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The role of a financial manager has changed dramatically over the past 10-15 years. The tools and securities available to analyse alternatives and manage risks have increased exponentially. At the same time, financial managers have become more knowledgeable about modern financial theory, its applications, and its shortcomings. All of this has occurred simultaneous to an increasing awareness of how much finance and risk management might add to the value of a firm and the importance, at least as perceived by the CFO, to communicate with financial markets and encourage share price strength. Nevertheless, while financial managers have clearly become better at doing their jobs, a number of mistakes are still commonly made. Some of these have to do with the skills of the managers, others permeate throughout the organisation and are based on misconceptions in the CEO’s office and the boardroom. This session will discuss the changes that occurred and highlight some of these problems. Amongst other topics it will consider poor knowledge of cost of capital and how it affects valuation, financial inertia, the risks of turning the treasury into a profit centre, obsession with credit ratings and misspecification of M&A goals.About The Speaker
Henri Servaes is the Richard Brealey Professor of Corporate Governance and Professor of Finance at London Business School. He is a Research Fellow of the Centre for Economic Policy Research and a Research Associate of the European Corporate Governance Institute. Henri holds a BBA from European University and a MSIA and PhD in finance from Purdue University.
His areas of interest include valuation, corporate control, corporate diversification, initial public offerings, capital structure, and mutual funds. He has published articles on these topics in all the leading finance journals, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He has won prizes for several of his articles, including the Journal of Financial Economics All Star Paper award for his article “Additional evidence on equity ownership and corporate value”, and the Distinguished Paper Brattle Prize for his Journal of Finance article: “The cost of diversity: The diversification discount and inefficient investment”. He is an Associate Editor of five journals, including the Journal of Finance. In August of 2005, he was featured in the Financial Times series on Gurus of the Future.
His work has been presented at all major international finance conferences and at more than 75 universities worldwide. He has had previous appointments at the University of Chicago, the Katholieke Universiteit Leuven (Belgium), Duke University, and the University of North Carolina at Chapel Hill, and taught in MBA and executive programs in Belgium, China, Cyprus, the Czech Republic, and Russia, and in doctoral programs in Belgium and Switzerland.
Henri has been involved in consulting and executive education for Anglo American plc, Barclays plc, Bertelsmann AG, the Chase Manhattan Bank (now part of JP MorganChase), Continental AG, Deutsche Bank AG, E ON AG, The Financial Times (Lex Team), Freshfields, PriceWaterhouseCoopers, and Suez, SA, among others. His work had been cited in a large number of international newspapers, including the Financial Times, the Wall Street Journal, CFO Magazine, Corriere Della Sera, Handelsblatt, and Institutional Investor. At London Business School, he teaches corporate finance in the Senior Executive Programme and the Corporate Finance Programme.
The Madinah Institute for Leadership and Entrepreneurship (MILE) brings senior executives and high potential leaders from all over the world for executive education to discover new dimensions in Leadership Development, Good Governance, Telecom Training, Islamic Finance, HR Performance and various other management practices to help them grow in their business careers. MILE is a CSR initiative of Savola Group’s CSR Programs and grew to be a collaborative initiative aims to attract the contributions and support of many other companies, academic institutions, research & consulting organizations and professional groups.
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