Valuation or Economics of the Welfare State

Valuation: Measuring and Managing the Value of Companies

Author: McKinsey Company Inc

The #1 guide to corporate valuation is now better than ever!

Hailed by financial professionals worldwide as the single best guide of its kind, Valuation provides crucial insights into how to measure, manage, and maximize a company's value. This long-awaited Third Edition has been updated and expanded to reflect business conditions in today's volatile global economy. In addition to all new case studies, it now includes in-depth coverage of real options and insurance companies, along with detailed instructions on how to drive value creation, and expert advice on how to manage difficult situations.

• Describes techniques for multibusiness valuations, valuation within an international context, and valuation for restructurings and mergers and acquisitions
• Includes a companion Web site featuring an interactive valuation-modeling application

Tom Copeland leads Monitor, Inc.'s corporate finance division. Previously, he was a partner at McKinsey & Company and a professor of finance at UCLA's Anderson School of Management. Tim Koller is a partner at McKinsey & Company specializing in restructuring, mergers and acquisitions, and corporate strategy. Jack Murrin is Senior Vice President of Travelers, Inc.

New York Times Book Review

THE #1 GUIDE TO CORPORATE VALUATION IS NOW BETTER THAN EVER! A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies.

What People Are Saying

J. Fred Weston
J. Fred Weston, Cordner Professor of Money and Financial Markets, Graduate School of Management, UCLA
This book on valuation represents fresh new thinking. The writing is clear and direct, combining the best academic principles with actual experience to arrive at value-increasing solutions.This book on valuation represents fresh new thinking. The writing is clear and direct, combining the best academic principles with actual experience to arrive at value-increasing solutions.

New interesting book: Miles Gone by or Right Is Wrong

Economics of the Welfare State

Author: Nicholas Barr

This new fourth edition of this successful textbook discusses the different parts of the welfare system and in particular, cash benefits, the health service and education. The text argues that the welfare state exists not just to help the underprivileged, but also for efficiency reasons, in areas where private markets would be inefficient or would not exist at all. The book is fully updated and will contain a number of student learning features.

Table of Contents:

Pt. 1	Concepts
1	Introduction	1
2	The historical background	16
3	Political theory : social justice and the state	42
4	Economic theory 1 : state intervention	64
5	Economic theory 2 : insurance	102
6	Problems of definition and measurement	121
Pt. 2	Cash benefits
7	Financing the welfare state	155
8	Insurance : unemployment, sickness, and disability	168
9	Consumption smoothing : old-age pensions	186
10	Poverty relief	213
11	Strategies for reform	232
Pt. 3	Benefits in kind
12	Health and health care	253
13	School education	293
14	Higher education	321
Pt. 4	Epilogue
15	Conclusion	349