Team
Bennett Stewart, the chairman and chief executive officer of EVA Dimensions LLC, and chairman and chief investment officer of EVA Advisers LLC, is a widely acknowledged expert in business valuation and performance measurement. Prior to forming EVA Advisers and EVA Dimensions in 2006, he was a co-founder of Stern Stewart & Co., a global consulting firm. He was a senior executive of Chase Financial Policy, the financial advisory arm of the Chase Manhattan Bank, before starting Stern Stewart in 1982.
Mr. Stewart was the principal creator of EVA in the early 1980s, and in the 1990's he continuously developed and refined the EVA framework while overseeing major consulting projects with hundreds of companies around the world. Over the last six years he also was the principal architect of the
PRVit stock ranking system and
EVAntage, a comprehensive file of EVA and related metrics covering the Russell 3000 companies.
He also is an accomplished author, public speaker and consultant in the fields of accounting for value, value-based performance management and incentive plans that foster an ownership culture. He is the author of
The Quest for Value (Harper Business, 1991), the definitive guide to EVA, and numerous articles in publications such as the
Harvard Business Review, the
Wall Street Journal and the
Journal of Corporate Finance1.
Mr. Stewart received his BS in electrical engineering from Princeton University and his MBA in finance and economics from the University of Chicago. He serves as chairman of the Alumni Advisory Council for Princeton's Department of Operations Research and Financial Engineering, and as a director of ITC Holding Company, the public parent of the nation's largest independent electric transmission and distribution company.
1Articles include "How to Fix Accounting - Measure and Reward Economic Profit" (appearing in the Journal of Applied Corporate Finance, Spring 2003), which was summarized in a Wall Street Journal editorial "Why Smart Managers Do Dumb Things," published June, 2003, and "The Investors Guide to EVA and PRVit," a comprehensive explanation of the PRVit model, published in 2004. Mr. Stewart has written three articles for the Harvard Business Review: "Remaking the Public Corporation from Within" (July/August, 1990), "Pension Roulette" (June, 2003), and "Champions of Profitable Growth" (July/August 2004). His recent articles on incentive compensation include "How to Structure Incentive Plans That Work" (published by Stern Stewart), "Create Value by Sharing the Wealth" (Shareholder Value, January 2003), "Consider All Options for Options" (Chief Executive, August/September 2003), "Where Jeff Immelt's New Incentive Plan Misses the Mark" (Corporate Board Member, March/April 2004), "It's the Metrics that Matter," (Directorship, Fall/Winter, 2004), and "The Real Reasons Enron Failed" (Morgan Stanley Journal of Applied Corporate Finance, Summer 2006).
Al Ehrbar is president and chief executive of EVA Advisers and its chief compliance officer. Prior to forming EVA Advisers, he was a partner at Stern Stewart & Co. and head of BrandEconomics LLC, a Stern Stewart subsidiary that created the first wholly objective methodology for valuing brands and modeling the impact of brand strategies on business value.
Before joining Stern Stewart in 1995, Mr. Ehrbar spent more than 20 years as one of the most prominent business and financial journalists in the U.S. He was the youngest person ever elected to
Fortune magazine's Board of Editors and was the first to write about many of the breakthroughs in modern portfolio theory. A June 1976 article, "Index Funds-An Idea Whose Time is Coming", prompted a 10-fold increase in the assets invested in index funds in less than a year and was a catalyst to John Bogle's creation of the Vanguard 500 Index Fund.
Mr. Ehrbar also has been a senior economics writer at
The Wall Street Journal and was editor and publisher of
Corporate Finance magazine and chief operating officer of its parent company. He is the author of the bestselling
EVA: The Real Key to Creating Wealth (John Wiley & Sons, 1998) and
Found Money-Managing the Productivity Revolution (Whittle Direct Books, 1993), and was a co-editor of
The Fortune Encyclopedia of Economics (Warner Books, 1993). He has an MBA in finance and economics from the University of Rochester and holds bachelor's and master's degrees in journalism from Northwestern University.
Research
Ling Yang, CFA, is the Director of Research and Product Development of EVA Dimensions. Before co-founding EVA Dimensions with Bennett Stewart, Ling was employed for six years with Stern Stewart, the global EVA consulting firm, where she concluded in the role of Vice President in charge of developing and supporting the
EVAntage data base and
PRVit stock rating model.
Prior to her concentration on EVA analytics, Ling worked as a consultant at Stern Stewart engaged in designing and implementing EVA management and incentive programs for companies in the energy, automobile, and food and beverage sectors.
Ms. Yang is a member of the New York Society of Security Analysts and the Association for Investment Management and Research, and holds a Chartered Financial Analyst designation.
Prior to joining Stern Stewart, Ling was employed by Shell in China and Hong Kong, where she coordinated project development in exploration, production, and marketing of oil and gas products.
A native of China, Ling holds a B.E. in Industrial Management from Jiaotong University in China, and earned an MBA with concentrations in Accounting and Finance from Vanderbilt Graduate School of Business in United States.
Robert P. Corwin, CFA, is a senior research analyst who also is highly qualified and experienced in quantitative investment technology. From 2003 to 2006 he was a senior analyst with the Rohatyn Group, and prior to that was an associate at Nomura Securities International.
Among his projects at Rohatyn, he created a co-integration based quantitative pair trading model, provided financial engineering and programming support for an earnings-estimate based quantitative trading model, and researched, automated, backtested and optimized a value-based trading model. Mr. Corwin holds a BSE degree in electrical engineering from Cornell University and a masters degree in financial engineering from the University of California at Berkeley.
