By adopting a practical marketoriented approach to capital allocation this book sheds light on the complex issue of cash flow deployment and the creation of shareholder value. In order to run a company efficiently it is not sufficient to simply be a competent businessperson. One must also possess the skills of a knowledgeable investor. The management must determine where to invest capital given the diverse range of investment options available such as mergers and acquisitions MampA dividends share repurchase programs and organic growth opportunities. This book provides a useful analytical framework for corporate executives to consider when allocating capital along with empirical findings from peer group studies and company case studies. The book helps answer the following questions ampnbspampnbspampnbspampnbspampnbspampnbspampnbspampnbsp What are the primary factors that drive your companys shareholder value Are they aligned with the strategy the company is pursuing ampnbspampnbspampnbspampnbspampnbspampnbspampnbspampnbsp What are the key dynamics and tradeoffs between return on investments ROIC growth and earnings qualityampnbspampnbspampnbspampnbspampnbspampnbspampnbspampnbspampnbspampnbspampnbsp ampnbspampnbspampnbspampnbspampnbspampnbspampnbspampnbsp What are the current market expectations embedded in the stock price ampnbspampnbspampnbspampnbspampnbspampnbspampnbspampnbsp Given the capital allocation priorities what does an optimal capital structure look like ampnbspampnbspampnbspampnbspampnbspampnbspampnbspampnbsp How do you set and in turn communicate the capital allocation and funding priorities ampnbspWritten by an expert with more than 25 years of experience this book helps business executives improve their skills as capital allocators by better understanding the financial markets.