Joel M. Stern was chairman and chief executive officer of Stern Value Management, formerly Stern Stewart & Co, and the creator and developer of economic value added. He was a recognised authority on

financial economics Financial economics, also known as finance, is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on ''both sides'' of a trade". William F. Sharpe"Financia ...

, corporate performance measurement, corporate valuation and incentive compensation and was a pioneer and leading advocate of the concept of

shareholder value Shareholder value is a business term, sometimes phrased as shareholder value maximization. It became prominent during the 1980s and 1990s along with the management principle value-based management or "managing for value". Definition The term "shar ...

. He was also active in academia, and in the media.

Career

After graduating from the

University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private university, private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park, Chicago, Hyde Park neighborhood. The University of Chic ...

's graduate program in Finance and Economics ( MBA, Chicago-Booth, 1964), he joined the

Chase Manhattan Bank JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and fi ...

where he ultimately ran Chase Financial Policy, their global consulting operation. During this time, he developed EVA. In 1982, after 18 years at Chase Manhattan, he started Stern Stewart. He is the author of two books and the co-author of six others – all in financial economics. He served as the executive editor of the ''

Journal of Applied Corporate Finance The ''Journal of Applied Corporate Finance'' is a quarterly academic journal covering research in corporate finance, including risk management, corporate strategy, corporate governance, and capital structure. It also features roundtable discussio ...

'' and was a member of the editorial board of the '' Journal of Financial Management and Analysis''. He taught at or has served on the adjunct faculties of several graduate business schools in America and abroad, including University of Maryland's Robert H. Smith School of Business, Carnegie Mellon University's

Tepper School of Business The Tepper School of Business is the business school of Carnegie Mellon University. It is located in the university's campus in Pittsburgh, Pennsylvania, US. The school offers degrees from the undergraduate through doctoral levels, in addition ...

, The University of Chicago (Chicago-Booth), the

University of Cape Town The University of Cape Town (UCT) ( af, Universiteit van Kaapstad, xh, Yunibesithi ya yaseKapa) is a public research university in Cape Town, South Africa. Established in 1829 as the South African College, it was granted full university statu ...

Singapore Management University The Singapore Management University (SMU) is a public autonomous university in Singapore. The university is the only city campus in Singapore. It ranks third in Asia as a specialist university, behind Hong Kong University of Science and Techn ...

Universidad Francisco Marroquín Francisco Marroquín University (Spanish: ''Universidad Francisco Marroquín''), also known by the abbreviation UFM, is a private, secular university in Guatemala City, Guatemala. It describes its mission as "to teach and disseminate the ethical ...

Universidad EAFIT EAFIT University (originally the acronym in Spanish: Escuela de Administración, Finanzas e Instituto Tecnológico, «School of Administration, Finance and Technological Institute») is a private Colombian university located in Medellín offeri ...

, and the

Lauder Business School Lauder Business School is an English-language business school in Vienna, Austria, operating as a "University of Applied Sciences" in the Austrian education system. Lauder Business School (LBS) was founded in 2003 as a University of Applied Sciences ...

. He is also part of the Executive Advisory Committee of the

William E. Simon Graduate School of Business Administration Simon Business School (formerly known as the William E. Simon Graduate School of Business Administration) is the business school of the University of Rochester. It is located on the university's River Campus in Rochester, New York. It was rename ...

at the

University of Rochester The University of Rochester (U of R, UR, or U of Rochester) is a private university, private research university in Rochester, New York. The university grants Undergraduate education, undergraduate and graduate degrees, including Doctorate, do ...

and was a member of the University of Chicago's Council on the Graduate School of Business. His media involvements include being the financial policy columnist for the ''

London Sunday Times ''The Sunday Times'' is a British newspaper whose circulation makes it the largest in Britain's quality press market category. It was founded in 1821 as ''The New Observer''. It is published by Times Newspapers Ltd, a subsidiary of News UK, wh ...

'' and The ''

Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Ni ...

''. He has also written for the ''

Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...

'' editorial page, the ''

New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...

'' and '' Fortune'' amongst others. He also has appeared on national business news programs, including

Bloomberg TV Bloomberg Television (on-air as Bloomberg) is an American-based pay television network focusing on business and capital market programming, owned by Bloomberg L.P. It is distributed globally, reaching over 310 million homes worldwide. It is hea ...

’s '' Taking Stock with Pimm Fox'', CNBC Asia’s ''

Squawk Box ''Squawk Box'' is an American business news television program that airs from 6 to 9 a.m. Eastern time on CNBC. The program is co-hosted by Joe Kernen, Becky Quick, and Andrew Ross Sorkin. Since debuting in 1995, the show has spawned a number ...

',''

CNN CNN (Cable News Network) is a multinational cable news channel headquartered in Atlanta, Georgia, U.S. Founded in 1980 by American media proprietor Ted Turner and Reese Schonfeld as a 24-hour cable news channel, and presently owned by ...

’s '' Moneyline'' and ''

Wall Street Week ''Bloomberg Wall Street Week'' (''WSW''), is an investment news and information TV program airing Friday nights on the Bloomberg Television. The original weekly show hosted by Louis Rukeyser aired each Friday evening on PBS in the United States ...

'', where he was a rotating panelist for 17 years. He died on May 21, 2019.

References

External links

Joel Stern – Stern Value Management Executive ProfileJoel Stern - Articles

* ttp://newmedia.ufm.edu/gsm/index.php/Sternevainterview Joel Stern interviewed at UFM, Guatemala
Joel Stern's company website, Stern Value Management

Joel Stern's interactive online learning platform

Economic Value Added (EVA), interview with Joel Stern
{{DEFAULTSORT:Stern, Joel Corporate finance theorists University of Chicago Booth School of Business alumni American chief executives of financial services companies Year of birth missing 2019 deaths