Achieving Fair Value: How Companies Can Better Manage Their by Mark C. Scott

By Mark C. Scott

The one greatest preoccupation of senior administration of any indexed corporation is its institutional traders. CEOs and CFOs on usual spend round forty% in their time facing this team, and the implicit objective of such a lot administration groups is to maximize proportion expense. but the genuine impacts at the back of events in proportion rate are poorly understood, and therefore many businesses don't do a great task of dealing with their traders. reaching reasonable price offers the precise approach instruments and strategies for administration to make sure that their enterprise is valued in a fashion that adequately displays its primary, sustainable worthy for the long run. it's a well timed and functional contribution to an issue that are meant to be excessive at the time table of any senior administration staff.

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On average, a couple of annual meetings with each management team in their portfolio is all they can spare. These by-products of the mandate process, combined with increasingly conservative mandate principles, begins to explain the rise of indexation, the ultimate expression of conservative professional investing. Up to 50% of the average large quoted company’s share register will probably be in the hands of explicit tracker or closet index funds. The challenge for the company of index and closet index funds is their managers may not really care about the company per se.

Our research would suggest that many large-cap fund managers tend to act indirectly to reinforce general market momentum rather than buck it. That may sound like a pretty strange statement. After all, institutional fund managers are very smart characters. They are entirely au fait with the sell-side analyst game. 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.

The cost of falling outside the peer group also appears to outweigh the perceived benefit of trying to beat it. The fund manager may get a bonus for outperformance but the cost of underperformance is terminal.

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