Management effectiveness is often assessed by the market price achieved for a public company’s common stock. Not only is share appreciation an important component of shareholder return on investment, but a company’s market valuation is mission critical to the public company’s cost of capital. In its core business operations, an enterprise may have only a handful of direct competitors. But in the capital markets, that same enterprise competes with more than 12,000 publicly-traded U.S. rivals – for scarce investment capital.
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