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WINNING INVESTORS OVER

SURPRISING TRUTHS ABOUT HONESTY,

EARNINGS GUIDANCE,

AND OTHER WAYS TO BOOST YOUR STOCK PRICE

Baruch Lev

HARVARD BUSINESS REVIEW PRESS

Boston, Massachusetts

Copyright 2012 Harvard Business School Publishing Corporation

All rights reserved

Printed in the United States of America

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No part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording, or otherwise), without the prior permission of the publisher. Requests for permission should be directed to permissions@hbsp.harvard.edu, or mailed to Permissions, Harvard Business School Publishing, 60 Harvard Way, Boston, Massachusetts 02163.

Library of Congress Cataloging-in-Publication Data

Lev, Baruch.

Winning investors over: surprising truths about honesty, earnings guidance, and other ways to boost your stock price/Baruch Lev.

p. cm.

ISBN 978-1-4221-1502-2 (alk. paper)

1. Corporations—Valuation. 2. Stocks—Prices. 3. Corporate governance. 4. Intangible assets. I. Title.

HG4028.V3L4854 2012

658.15'224—dc23

2011022454

The paper used in this publication meets the requirements of the American National Standard for Permanence of Paper for Publications and Documents in Libraries and Archives Z39.48-1992.

To Ilana, Eli, and Racheli

Acknowledgments

“Capital markets are for us, CEOs of public companies, the most important thing,” the CEO of an innovative pharmaceutical company stated to me over lunch in San Francisco. Crossing the Bay Bridge back to Berkeley, I decided to write a book on this very topic: how to make the interactions between managers and investors mutually beneficial.

I thankfully received considerable assistance and support writing this book. The extensive research underlying practically every chapter was facilitated by highly capable colleagues: Richard Carrizosa, Peter Demerjian, Feng Gu, Kalin Kolev, Alina Lerman, Theodore Sougiannis, Jennifer Tucker, and Emanuel Zur. Many colleagues provided vital information, including Massimiliano Bonacchi, Mary Billings, Dan Cohen, Melissa Lewis, and Suresh Radhakrishnan.

Various experts read parts of the manuscript and enlightened me with insightful comments: Rachel Corn, Kenneth Jensen, April Klein, Sarah McVay, Richard Passov, Christine Petrovits, and Stephen Ryan. Special thanks to Gene Epstein for extensive comments on the book, extending even to its title, and for his wisdom. I was particularly fortunate to obtain the administrative support of my highly professional and dedicated assistant Autherine Allison, as well as that of the equally dedicated and professional Shevon Estwick. Nancy Kleinrock edited the manuscript very skillfully and wisely, and Jing Chen assisted with the numerous references. Joanne Hvala, Stern School’s associate dean, provided valuable marketing advice.

My rough manuscript was transformed into a much improved book by Harvard Business Review Press editor Justin Fox, who was ably assisted by Jennifer Waring, Erin Brown, Stephani Finks, and Kevin Evers at HBRP. Kirsten Sandberg, a former HBRP editor, helped me in the planning of the book.

My wife Ilana and children Eli and Rachel, to whom I collectively dedicate the book, were a constant source of encouragement and wisdom, as were our grandchildren—Netanel, Daniel, Gregory, Maor, Jason, and Michael—and daughter- and son-in-law, Ayala Lev and Tom Corn. Of these, our lovely granddaughter Daniel (age 12) provided the real impetus to conclude the book. While staying with us, she greeted me every morning with a smile and the ever-present and guilt-inducing query, “Did you finish the book already?”