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McKinsey on Finance

Perspectives on corporate finance and strategy

 

Past issues of McKinsey on Finance can be downloaded below. Individual articles can also be read online at the McKinsey Quarterly.

 

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McKinsey on Finance Nummber 44 Summer 2012 - Perspectives on Corporate Finance and Strategy 
Issue No. 44

Summer 2012

Overcoming a bias against risk
Risk-averse midlevel managers making routine investment decisions can shift an entire company's risk profile. An organization-wide stance toward risk can help.

Avoiding a risk premium that unnecessarily kills your project
Too high a discount rate can make good projects seem unattractive. How high is too high?

How strategists lead
A Harvard Business School professor reflects on what she has learned from senior executives about the unique value that strategic leaders can bring to their companies.

Not enough comps for valuation? Try statistical modeling
Traditional approaches rely on data from comparable businesses—but such data aren't always available. Statistical modeling can broaden the comparison while controlling for differences.

A yen for global growth: The Japanese experience in cross-border M&A
Japanese companies have embarked on an increasing number of international acquisitions in recent years. Can they learn from past failures and create value from cross-border deals?

MoF_43-Spring_2012 
Issue No. 43

Spring 2012

How to put your money where your strategy is
Most companies allocate the same resources to the same business units year after year. That makes it difficult to create an effective corporate strategy and undermines performance. Here's how to overcome inertia.

The power of an independent corporate center
To develop a winning corporate strategy, you may need more muscle in your headquarters.

Breaking strategic inertia
Rio Tinto CFO Guy Elliott discusses the way the company decides when and how to place its bets.

Why bad multiples happen to good companies
A premium multiple is hard to come by and harder to keep. Executives should worry more about improving performance.

Getting more value from your fleet
Companies may be overvaluing the flexibility that comes with leasing—they would be better off buying planes, ships and trucks outright. The key is in the timing.

MoF_Issue_42_Winter_2012 
Issue No. 42

Winter 2012

Testing the limits of diversification
This strategy can create value, but only if a company is the best possible owner of businesses outside its core industry.

Taking a longer-term look at M&A value creation
Companies that do many small deals can outperform their peers—if they have the right skills. But they need more than skill to succeed in large deals.

A mixed year for M&A
Global deal activity slowed in August, though measures of value creation continued to improve.

Understanding the Second Great Contraction: An interview with Kenneth Rogoff
The economist and coauthor of This Time Is Different explains what history can teach us about the global downturn and why climbing out of it is still rife with risks.

Five steps to a more effective global treasury
Demands on the corporate treasurer are changing, and many are struggling to keep up. Here's where to start.

Rethinking people development in finance
It's time to overhaul the way companies develop the careers of finance professionals.

Choosing where to list your company
How much does choice of listing location matter? Investors will follow good companies no matter where they list.

Issue No. 41

Autumn 2011

Finding the courage to shrink
Spinning off businesses can have real advantages in creating value—if executives understand how.

Google’s CFO on growth, capital structure, and leadership
Patrick Pichette describes the attitudes and behavior that Google hopes will keep it growing like a start-up.

The savvy executive’s guide to buying back shares
Timing share repurchases is tricky. The most shareholder-friendly approach: don’t try.

A bias against investment?
Companies should be investing to improve their performance and set the stage for growth. They’re not. A survey of executives suggests behavioral bias is a culprit.

Governance since the economic crisis: McKinsey Global Survey results
Corporate directors know what they should be doing. But they haven’t raised their game since 2008 and must strengthen their capabilities and spend more time on board work.

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