Nearly three-fourths of firms that adopt EVA or similar value-based management programs end up dropping them within five years of adoption, even though those firms are seeing the shareholder value gains promised by these programs. The reward to shareholders for sticking it out is significant;...

In this paper, I argue that there is a bug in Generally Accepted Accounting Principles (both US and IFRS) which results in flawed financial statements. Fortunately, this bug is like a bad piece of SQL code – no effort is required to write new code to fix the bug, just delete the bad code.I...