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Using Investor Relations to Maximize

Equity

Valuation

Founded in 1807, John Wiley & Sons is the oldest independent publishing

company in the United States. With offices in North America, Europe, Australia,

and Asia, Wiley is globally committed to developing and marketing

print and electronic products and services for our customers’ professional

and personal knowledge and understanding.

The Wiley Finance series contains books written specifically for finance

and investment professionals as well as sophisticated individual investors

and their financial advisors. Book topics range from portfolio management

to e-commerce, risk management, financial engineering, valuation, and financial

instrument analysis, as well as much more.

For a list of available titles, visit our Web site at www.WileyFinance.com.

John Wiley & Sons, Inc.

Using Investor Relations to Maximize

Equity

Valuation

THOMAS M. RYAN

CHAD A. JACOBS

Copyright © 2005 by Thomas M. Ryan and Chad A. Jacobs. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in

any form or by any means, electronic, mechanical, photocopying, recording, scanning, or

otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright

Act, without either the prior written permission of the Publisher, or authorization through

payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222

Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-750-4470, or on the web at

www.copyright.com. Requests to the Publisher for permission should be addressed to the

Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030,

201-748-6011, fax 201-748-6008, e-mail: permcoordinator@wiley.com.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best

efforts in preparing this book, they make no representations or warranties with respect to the

accuracy or completeness of the contents of this book and specifically disclaim any implied

warranties of merchantability or fitness for a particular purpose. No warranty may be created

or extended by sales representatives or written sales materials. The advice and strategies

contained herein may not be suitable for your situation. You should consult with a professional

where appropriate. Neither the publisher nor author shall be liable for any loss of

profit or any other commercial damages, including but not limited to special, incidental, consequential,

or other damages.

For general information on our other products and services, or technical support, please

contact our Customer Care Department within the United States at 800-762-2974, outside

the United States at 317-572-3993 or fax 317-572-4002.

Wiley also publishes its books in a variety of electronic formats. Some content that appears in

print may not be available in electronic books.

For more information about Wiley products, visit our web site at www.wiley.com.

Library of Congress Cataloging-in-Publication Data

Ryan, Thomas M., 1964–

Using investor relations to maximize equity valuation / Thomas M. Ryan and

Chad A. Jacobs.

p. cm.—(Wiley finance series)

ISBN 0-471-67852-X (cloth)

1. Corporations—Valuation. 2. Corporations—Investor relations. 3. Investment

analysis. I. Jacobs, Chad A., 1964– II. Title. III. Series.

HG4028.V3R93 2005

659.2'85—dc

2004020700

Printed in the United States of America.

10 9 8 7 6 5 4 3 2 1

Using Investor Relations to Maximize

Equity

Valuation

Founded in 1807, John Wiley & Sons is the oldest independent publishing

company in the United States. With offices in North America, Europe, Australia,

and Asia, Wiley is globally committed to developing and marketing

print and electronic products and services for our customers’ professional

and personal knowledge and understanding.

The Wiley Finance series contains books written specifically for finance

and investment professionals as well as sophisticated individual investors

and their financial advisors. Book topics range from portfolio management

to e-commerce, risk management, financial engineering, valuation, and financial

instrument analysis, as well as much more.

For a list of available titles, visit our Web site at www.WileyFinance.com.

John Wiley & Sons, Inc.

Using Investor Relations to Maximize

Equity

Valuation

THOMAS M. RYAN

CHAD A. JACOBS

Copyright © 2005 by Thomas M. Ryan and Chad A. Jacobs. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in

any form or by any means, electronic, mechanical, photocopying, recording, scanning, or

otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright

Act, without either the prior written permission of the Publisher, or authorization through

payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222

Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-750-4470, or on the web at

www.copyright.com. Requests to the Publisher for permission should be addressed to the

Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030,

201-748-6011, fax 201-748-6008, e-mail: permcoordinator@wiley.com.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best

efforts in preparing this book, they make no representations or warranties with respect to the

accuracy or completeness of the contents of this book and specifically disclaim any implied

warranties of merchantability or fitness for a particular purpose. No warranty may be created

or extended by sales representatives or written sales materials. The advice and strategies

contained herein may not be suitable for your situation. You should consult with a professional

where appropriate. Neither the publisher nor author shall be liable for any loss of

profit or any other commercial damages, including but not limited to special, incidental, consequential,

or other damages.

For general information on our other products and services, or technical support, please

contact our Customer Care Department within the United States at 800-762-2974, outside

the United States at 317-572-3993 or fax 317-572-4002.

Wiley also publishes its books in a variety of electronic formats. Some content that appears in

print may not be available in electronic books.

For more information about Wiley products, visit our web site at www.wiley.com.

Library of Congress Cataloging-in-Publication Data

Ryan, Thomas M., 1964–

Using investor relations to maximize equity valuation / Thomas M. Ryan and

Chad A. Jacobs.

p. cm.—(Wiley finance series)

ISBN 0-471-67852-X (cloth)

1. Corporations—Valuation. 2. Corporations—Investor relations. 3. Investment

analysis. I. Jacobs, Chad A., 1964– II. Title. III. Series.

HG4028.V3R93 2005

659.2'85—dc

2004020700

Printed in the United States of America.

10 9 8 7 6 5 4 3 2 1