Joel Stern

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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, corporate performance measurement, corporate valuation and incentive compensation and was a pioneer and leading advocate of the concept of shareholder value.[1] He was also active in academia, and in the media.[2]

After graduating from the University of Chicago's graduate program in Finance and Economics (MBA, Chicago-Booth, 1964), he joined the Chase Manhattan Bank 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[3] 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,[4] The University of Chicago (Chicago-Booth), the University of Cape Town,[5] Singapore Management University,[6] Universidad Francisco Marroquín, Universidad EAFIT, and the Lauder Business School.[7] He is also part of the Executive Advisory Committee of the William E. Simon Graduate School of Business Administration at the University of Rochester and was a member of the University of Chicago's Council on the Graduate School of Business.[8]

His media involvements include being the financial policy columnist for the London Sunday Times[9][10] and The Financial Times. He has also written for the Wall Street Journal editorial page,[11] the New York Times and Fortune amongst others. He also has appeared on national business news programs, including Bloomberg TV’s Taking Stock with Pimm Fox,[12] CNBC Asia’s Squawk Box[13][14], CNN’s Moneyline and Wall Street Week, where he was a rotating panelist for 17 years.

He died on May 21, 2019.[15]


  1. ^ "Joel Stern appointed visiting professor at UCT Graduate School of Business". 2003-02-05. Retrieved 2015-09-05.
  2. ^ "GSB | Chicago: The Distinguished Alumnus Awards: Joel Stern". Archived from the original on 2013-01-23. Retrieved 2015-09-05.
  3. ^ "Journal of Applied Corporate Finance – Editorial Board". Journal of Applied Corporate Finance. CiteSeerX doi:10.1111/(ISSN)1745-6622.
  4. ^ "Joel Stern". Tepper School of Business. Retrieved 2016-03-21.
  5. ^ "Visiting Faculty & Teaching Fellows at the GSB". Retrieved 2016-03-21.
  6. ^ "Faculty Profiles | Welcome to Lee Kong Chian School of Business (SMU)". Retrieved 2016-03-21.
  7. ^ "Course of Pioneering Financial Expert Professor Joel Stern at Lauder Business School – Lauder Business School". Lauder Business School. 2014-09-30. Retrieved 2016-03-21.
  8. ^ "Council on Chicago Booth | The University of Chicago Booth School of Business". Retrieved 2016-03-21.
  9. ^ Stern, Joel (October 3, 1999). "Boardroom controls give conglomerates a boost". The Sunday Times.
  10. ^ Stern, Joel (May 23, 1999). "Why debt really doesn't give more value than equity". The Sunday Times.
  11. ^ "Annual Reports and Stock Prices". Retrieved 2016-03-21.
  12. ^ "Stern: The Fiscal Cliff Effect Will Be Negligible". Retrieved 2016-03-21.
  13. ^ Holliday, Katie (2013-06-21). "It May Feel Overdone but Perhaps Sell-Off Is Justified". CNBC. Retrieved 2016-03-21.
  14. ^ "Central Bank Easing Sparks Stock Market-Economy Divide". CNBC. Retrieved 2016-03-21.
  15. ^ "Adiós a Joel M. Stern | Universidad Francisco Marroquín". 2019-05-22. Retrieved 2019-05-23.

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