Rating Management's Effectiveness : Case

This book explains why and how management's effectiveness makes the difference between success and failure, in any organization. Based on extensive research in the US, UK, Germany, France, Italy, and Switzerland, this book outlines how to be effective, what happens in cases of ineffectiveness, and the reasons why management's effectiveness must be examined within the perspective of each company's business challenges.

Dimitris Chorafas is an international management consultant who has advised financial institutions and industrial corporations in strategic planning, risk management, computers, communications systems and internal controls since 1961.

List of Figures

ix

List of Tables

xi

Preface

xiii

Part One Management Makes the Difference between Success and Failure

1. The Concept of Management Effectiveness

3

(25)

1. Introduction

3

(3)

2. The functions of management

6

(4)

3. Effectiveness and efficiency defined

10

(6)

4. Management effectiveness and leadership

16

(5)

5. The sense of effective and focused decisions

21

(3)

6. The role of personal accountability

24

(4)

2. Rating Agencies, Management Effectiveness and Creditworthiness

28

(21)

1. Introduction

28

(2)

2. External rating risk

30

(3)

3. Evaluating management effectiveness

33

(3)

4. Internal ratings and external ratings

36

(3)

5. The high cost of downgrading

39

(3)

6. Rating agencies, capital requirements and management effectiveness

42

(3)

7. The strategy of deception in gaining higher rating

45

(4)

3. Is Mismanagement an Exception?

49

(27)

1. Introduction

49

(2)

2. The Ahold accounting scandal

51

(3)

3. Parmalat: Europe's biggest bankruptcy

54

(4)

4. Exploits of a hedge fund with dairy products on the side

58

(4)

5. Cable & Wireless, and the CEO's head

62

(3)

6. Downfall of Xerox and public accountants' responsibilities

65

(3)

7. The Bridgestone and Ford fiasco. A case study

68

(4)

8. Cover-ups of management's ineffectiveness. Mitsubishi Motors

72

(4)

4. A Survival Strategy: Reinventing the Firm

76

(24)

1. Introduction

76

(2)

2. Reinventing the functions of management

78

(3)

3. Malfeasance shows management ineffectiveness, not skill

81

(3)

4. Standard Life, Equitable Life and Mannheimer Life Insurance

84

(5)

5. Imperial Chemical Industries

89

(1)

6. The second downturn of Canary Wharf

90

(3)

7. The European air transport industry is losing altitude

93

(3)

8. Will the integration of 'ten' accession countries be effective?

96

(4)

5. Management and Mismanagement in the Telecommunications Industry

100

(27)

1. Introduction

100

(1)

2. Irrational exuberance in the telecoms industry

101

(4)

3. Evolution of telecommunications services

105

(3)

4. Voice over internet protocol

108

(5)

5. Challenges with digital subscriber line

113

(3)

6. Wi-Fi wireless technology and its limits

116

(2)

7. Liquidity, indebtedness and external rating risk

118

(9)

Part Two Case Studies in Management Effectiveness in the Telecommunications Industry

6. Big Telecommunications Companies Brought Themselves to the Edge of the Abyss

127

(23)

1. Introduction

127

(2)

2. Ineffective managers spend other people's money

129

(3)

3. The bubble of European teleos, credit exposure and write-downs

132

(3)

4. The negative net worth of France Telecom

135

(3)

5. Deutsche Telekom's creative accounting

138

(3)

6. Management ineffectiveness at British Telecom and NTL

141

(4)

7. The double pain in telecommunications: slow data growth and falling prices

145

(5)

7. Mismanagement Led to the Downfall of Vivendi Universal

150

(20)

1. Introduction

150

(1)

2. Merrill Lynch rates Vivendi as 'strong buy' shortly before its fall

151

(4)

3. Analysts finally appreciated external rating risk

155

(3)

4. Vivendi Universal and the conglomerization of the entertainment industry

158

(4)

5. Competition in the borderline between telecoms, cable TV and the media

162

(2)

6. The choice of mobile telephony rather than water

164

(2)

7. In the corporate world all bets are not equally effective

166

(4)

8. Lessons from the Crash of WorldCom

170

(28)

1. Introduction

170

(1)

2. A quick glimpse at the WorldCom saga

171

(4)

3. MCI WorldCom and its creative accounting practices

175

(2)

4. Restatements, proforma earnings and mounting uncertainty

177

(3)

5. Differences between operating expenses and capital expenditures

180

(4)

6. On 21 July 2002, WorldCom filed for bankruptcy

184

(3)

7. Investors and bankers most exposed to WorldCom

187

(3)

8. Players in a process of creative destruction

190

(3)

9. The year after WorldCom's bankruptcy

193

(5)

9. Lessons from the Fall of Global Crossing, Qwest, Exodus, Adelphia Communications and More

198

(27)

1. Introduction

198

(1)

2. Handling the debt of alternative carriers

199

(3)

3. Global Crossing and capacity swaps

202

(4)

4. Undercutting incumbent carriers' pricing. A Chapter 11 aftermath

206

(3)

5. A pattern of abuse, with deals made on the back of investors

209

(2)

6. McLeod USA, Williams Communications, Marconi and Viatel

211

(2)

7. Conflicts of interest at Qwest Communications International

213

(3)

8. Using a public company as family fief: Adelphia Communications

216

(3)

9. Exodus Communications

219

(3)

10. Metromedia and MobilCom

222

(3)

10. Third-generation Mobile and the UMTS Licences

225

(27)

1. Introduction

225

(2)

2. Mobile technology and the telecoms dilemma

227

(3)

3. CDMA, WCDMA and the lack of good sense

230

(3)

4. 3G: business plans built on quicksilver

233

(3)

5. Who was responsible for the white elephant?

236

(4)

6. Killer applications are not the only challenge

240

(2)

7. Hutchison 3G: a test of third generation

242

(4)

8. NTT's DoCoMo: an uncertain 3G test

246

(2)

9. Carriers who are prudent drop out of 3G, for the time being

248

(4)

11. The Fate of Vendors who Leveraged their Clients

252

(26)

1. Introduction

252

(2)

2. Overbuilding of telecoms capacity has hurt every firm

254

(3)

3. Back to basics: the telecoms slide was a self-inflicted wound

257

(3)

4. Alstom. A case study in leveraging through vendor financing

260

(3)

5. Carrier failures led to earthquakes at equipment vendors: Ericsson and Alcatel

263

(4)

6. The downfall of Lucent Technologies and of Nortel

267

(4)

7. Is there a 'sure strategy' to come up from under?

271

(3)

8. 2004: the good news is not yet final

274

(4)

Appendix

278

(3)

Index

281

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Rating Management's Effectiveness : Case Studies in Telecommunications

Summary

Author Biography

Table of Contents

Supplemental Materials

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Rent More, Save More! Use code: BBRENTAL

5% off 1 book, 7% off 2 books, 10% off 3+ books

Rating Management's Effectiveness : Case Studies in Telecommunications

Summary

Author Biography

Table of Contents

Supplemental Materials

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