Corporate Finance - Capital Management articles from The McKinsey Quarterly

How companies act on global trends: A McKinsey Global Survey

April 2008

Executives say that global trends have become increasingly important, but few companies are addressing them successfully.

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Preparing for a slump in earnings

March 2008

Historic trends suggest earnings may fall more than most executives expect. Companies should prepare for steeper declines and take steps to strengthen their positions when times improve.

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Controlling costs in European asset management

February 2008

Profits were strong in 2006, but the recent market setback poses a serious threat to the industry's profitability.

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The new role of oil wealth in the world economy

January 2008

Regulators may worry when Arab investors acquire stakes in Western companies, yet vast reserves of petrodollars have kept down interest rates and buoyed financial assets. What’s the broader effect of the surge in petrodollars?

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Deal making in 2007: Is the M&A boom over?

December 2007

Reports of the demise of the M&A boom may be greatly exaggerated. But to keep it going, companies must work even harder to ensure that deals create value.

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When to break up a conglomerate: An interview with Tyco International’s CFO

October 2007

Chris Coughlin explains how spinning off some of the company’s largest businesses was the key to ensuring its long-term growth.

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Market fundamentals: 2000 versus 2007

September 2007

Whither the S&P 500? Comparing the market’s recent turmoil with its decline at the end of the dot-com boom can help investors assess what might come next.

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A quiet revolution in China’s capital markets

July 2007

Reforms that attracted little attention in the Western world mark a major step forward in the modernization of China’s capital markets.

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Preparing for the next downturn

April 2007

In a buoyant economy, the next recession seems far off. But managers who prepare during good times can improve their companies' chances to endure—or thrive in—the eventual downturn.

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The new dynamics of managing the corporate portfolio

April 2007

As investors demand that companies actively manage their business portfolios, executives must increasingly balance investment opportunities against the capital that's available to finance them.

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An executive perspective on global capital markets: A McKinsey Survey

January 2007

Globalization of capital markets is an overwhelmingly positive trend, say executives, who also pinpoint some areas in need of improvement.

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Mapping the global capital markets, January 2007: Europe rising

January 2007

A recent analysis of the world's financial markets shows how they are changing, with the eurozone countries wielding ever more influence.

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The truth about growth and value stocks

January 2007

Investors and fund managers build entire portfolios around the premise that growth stocks grow faster than value stocks. The problem is that they don't.

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What public companies can learn from private equity

January 2007

Public companies will need to raise their governance game if they are to compete with private firms.

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Are companies getting better at M&A?

December 2006

The latest boom in merger activity appears to be creating more value for the shareholders of the acquiring companies.

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Creating value: The debate over public vs. private ownership

October 2006

A panel of executives explores why private equity has been giving public ownership such a run for its money.

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Inside a hedge fund: An interview with the managing partner of Maverick Capital

April 2006

What should a company do when a hedge fund shows up among its investors?

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How European companies can unlock value from real estate

March 2006

New laws to introduce real estate investment trusts in Germany and the United Kingdom could allow companies to unlock the value in their commercial property.

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Making capital structure support strategy

February 2006

A company's ratio of debt to equity should support its business strategy, not help it pursue tax breaks. Here's how to get the balance right.

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Capital discipline for Big Oil

December 2005

The oil and gas industry has a history of overinvesting at the top of a cycle. This time it should break the habit.

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The value of share buybacks

August 2005

Companies shouldn't confuse the value created by returning cash to shareholders with the value created by actual operational improvements. After all, the market doesn't.

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Mapping the global capital markets

March 2005

In-depth analysis of the financial assets of more than 100 countries shows that financial markets are becoming deeper, more liquid, and increasingly integrated.

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When payback can take decades

December 2004

For capital-intensive businesses, the variables in portfolio decisions can seem overwhelming. Streamlining can help.

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US pension funds: Mind the gap

May 2004

Companies should deal with the problems now, before another benefits crisis—health care—starts to rear its head.

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When efficient capital and operations go hand in hand

March 2004

Olli-Pekka Kallasvuo, Nokia’s head of mobile phones and a former CFO, discusses strategic organization, performance measurement, and the value of financial transparency.

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A smarter investment strategy for insurers

February 2004

The time has come for insurance companies to reconsider their approach to risk and reward.

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Much ado about dividends

May 2003

Eliminating the double taxation of dividends is more notable for what it won’t do than for what it will.

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Restating the value of capital light

October 2002

Investors are hearing that strategies to boost capital efficiency are financial gimmickry that creates no value. That perception is wrong.

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Building blocks for capital projects

May 2001

The makers of the New Beetle and the Walkman have a lot to teach the builders of oil rigs and chemicals plants.

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How to trim your capital spending by 25 percent

August 1998

Do you have a culture of capital entitlement? Driving up hurdle rates won’t fix the problem. We offer some ways out of the “doom loop.”

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Capital investment: How not to build the Titanic

November 1996

When faced with a major capital investment, you can save hundreds of millions of dollars. Focus on capital productivity, not just the budget and schedule.

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