A Look Back at the Beginnings of EVA and Value‐Based Management

• Date: 01 September 2019
• Author: Joseph T. Willett,Joel M. Stern
• DOI: http://doi.org/10.1111/jacf.12364
• Published date: 01 September 2019

IN THIS ISSUE:

Corporate

Purpose—

and EVA

Once More?

10 Session I: Corporate Purpose and Governance

Colin Mayer, Oxford University; Ronald Gilson, Columbia and Stanford Law Schools; and Martin

Lipton, Wachtell, Lipton, Rosen & Katz LLP.

26 Session II: Capitalism and Social Insurance

Jeffrey Gordon, Columbia Law School. Moderated by Merritt Fox, Columbia Law School.

32 Session III: Securities Law in Twenty-First Century America:

A Conversation with SEC Commissioner Rob Jackson

Robert Jackson, Commissioner, U.S. Securities and Exchange Commission.

Moderated by John Coffee, Columbia Law School.

44 Session IV: e Law, Corporate Governance, and Economic Justice

Chief Justice Leo Strine, Delaware Supreme Court; Mark Roe, Harvard Law School; Jill Fisch,

University of Pennsylvania Law School; and Bruce Kogut, Columbia Business School.

Moderated by Eric Talley, Columbia Law School.

64 Session V: Macro Perspectives: Bigger Problems than Corporate Governance

Bruce Greenwald and Edmund Phelps, Columbia Business School.

Moderated by Joshua Mitts, Columbia Law School.

74 Is Managerial Myopia a Persistent Governance Problem?

David J. Denis, University of Pittsburgh

81 e Case for Maximizing Long-Run Shareholder Value

Diane Denis, University of Pittsburgh

90 A Tribute to Joel Stern

Bennett Stewart, Institutional Shareholder Services

95 A Look Back at the Beginning of EVA and Value-Based Management:

An Interview with Joel M. Stern

Interviewed by Joseph T. Willett

103 EVA, Not EBITDA: A New Financial Paradigm for Private Equity Firms

Bennett Stewart, Institutional Shareholder Services

116 Beyond EVA

Gregory V. Milano, Fortuna Advisers

126 Are Performance Shares Shareholder Friendly?

Marc Hodak, Farient Advisors

131 Why EVA Bonus Plans Failed—and How to Revive em

Stephen F. O’Byrne, Shareholder Value Advisors

VOLUME 31

NUMBER 3

SUMMER 2019

APPLIED

CORPORATE FINANCE

Journal of

Columbia Law School Symposium on

Corporate Governance “Counter-Narratives”:

On Corporate Purpose and Shareholder Value(s)