My message is short and simple. I hope it is also stimulating, entertaining, alarming, depressing, and nihilistic. If you finish the article thinking you are measuring investment performance only because you don't know of any better way to spend your time (remuneratively, of course), I will be a...

Economic value added (EVA) is a well-known and widely used measure of operating performance. Bacidore, Boquist, Milbourn, and Thakor [1997] introduce a modified version of EVA called refined economic val-ue added (REVA). They claim that REVA is theoretically superior to EVA. Actually, EVA is...