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About Richard Dobbs
Richard Dobbs is a director of the McKinsey Global Institute (MGI), McKinsey & Company's business and economics research arm, and a director (senior partner) of McKinsey based in London.
From 2004 to 2009, Richard co-led McKinsey's Corporate Finance Practice, where he was also responsible for research and development. He has served clients around the world in a variety of industries, ranging from high tech and financial services to petroleum, utilities, and the public sector.
Richard has written numerous articles about the implications of the financial crisis for companies and managing in a downturn. At MGI he has led research on global economic trends, including urbanization, resource markets, capital markets, and productivity and growth. Other research has focused on performance management and measurement, mergers and acquisitions, valuation, capital markets strategy, and utility regulation. He was a co-author of Value: The Four Cornerstones of Corporate Finance, and his work has appeared in several books, including Valuation: Measuring and Managing the Value of Companies; in other business and academic journals such as the McKinsey Quarterly, McKinsey on Finance, and Corporate Finance; and on the opinion pages of leading newspapers and business publications.
Richard is a frequent speaker at international conferences and is an associate fellow of the Said Business School at Oxford University, where he has taught the valuation elective.
Before joining McKinsey in 1988, Richard obtained a first-class degree and won the Metal Box and Lubbock Prizes at Oxford University. He was sponsored by Shell UK during his studies and worked for Shell’s North Sea exploration and production business. He was a Fulbright scholar at Stanford Business School and graduated from this course as an Arjay Miller scholar and won the Robichek Award for Finance.
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Books By Richard Dobbs
While you can find numerous books focused on the topic of corporate finance, few offer the type of information managers need to help them make important decisions day in and day out.
Value explores the core of corporate finance without getting bogged down in numbers and is intended to give managers an accessible guide to both the foundations and applications of corporate finance. Filled with in-depth insights from experts at McKinsey & Company, this reliable resource takes a much more qualitative approach to what the authors consider a lost art.
- Discusses the four foundational principles of corporate finance
- Effectively applies the theory of value creation to our economy
- Examines ways to maintain and grow value through mergers, acquisitions, and portfolio management
- Addresses how to ensure your company has the right governance, performance measurement, and internal discussions to encourage value-creating decisions
A perfect companion to the Fifth Edition of Valuation, this book will put the various issues associated with corporate finance in perspective.
The world not only feels different. The data tell us it is different. Based on years of research by the directors of the McKinsey Global Institute, No Ordinary Disruption: The Four Forces Breaking all the Trends is a timely and important analysis of how we need to reset our intuition as a result of four forces colliding and transforming the global economy: the rise of emerging markets, the accelerating impact of technology on the natural forces of market competition, an aging world population, and accelerating flows of trade, capital and people.
Our intuitions formed during a uniquely benign period for the world economy -- often termed the Great Moderation. Asset prices were rising, cost of capital was falling, labour and resources were abundant, and generation after generation was growing up more prosperous than their parents.
But the Great Moderation has gone. The cost of capital may rise. The price of everything from grain to steel may become more volatile. The world's labor force could shrink. Individuals, particularly those with low job skills, are at risk of growing up poorer than their parents.
What sets No Ordinary Disruption apart is depth of analysis combined with lively writing informed by surprising, memorable insights that enable us to quickly grasp the disruptive forces at work. For evidence of the shift to emerging markets, consider the startling fact that, by 2025, a single regional city in China -- Tianjin -- will have a GDP equal to that of the Sweden, of that, in the decades ahead, half of the world's economic growth will come from 440 cities including Kumasi in Ghana or Santa Carina in Brazil that most executives today would be hard-pressed to locate on a map.
What we are now seeing is no ordinary disruption but the new facts of business life -- facts that require executives and leaders at all levels to reset their operating assumptions and management intuition.
The result, according to a new McKinsey Global Institute (MGI) report, The emerging equity gap: Growth and stability in the new investor landscape,to be published on December 8, will be a potential $12.3 trillion “equity gap” between the amount of equities that investors will demand and what companies will need to fund growth over the next decade. MGI projects that the share of global financial assets held in listed equities could fall from 28 percent to 22 percent by 2020, if these trends continue.