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Endnotes

  1. Kramer, J. R., and G. Pushner, 1997, An Empirical Analysis of Economic Value Added as a Proxy for Market Value Added, Financial Practice and Education, v7, 41–49. This study found that differences in operating income explained differences in market value better than differences in EVA. In 1996, however, O'Byrne, S. F. (EVA and Market Value, Journal of Applied Corporate Finance, v9(1), 116-125) found that changes in EVA explained more than 55% of changes in market value over 5-year periods.

  1. See Quantitative Viewpoint, Merrill Lynch, December 19, 1997.


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