Joel M. Stern biography - The EVA Challenge

The EVA Challenge - Implementing Value-added Change in an Organization

VBM Thought Leaders: Joel M. Stern and John S. Shiely

About Joel M. Stern: biography / resume / curriculum vitae

Joel M. Stern has been the managing partner of Stern Stewart & Co. since its founding in 1982.

Prior to that he served as president of Chase Financial Policy, the financial advisory arm of Chase Manhattan Bank, which he joined after completing his graduate studies in economics and finance at the University of Chicago.

Mr. Stern has been a pioneer and leading advocate of the concept of managing for shareholder value and is an expert in implementing EVA.

Joel M. Stern and John S. Shiely - The EVA Challenge - Implementing Value-added Change in an Organization The EVA Challenge: Implementing Value-added Change in an Organization

This book provides insight into implementing EVA and into the practical implementation of shareholder value (EVA) orientation at beginners level.

Authors Joel Stern and John Shiely advocated a revolution in the way companies are valued and measured. They make a convincing case for using EVA ("Economic Value Added") as the primary measure of corporate performance. The authors argue that the SEC's yardstick for corporate reporting, the "Generally Accepted Accounting Procedures" (GAAP), was designed to protect lenders by depicting a company's liquidation value. As such, US GAAP provides an overly conservative and only marginally accurate picture of financial health. EVA principles - at least according to the consultants who advise companies on using them - evaluate intangible assets more realistically and correspond more closely to stock market performance.

Recommend to executives who seek an introduction to implementing EVA, and to investors interested in understanding how value is created and maintained.

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