Table of Contents

Part I: How the Stock Market Values Companies:1. Relationship Investing and Shareholder Communications: Moderated by Joel Stern and Bennett Stewart. Panelists: Basil Anderson, Scott Paper Co. ; Carolyn Brancato, Riverside Economic Research; Geoffrey Colvin, Fortune; Judith Dobrzynski, Business Week; Alex Lebmann; Neil Minnow, LENS Fund; Krishna Palepu, Harvard Business School; Edward Regan, Jerome Levy Institute; Joseph Shenton, OLC Corp, Derek Smith, Equifax, Inc; Eugene Vesell, Oppenheimer Capital; and Jerold Zimmerman, University of Rochester.2. A Look At the Lead Steer Investors: Moderated by Joel Stern and Bennett Stewart, Stern Stewart & Co. Panelists: Yakov Amibud, New York University; Charles Brunie, Oppenheimer Capital; Carl Ferenbach, Berkshire Partners; Richard Fredericks, Montgomery Securities; Joseph Grunfest, U. S. Securities and Exchange Commission; John Lafferty, Stern Roe & Farnbam; Baruch Lev, University of California at Berkeley; Binkley Shorts, Wellington management; and Richard Zeckhauser, Harvard University.3. Volatility in U. S. and Japanese Stock Markets: A Symposium: Presentations by: James Tobin, Yale University; Wendy Gramm, Commodities Futures Trading Commission; Mitsuo Sato, Tokyo Stock Exchange, Stephen Timbers, Kemper Financial Services; Merton Miller; University of Chicago; Robert Shiller, Yale University; and Richard Roll, University of California at Los Angeles.Part II: Corporate Strategy:4. Global Competition in the 90s: Moderated by Bennett Stewart. Panelists: C. K. Prabalad, University of Michigan; Charles Clough, Wyle laboratories; Dennis Eck, The Vons Companies; Frank Perna, Magnetek, Inc. ; Robert Perry, Dames & Moore, Inc. ; Edward Thompson, Amdahl Corporation; Len Williams, MacFrugal's, Inc.5. Corporate Strategy in the '90s: Moderated by Bennett Stewart Panelists: Alfred Chandler, Harvard Business School; Delmont Davis, Ball Corporations; Dennis Gormley, Federal-Mogul Corporation; David Gruber, Wyman-Gordon Company; Richard Huber; Continental Bank; Norm Poole, L. L. Bean; and Richard Radt, Mosinee Paper Corporation.Part III: Leverage and Corporate Restructuring:6. The Link Between Capital Structure and Shareholder Value: Moderated by Bennett Stewart. Panelists: Jay Allen, Tosco Corporation; Cheryl Francis, R. R. Donnelley & Sons Co. ; Michael Jensen, Harvard Business School; Michael O'Neill, Bank of America; and Dennis Soter, Stern Stewart & Co.7. Selections From the Senate and House Hearings on LBOs and Corporate Debt: Presentations by: Alan Greenspan, Federal Reserve Board of Governors; Michael C. Jensen, Harvard Business School; Lawrence H. Summers, Harvard University; and Alan J. Auerbach, University of Pennsylvania.8. The Economic Consequences of High Leverage and Stock market Pressures On Corporate Management: Moderated by Harry dangle, University of Michigan. Panelists: Allan Gilmour, Ford Motor Company; Michael Jensen, Harvard Business School; Robert Mercer, Goodyear Tire and Rubber Company; Nell Minnow, Institutional Shareholder Services, Inc. John Morley, Reliance Electric Corporation; Robert Stefert, Fruehauf Corporation; Bennett Stewart, Stern Stewart & Co; Lawrence Summers, Harvard University, and Ira Harris, Lazard Freres.9. Bankruptcies, Workouts, and Turnarounds: Moderated by Leonard Rosen. Panelists: Peter Fitts, Citibank; Russell Luigs; Global Marine Steve Miller; Chrysler Corporation; Michael Price, Mutual Shares Corporation; Leonard Rosen, Wachtell; Lipton, Roserr & Katz; Wilbur Ross, Rothschild, Inc. ; David Schulte, Chilmark Partners; Gerald Turner; Bank of America; and Sam Zell, Equity and Financial Management Company.Part IV: EVA Corporate Governance, and management Incentives:10. Stern Stewart EVA Roundtable: Moderated by Joel Stern and Bennett Stewart, Stern Stewart & Co. Panelists: Joseph Willett; Merrill Lynch & Co. ; Jerold Zimmerman, University of Rochester, Carm Adimando, Ptiney Bowers; Robert Butler, International Paper; Susan Malley, Citicorp Investment Services; Abraham Ravid, Rutgers University; and Richard Shepro, Mayer, Brown & Platt.11. EVA and Shareholder Value in Japan: E. Harn Kim, University of Michigan, Toru Mochizuk, Coca-Cola Japan; Mark Newburg, NCR Japan; Virgil Stephens, Eastman Chemical Company, Joel Stern, Stern Stewart & Co; and Takaaki Wakasugi, Tokyo University.12. Current Issues in Commercial Banking: Strategic Planning, Performance Measurement, and Incentive Compensation: Moderated by Bennett Stewart, Stern Stewart & Co. Panelists: Frank Gentry, NationsBank; James Hatch, First Union Corporation; Christopher James, University of Florida, Charles Newman, Barnett Banks; Michael O'Neill, Bank of America; John Spiegel, SunTrust; and John Westman, BancOne.13. Management Incentive Compensation and Shareholder Value: Moderated by Joel Stern and Bennett Stewart, Stern Stewart & Co. Panelists: William Smithburg and Douglas Ralston, Quaker Oats Co; Stephen Butler and Richard Woodham, W. C. Bradley Co. ; Jash Cashman and Aleksandar Erdelfan, R. P. Scherer Corporation; Dennis love and Michael Hembree, Printpak, Inc. ; Jay Proops, Vigoro Corporation; Michael Murray and Joseph Thompson. Continental Bank; Michael Mauboussin, first Boston; Myron Scholes, Stanford University; Yakov Amibud, New York University; and Bernard Black, Columbia University.14. CEO Roundtable on Corporate Structure and Management Incentives: Moderated by Joel Stern and Bennett Stewart, Stern Stewart & Co. Panelists: Eugene Applebaum, Arbor Drugs, Inc. ; John Burns, Vista Chemical Company; Robert Evans, Crane Company; John Gould, University of Chicago; Tod Hamachek, Fenwest, Ltd. ; Robert Kidder, Duracell Inc. ; Michael Jensen, Harvard Business School; John Johnstone, Olin Corp. ; Micchael Murray, Continental Bank; Richard Sim, Applied Power Inc. ; and Claudia Zaner, CMZ International.15. The Role of Corporate Boards in the 1990s: Moderated by Bennett Stewart, Stern Stewart & Co. Panelists: Michael Jensen, Harvard Business School; James Birle, the Blackstone Group; Wade Cable, the Presely Companies; Roger Lee, Caesars World; John Roach, Fibreboard Corporation; William Roper, Science Applications International Corporation; Fred Simmons, Freeman Spogli; and John Teets, the Dial Crop.Part V: Risk Management and International Finance:16. Derivatives and Corporate Risk Management: Moderated by Robert McKnew, Bank of America. Panelists: Thomas Jones, Union Carbide Corporation; Lynn Lane, R. J. Reynolds Tobacco Company; Jonelle St. John, MCR Communicants Corp. ; and Jon Van Roden Lukens, Inc.17. Evaluating and Financing Foreign Direct Investment: Moderated by Roy Smith, New York University, Panelists: Dan Cohrs, GTE Corporation; Alan Gausthier, Exide Corporation; Paul Bull, General Motors Acceptance Corporation; and Dennis Ling, Avon Products Corporation.18. U. S. Venture Capital and Innovation (With A Look At Eastern Europe): Moderated by Donald Chew, Stern Stewart & Co. Panelists: Gordon Baty, Zero Stage Capital Company; William Bygrave, Babson College; Patrick Finegan, Stern Stewart & Co. ; Kenneth Froot, Harvard Business School; Thomas Gray, Small Business Administration; John Kensinger, University of North Texas; Gary Loveman, Harvard Business School; Stephen Magee; University of Texas At Austin; John Martin, University of Texas at Austin; Bruce Petersen, Washington University; William Petty, Baylor University; and William Wetzel, University of New Hampshire.

About the Author

Donald H. Chew, Jr. was a founding partner of Stern Stewart & co. and is Editor-in-chief of the Bank of America Journal of Applied Corporate Finance. He holds a Ph. D. in English and American Literature, as well as an MBA in Finance, from the University of Rochester.