The Value Reporting Revolution: Moving Beyond the Earnings Game - Rilegato

"..easy to read..plenty to keep the reader interested..a stimulating read, guaranteed to make you question the real value of traditional quarterly earnings announcements.." (M2 Communications)
 
one of the best business books of 2001 (getAbstract , 15 January 2002)

Die Jahrhundertwende steht im Zeichen von Business-Revolutionen. Erst kürzlich rief Gary Hamel den Umsturz im Unternehmen aus, jetzt haben sich neue Aufständische formiert: Ein ehemaliger Harvard-Professor und drei Partner der Unternehmensberatung PricewaterhouseCoopers blasen zum Sturm auf die gegenwärtige Praxis der Rechenschaftslegung.
Die Autoren führten eine vierjährige Studie durch, um herauszufinden, welche Unternehmensdaten für Investoren wirklich aussagekräftig sind. Das Ergebnis: Auf der Top-Ten-Liste finden sich lediglich drei finanzielle Kenngrößen. Viel interessanter als Gewinn und Cash-Flow sind Informationen, die sich nur schwer in Zahlen ausdrücken lassen - etwa Strategie und Qualifikation des Managements. Sloche Informationen werden meist gar nicht ermittelt, geschweige denn veröffentlicht. (...)
Eccles und seine Co-Autoren glauben deshalb, dass die Zeit für eine Revolution in der Informationspolitik reif ist. (...)
Die vier Berater wollen mit ihrem "Value Reporting Disclosure"-Modell Abhilfe schaffen. Bestandteile sind Angaben über die Marktposition, Unternehmensstrategien, die Bewertung der eigenen Leistungsziele und detaillierte Informationen über das Wertschöpfungspotential. Das Ziel: Über die Leistungstreiber des Unternehmens nformieren. (...)
Knackig geschrieben liefert das Buch eine anschauliche Analyse der Informationsdefizite zwischen Unternehmen, Investoren und Analysten. Manchmal allerdings wünscht sich der Leser, die Autoren kämen schneller zum Punkt. Den Kern ihres Modells erreichen sie erst nach 180 Seiten - zu spät für ungeduldige Leser. Alle anderen können allerdings von der Revolution profitieren.
Financial Times Deutschland vom 27.03.2001, S. 32 (Christian Mascheck)

Even with the recent drop-off in stock prices, there's still great variation in how financial markets are valuing companies. To add more predictability to valuations, says this team of authors from PricewaterhouseCoopers, companies should take the initiative and publicize the nonfinancial measures that can drive future success. Otherwise, they say, analysts and individual investors will rely on their own estimates, which inevitably either undervalue a company or set it up for a fall. The main trouble, they find, lies not in disagreements over the key drivers but in executives' age-old reluctance to divulge information. The book covers these important debates, as well as the shifting world of accounting principles and oversight, in a comprehensive fashion and with clear prose. Yet while parts of this lengthy, lopsided book are full of detail, the case studies of companies actually experimenting with new metrics are surprisingly thin.
--The Harvard Business Review

ROBERT G. ECCELES
Dr. Eccles is a founder and President of Advisory Capital Partners, Inc. and a Senior Fellow of PricewaterhouseCoopers. He was a tenured professor at the Harvard Business School, where he served on the faculty for 14 years. While there, one of his major research interests was performance measurement and reporting. Dr. Eccles received his undergraduate degrees from the Massachusetts Institute of Technology and his Ph.D. from Harvard University.
ROBERT H. HERZ
A partner with PricewaterhouseCoopers, Robert Herz is the firm's North America Leader of Professional, Technical, Risk, and Quality. His professional service includes positions on the FASB's Emerging Issues and Financial Instruments Task Forces, the Financial Accounting Standards Committee of the American Accounting Association, and chair of the SEC Regulations Committee of the AICPA. He is a U.S. Certified Public Accountant and a U.K. Chartered Accountant.
E. MARY KEEGAN
Mary Keegan coauthored this book as Head of the Global Corporate Reporting Group of PricewaterhouseCoopers, where she specialized in international corporate governance and reporting. She has also served as Vice President of the F?d?ration des Experts Comptables Europ?ens and as a member of the IASC's Standing Interpretations Committee. She is now the Chairman of the U.K. Accounting Standards Board.
DAVID M. H. PHILLIPS
David Phillips is a partner with PricewaterhouseCoopers in the Assurance/Business Advisory Services practice in the United Kingdom and serves as the European Leader of ValueReporting. He is a graduate of Nottingham University, where he read Industrial Economics, and is a U.K. CharteredAccountant.