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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