Magdalena Mikołajek-Gocejna
pages: 41-56, JEL classification: G11, G31, G34 Key words: market value added (MVA), market value added for shareholders (MVAE), excess MVAE, market value loss (MVL)   Abstract: Measurement of value creation is not simple. The increase in shareholder value will not necessarily mean its creation, because the creation of shareholder value can be defined more or less rigorously. The article focuses attention on market metrics of value: market value added (MVA) and total shareholder return (TSR), as measures most directly related to the concept of creation of value for shareholders. It also describes a distinction between the concept of value creation and value creation for shareholders, discussing their excess forms as well.