The business management trend of Value-Based Management (VBM) and the related area of Shareholder Value are attracting considerable interest. Modern finance theory suggests that the primary goal of a firm should be to maximise shareholder wealth and increasingly firms are targeting the creation of value for shareholders as their principal objective. Advocates of this theory suggest that this is not only good for shareholders but also for the company as it encourages investment. This volume provides a critical look at the success and failure of VBM; its development, the principles on which it is based, and the primary techniques that it involves. The authors, Arnold and Davies, examine the is sues arising at all levels of this highly topical management technique and provide a valuable next step for managers and financial professionals who have read the introductory guides and wish to go a step further.