Welcome to McKinsey Quarterly, the business journal of McKinsey & Company.
February 2011
Interest rates are rising in the long term. Businesses will have to adapt, while governments must prevent an era of creeping financial protectionism.
December 2010
Surging demand for capital, led by developing economies, could put upward pressure on interest rates and crowd out some investment.
October 2010
Credit markets, though harder to follow than equity markets, provide clearer signs of looming economic decline.
September 2010
Waleed Al Mokarrab Al Muhairi discusses Mubadala’s double bottom line, bridging investment and development.
Overhauling investment practices that reward short-term returns could benefit shareholders and the global economy.
April 2010
One capital ratio tops others in foreshadowing distress—and it’s not the one that’s traditionally been regulated.
March 2010
Cathie Lesjak reflects on the company’s response to the recent global financial crisis—and the long-term effects it will have on performance.
February 2010
Carbon markets will continue to play a role in pricing—and limiting—emissions, but the opportunity in developing markets may be less promising than once expected.
If inflation rises again, companies will have to do more than just match it to keep up—they’ll have to beat it.
September 2009
Although their paths are diverging, all will remain powerful forces in the global economy.
May 2009
A volatile economy makes traditional budgets obsolete before they’re even completed. Here’s how companies can adapt more quickly.
As companies shift their attention from fighting the crisis to getting the most from the recovery, CFOs must keep them focused.
April 2009
Flexibility within and among locations can help companies respond to changing conditions.
Timing is key as companies weigh whether to make strategic investments now or wait for clear signs of recovery. Scenario analysis can expose the risks of moving too quickly or slowly.
These funds face a credit-constrained world; they must adapt to thrive.
February 2009
Companies—and their CFOs—may have to adapt more radically to the downturn than they now expect.
December 2008
Few directors have served on the boards of both private and public companies. Those who have give their views here about which model works best.
The cost of capital hasn’t increased so far in the downturn—and didn’t in past recessions.
November 2008
Will the country’s economic fortunes fade as growth elsewhere declines? Jonathan Anderson doesn’t think so.
October 2008
August 2008
Middle-market customers do tend to resist the hassle of forming new banking relationships. But banks that offer them the right products at the right time can change their minds.
July 2008
Traditional methods of analyzing total returns to shareholders are flawed. There’s a better way.
Some Asian companies are better at executing capital projects than are rivals elsewhere. What lessons can others learn from them?
The division structure can mask big differences in the performance of smaller units. A finer-grained approach can better show where value comes from.
May 2008
Despite many uncertainties, the GCC states will probably be able to finance their own investment needs and those of the world economy to boot.
April 2008
Executives say that global trends have become increasingly important, but few companies are addressing them successfully.
March 2008
Historic trends suggest earnings may fall more than most executives expect. Companies should prepare for steeper declines and take steps to strengthen their positions when times improve.
February 2008
Profits were strong in 2006, but the recent market setback poses a serious threat to the industry's profitability.
January 2008
Regulators may worry when Arab investors acquire stakes in Western companies, yet vast reserves of petrodollars have kept down interest rates and buoyed financial assets. What’s the broader effect of the surge in petrodollars?
December 2007
Reports of the demise of the M&A boom may be greatly exaggerated. But to keep it going, companies must work even harder to ensure that deals create value.
November 2007
Growth in the private equity industry may have slowed, but the industry still attracts investors. Here’s why.
October 2007
Chris Coughlin explains how spinning off some of the company’s largest businesses was the key to ensuring its long-term growth.
September 2007
Whither the S&P 500? Comparing the market’s recent turmoil with its decline at the end of the dot-com boom can help investors assess what might come next.
July 2007
Reforms that attracted little attention in the Western world mark a major step forward in the modernization of China’s capital markets.
April 2007
In a buoyant economy, the next recession seems far off. But managers who prepare during good times can improve their companies' chances to endure—or thrive in—the eventual downturn.
As investors demand that companies actively manage their business portfolios, executives must increasingly balance investment opportunities against the capital that's available to finance them.
January 2007
Globalization of capital markets is an overwhelmingly positive trend, say executives, who also pinpoint some areas in need of improvement.
A recent analysis of the world's financial markets shows how they are changing, with the eurozone countries wielding ever more influence.
Investors and fund managers build entire portfolios around the premise that growth stocks grow faster than value stocks. The problem is that they don't.
Public companies will need to raise their governance game if they are to compete with private firms.
December 2006
The latest boom in merger activity appears to be creating more value for the shareholders of the acquiring companies.
October 2006
A panel of executives explores why private equity has been giving public ownership such a run for its money.
April 2006
What should a company do when a hedge fund shows up among its investors?
March 2006
New laws to introduce real estate investment trusts in Germany and the United Kingdom could allow companies to unlock the value in their commercial property.
February 2006
A company's ratio of debt to equity should support its business strategy, not help it pursue tax breaks. Here's how to get the balance right.
December 2005
The oil and gas industry has a history of overinvesting at the top of a cycle. This time it should break the habit.
August 2005
Companies shouldn't confuse the value created by returning cash to shareholders with the value created by actual operational improvements. After all, the market doesn't.
March 2005
In-depth analysis of the financial assets of more than 100 countries shows that financial markets are becoming deeper, more liquid, and increasingly integrated.
December 2004
For capital-intensive businesses, the variables in portfolio decisions can seem overwhelming. Streamlining can help.
May 2004
Companies should deal with the problems now, before another benefits crisis—health care—starts to rear its head.
March 2004
Olli-Pekka Kallasvuo, Nokia’s head of mobile phones and a former CFO, discusses strategic organization, performance measurement, and the value of financial transparency.
February 2004
The time has come for insurance companies to reconsider their approach to risk and reward.
May 2003
Eliminating the double taxation of dividends is more notable for what it won’t do than for what it will.
October 2002
Investors are hearing that strategies to boost capital efficiency are financial gimmickry that creates no value. That perception is wrong.
May 2001
The makers of the New Beetle and the Walkman have a lot to teach the builders of oil rigs and chemicals plants.
August 1998
Do you have a culture of capital entitlement? Driving up hurdle rates won’t fix the problem. We offer some ways out of the “doom loop.”
November 1996
When faced with a major capital investment, you can save hundreds of millions of dollars. Focus on capital productivity, not just the budget and schedule.
November 1993
Practical ways to reduce a company’s excess appetite for capital.
May 1993
When a budgeting process—at any level—is not continuously focused on using capital efficiently, potential sources of value remain hidden.
MAY 2011
APRIL 2011
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