Books and Publications

We published and spread the knowledge about our powerful tools for our clients. The list below contains a selection of our books and articles.

THE EVA CHALLENGE by Stern, Shiely, and Ross

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This book outlines how to implement EVA® at all stages – including strategy development, organizational design, training, and incentive compensation.

The EVA Challenge has been widely praised among the business community:

  • “The EVA Challenge provides helpful insights for both the beginner and the advanced EVA® practitioner. Its real-life examples illustrate how the practical application of shareholder value orientation can align the goals of all organizational levels, motivate management by linking compensation to EVA® performance, and bring additional value to shareholders.” – Dr. Karl-Hermann Baumann, Chairman of the Supervisory Board, Siemens A.G.
  • “Joel Stern knows more about creating shareholder value than anyone in America. In The EVA Challenge, you’ll learn how the master dumps rusty old accounting rules and hands managers a remarkable new yardstick for measuring success. Want to know the concept that made Roberto Goizueta great? Follow the Adam of EVA.” – Shawn Tully, Senior Writer, Fortune
  • “A very valuable book for practicing managers who must solve problems. The authors provide a wealth of information and examples not only on implementing EVA®, but on performance measurement and compensation in general. Their analysis is first-rate. They draw from their extensive experience and from real companies, problems, and solutions. I especially like the chapter on EVA® failures.” – Michael C. Jensen, Managing Director, Organizational Strategy Practice, The Monitor Group
EVA: the real key to creating wealth


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EVA: The Real Key to Creating Wealth provides a complete, accessible overview that examines how EVA® works, how it is measured, what it can do to structure incentives for employees, and why it is as potent as it is.

  • “For corporate directors who still believe they are doing the best for shareholders by focusing on earnings per share (or any of a hundred other popular but easily manipulated accounting targets), this book is must reading.” – Merton H. Miller, Robert R. McCormick Distinguished Service Professor, Graduate School of Business, The University of Chicago, 1990 Nobel winner
  • “EVA: The Real Key to Creating Wealth is right on the mark, blending sound economic theory and real-world application. This book shows in a clear and compelling way how EVA® can be a competitive advantage in the race to create shareholder value.” – William T. Esrey, Chairman & CEO of Sprint Corporation
  • “EVA: The Real Key to Creating Wealth does a masterful job of blending the theoretical and practical. It demonstrates conclusively and once and for all – how EVA® actually changes the behavior of employees.” – Alfred J. Jackson, Director of Global Equity Research at Credit Suisse First Boston
  • “This blindingly simple insight that business is primarily about economics, not about accounting, is one of the important achievements in modern business thought. It’s an insight with many applications, and it offers everyone who works in business a set of tools to make better decisions and thereby create more value for shareholders.” – Bob Shapiro, Chairman & CEO of Monsanto Company
  • “EVA® is the “invisible hand” which can lead managers and workers to create wealth for themselves, and in doing so enrich owners.” – Bob L. Boldt, Senior Investment Officer at the California Public Employees’ Retirement System (CalPERS)
  • “Al Ehrbar has clearly articulated what drives stock prices over the long run. His message is useful to both investors and business managers, and the case histories in his book demonstrate what can be accomplished by paying attention to the basic principles of EVA®.” – Eugene B. Vessell, Managing Director of Oppenheimer Capital
THE QUEST FOR VALUE by G. Bennett Stewart, III

THE QUEST FOR VALUE by G. Bennett Stewart, III

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This best-selling classic of financial literature raises and answers provocative questions about the use of dividends, the relevance of earnings per share, and the factors of share price. The Quest for Value also lays the foundation for EVA®, the financial and management metric that revolutionizes corporate governance.

The Quest for Value is written for senior management, key operating people, and planning and financial staff. This bible of financial management will assist managers in goal setting, resource allocation, strategy development, valuation of acquisitions, financial policy setting, incentive compensation planning, and building shareholder value.

The Quest for Value cuts sharply through the myths that to this day misinform corporate strategists in their pursuit of shareholder value. Laying waste to inaccurate yet widely used methods of performance, Stewart demonstrates how the EVA® approach not only creates greater shareholder value but also provides a powerful framework for the broadest range of corporate decision making.

  • “The Quest for Value is a stimulating and insightful presentation of financial issues facing every CEO in the 1990s.” – J. Ira Harris, General Partner, Lazard Frères & Co.
  • “Bennett Stewart’s book is a notable example of what we at Chicago have always believed: Nothing is more practical than good theory. His neatly chosen, real-world illustrations bring the basic concepts of finance vividly to life. The book can be read with profit (and enjoyment) by anyone with an interest in corporate finance, from beginning student to senior executive.” – Merton H. Miller, Robert R. McCormick Distinguished Service Professor, Graduate School of Business, The University of Chicago, 1990 Nobel Prize winner
  • “The Quest for Value is a superb reference for students and researchers in finance, operating managers, corporate planners, consultants, and deal doers. It is so chock-full of practical advice that each chapter is virtually a book unto itself. The anecdotal style is as entertaining as it is informative.” – Mark C. Ubelhart, Practice Leader, Corporate Finance/Compensation, Hewitt Associates
  • “The Quest for Value is an excellent work for the corporate strategist. It presents new, leading-edge planning paradigms in a practical, user-friendly way. Stewart’s plan to restructure from within is of utmost importance to top management. It is my belief that companies may well come to be structured in the manner he prescribes, by necessity if not by choice.” – George J. Kirk, Director, Corporate Strategy, Corporate Development, Westinghouse Electric Corporation
  • “After more than forty experiences over ten years, we firmly believe that corporations that are owned by their management and their board and are prudently leveraged will produce superior investment returns. In this excellent work, Bennett Stewart skillfully explains why.” – Carl Ferenbach, General Partner, Berkshire Partners
  • “The Quest for Value is the definitive handbook on how to enhance shareholder value. It provides senior managers with practical goals and guidelines to create value for their shareholders and for themselves.” – James J. Schiro, Vice Chairman, Price Waterhouse
  • “Bennett Stewart challenges corporate management to focus on its principal mission of increasing shareholder wealth and shows how to do it. We are in the process of implementing a number of his recommendations for executive incentives.” – William W. McCarten, Senior Vice President, Finance, Corporate Controller, Marriott Corporation

THE VALUE MINDSET by Erik Stern and Mark Hutchinson

THE VALUE MINDSET by Erik Stern and Mark Hutchinson

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This book details how value is created by blending individual manager incentives with the proper corporate structure and the willingness to pursue value discipline over the long term. The Value Mindset helps readers develop the right system by detailing the metrics that are necessary for any manager to measure and monitor value creation within the firm.

  • “What to focus on and what not to focus on is at the heart of successful strategies. Stern and Hutchinson attack much of the current orthodoxy and propose a simple, yet hard-to-sustain, discipline that could reshape companies, industries, and nations. Their thesis and its scope are bold and will undoubtedly generate productive debates within and across many constituencies.” – Harry L. Davis, Roger L. and Rachel M. Goetz Distinguished Service Professor of Creative Management, University of Chicago
  • “A thought-provoking book, that is as much about the politics of management as it is about the finance. The ideas build upon the principles of economic value added, using simple market solutions to better motivate management and employees of companies.” – Julian Franks, Professor of Finance, London Business School