Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value (Hardcover)
Seize the competitive edge through intelligent, differentiated capital allocation
The intelligent deployment of capital is one of the most effective ways to create long-term value. But despite this, there are very few capital allocation experts on the boards of the largest publicly traded companies, and academic research consistently finds that most firms deploy capital sub-optimally.
Capital Allocation aims to educate senior leaders, board members, investors, students, and anyone interested in business on this important topic. Until now very little has been written on capital allocation outside of academia, even though the strategic deployment of excess capital is an increasingly significant source of competitive advantage for many companies.
David Giroux, Chief Investment Officer for Equities and Multi-Asset and Head of Investment Strategy at T. Rowe Price, covers the entire gamut of capital allocation issues, including optimal capital structure, capital allocation alternatives, mergers & acquisitions, and special situations. Capital Allocation walks you through this critical topic from beginning to end, including:
- Stories of companies that allocated capital in ways that created significant shareholder value
- Several real-life decision-making models you can use for strategically allocating your firm's capital
- Guidelines for generating high returns in the long term to build sustainable shareholder wealth
Capital Allocation offers everything you need to know for deploying capital wisely to outperform your competitors over the long term.