EVA in valuation

Working paper, University of Tennessee

"Free Cash Flow (FCF), Economic Value Added (EVA (TM)), and Net Present Value(NPV): A Reconciliation of Variations of Discounted-Cash-Flow (DCF) Valuation" by Ronald E. Shrieves, Ph.D. SunTrust Bank Professor of Finance and John M. Wachowicz, Jr., Ph.D., CPA Professor of Finance. This working paper won the 2002 Eugene L. Grant Award for best paper published in "The Engineering Economist" in 2001. (Indirect link to this paper: http://www.bus.utk.edu/finance/workpap.htm )


Economic Value Added (EVA)

A short paper about EVA in valuation. Includes a mathematical and numerical demonstration that EVA and NPV/DCF produce a identical result in valuation. By Professor Aswath Damodaran from Leonard N. Stern School of Business. New York University.


Valuatum Equity Research Software-platform

Valuatum has opened the test version of its new software platform for equity analysis. This includes company valuation models that enable the institutional investors to open and manipulate the same models as sell-side analysts.



A tool available on the Internet that reveals which public companies listed with US Stock Exchanges actually create shareholder value (EVA).


Evidence on EVA

A paper that tests the correlation between EVA and shareprices and the effectiveness of EVA based compensation plans. Written by following professors: GARY C. BIDDLE, Hong Kong University of Science & Technology; ROBERT M. BOWEN University of Washington; JAMES S. WALLACE University of California, Irvine


A New Way to Find Bargains

By Maggie Topkis. The articles discusses how EVA is used by equity analysts and funds and discusses in general how it is claimed to affect stock prices.


Canadian Investment Analysis for the Soul

Plenty of EVA and valuation related articles and links by Aman Raina, Canadian investment analyst and finacial software developer.


2.2.2 Some evidence on the correlation between EVA and share prices (A chapter in a long study)

A chapter from a long study (by Esa Mäkeläinen). Please click the corresponding chapter number (2.2.2.) from the table of contents after you have chosen this link.


Global Performance Evaluation: New tools of the trade

Economist Intelligence Unit: Finance and Treasury, Jan 31, 1994