurance cash is invested using inhouse managers.
Achieving Fair Value: How Companies Can Better Manage Their Relationships with Investors by Mark C. Scott