An easy to read by "state of the art" text containing a comprehensive review and analysis of existing corporate bankruptcy models, and their applications to real life data Covers a broad range of statistical learning models, ranging from relatively linear techniques (e.g. linear discriminant analysis) to state-of the art machine learning methods (e.g. random forests, deep learning). Explains the purpose, strength and limitations of respective models and frameworks, highlighting their major points of similarity and difference and would make this book a useful reference Much of the corporate bankruptcy literature has relied on quite simplistic classification models but this book introduces a wide range of innovative corporate bankruptcy prediction models

Efficient financial management is the essence of business. This book analyses and evaluates core financial management practices of corporate enterprises in India across diverse sectors including realty, FMCG, pharmaceutical, automobile, IT, chemical and BPO sectors. It emphasizes the importance of the integrated process of capital investments, financing policy, working capital management and dividend distribution for shareholders for a developing economy as India. It further highlights the need for financial viability both in totality and segmental performance. The volume also offers a comparative study of the practices of the companies in different sectors to allow a better appreciation of the issues and challenges regarding management of finances. Rich in case studies, this book will be an indispensable resource for scholars, teachers and students of financial management, business economics as also corporate practitioners.

This book discusses fundamentals of blockchain technology, the issues in its development, potential applications, and its use in cryptocurrency. It also covers fintech, its status and applications, and the concepts related to a digital economy. Because this subject is vast and quickly changing, the book serves as a comprehensive introduction and background to anyone who is interested in blockchain technology and cryptocurrency. It has numerous references for anyone who is interested in further research.

Fighting Corporate Abuse demonstrates, through compelling and revelatory analysis, the legislation and regulation needed to deal with the abuses in the corporate sector that have been revealed in recent years. It highlights the more general contribution of company law and practice to the current crisis in capitalism. The first section develops a controversial argument, using detailed illustrations and vivid examples which show how the various abuses of predatory capitalism have been carried out through the manipulation of the corporate form and the creation of highly complex corporate groups. The group of authors, all experts in their fields, tackle head-on the issues of tax evasion, extraction of value and asset stripping, environmental destruction and managerial self-interest. In doing so, they paint a picture of a system that is abusive, and degenerated, but also a system which can be reformed. In the run up to the UK general election, the authors develop of a set of practical proposals for an incoming government, outlining how each of these abuses could be curtailed and how a more acceptable and accountable form of corporate capitalism can be developed through national and international action. Drawing on the group's activism, as well as their academic experience in law, politics, economics and human rights, this will be an authoritative as well as a highly practical book.

This collection considers the financial crisis from a managerial perspective, focussing on the business implications for the financial industry. Topics examined include governance, information needs and strategy of financial intermediaries and investors. The contributions build on the existing literature and present some unique insights on governance, credit quality evaluation and performance measurement. In a fast growing or steady market, it is possible for even an inefficient financial system to satisfy investors' and firms' needs. However, the current financial crisis has brought into sharp relief the limits of the inefficient practices adopted by the market, and made clear the importance of developing more effective governance mechanisms, more detailed and complete information databases and new strategies. The crisis has also brought to the fore issues about the governance of financial intermediaries that had not been previously addressed. These include board diversity, internal monitoring procedures and the existence of interlocking directorates. More broadly, the financial crisis has radically altered the international framework, with an increasingly consolidated financial sector, and the rise of new markets (such as China) that now play a predominant role in the worldwide market. Studies on the competition and on the performance in this new scenario are essential in order to understand the implications of recent events.

While there is a vast amount of literature examining firm's networks from an industrial organization perspective, the financial implications of networking remain underexplored. This book fills this gap, by investigating the phenomenon of business networks in the context of management and governance processes, and the related effects on interactions with the financial system in general, and credit institutions in particular. Networking is examined both from the demand (firms) and supply (banking institutions) perspective, thus, the book offers several contributions. It outlines the critical issues connected to business aggregations from the point of view of the management of information flows, and addresses the problem of identifying the role of banking ecosystems, in light of the transformations taking place in the financial industry, considering the growing complementarity between bank and market instruments in corporate financing. It explores the problem of identifying rating models for business networks, as well as, for individual participants on a stand-alone basis. Further, the book analyses a sample of networks in Friuli-Venezia Giulia and profiles a number of specific business cases. The book will be of particular interest to researchers and scholars in the field of banking and finance but also entrepreneurship and small business management. It will also find an audience among scholars from a wide array of additional fields, working on the relationship between financing concerns and growth opportunities.

Credit rating agencies play an essential role in the modern financial system and are relied on by creditors and investors on the market. In the recent financial crisis, their power and reliability were often questioned, yet a simple rating downgrade could threaten to bankrupt a whole country. This book examines the governance of credit rating agencies, as expressed by their ability to fairly, ethically and consistently assign higher rates to issuers having lesser default risks. However, factors such as the drive for increased revenue and market share, the inadequate business model, the inadequate methodology of assessing risk, opacity and inadequate internal monitoring have all been identified as critical governance failures for credit agencies. This book explores these issues, and proposes some potential solutions and improvements. This will be of interest to researchers and advanced students of corporate finance, finance, financial economics, risk management, investment management, and banking.

A practical guide to the way in which companies should be run. Adrian Cadbury covers the two interrelated themes of corporate governance and chairmanship. The book explains how corporate governance has influenced the structure and management of businesses and other types of organization, and will therefore prove of use and interest to any members of boards and governing bodies both in Britain and abroad.

This book provides insight into current research topics in finance and banking in the aftermath of the financial crisis. Expert authors authoritatively analyse how banks finance their activities and resolve funding issues. Chapters specifically discuss financial instruments such as corporate bonds, IPOs, sukuks and microfinance investment vehicles (MIVs) in light of the importance of institutional funding gaps. The decision-making process within the banking industry with regard to long-range financial decisions and dividend policies is also discussed.

Examine what would happen if we were to deploy blockchain technology at the sovereign level and use it to create a decentralized cashless economy. This book explains how finance and economics work today, and how the convergence of various technologies related to the financial sector can help us find solutions to problems, such as excessive debt creation, banks getting too big to fail, and shadow banking. The Blockchain Alternative offers sensible corrections to outdated and incorrect dogmas, such as the efficient markets hypothesis and rational expectations theory. You'll also be introduced to universal basic income, the consequences of going cashless, why complexity economics needs to be understood and what kinds of tools and theories you'll need to redefine the existing definition of capitalism. While the book does discuss technologies and methods that are primed for our future, a number of references are made to economic history and the works of great thinkers from a different era. You'll see how the blockchain can be used to deploy solutions that were devised in the past, but which can serve as the antidote to our current economic malaises. You'll discover that what is required today is not an adaptation of the old theories, but a new methodology that is suited to this new era. Without undertaking such an endeavor, one will always be burdened with a definition of capitalism that is out of kilter with the evolution of our digital humanity. What would this mean to monetary and fiscal policy, market structure and our current understanding of economics? More importantly would we need to change our current understanding of capitalism? And if we were to change our perceptions, what would the future version look like? This book answers these questions, and analyses some of the most pertinent issues of our generation. What You'll Learn Examine fractional banking, debt, and the financialization of assets Gain a firm understanding of the "too big to fail" theory, smart contracts, and Fintech Review economics and agent-based modelling Use the blockchain and complexity economics to rethink economics and capitalistic systems Who This Book Is For The primary audience is bankers and other finance professionals, policy makers, and students of finance and economics. The secondary audience is anyone seeking a deeper understanding of the current financial system, the blockchain, and the future of capitalism. Praise for The Blockchain Alternative "...a bold and pioneering effort to make sense of how emerging digital technologies might be used to reshape public policies, including macroeconomic and social policies, in basic ways. Everyone interested in this very important emerging question should read this book." - Dr. Sanjay G. Reddy, Associate Professor of Economics at The New School for Social Research and Research Associate of the Initiative for Policy Dialogue at Columbia University. "Writing on blockchain today is analogous to writing about the internet, before it became massively distributed. The book pushes us to think about the quantum leap that this technology may infer to our capitalist model, if scaled at the pace described by the book. Written with the support of strong empirical models but also with an open mind towards the future, this is a must read for anyone interested in becoming part of the new economic infrastructure" - Dr. Mark Esposito, Harvard University's Division of Continuing Education & Judge Business School, University of Cambridge "With a rigorously balanced dosage of versatility and rationale we are allured into a multifaceted trajectory across ingrained yet functionally arcane economic models, only to plunge into a conceptually revolutionary realm which irreversibly stimulates us into envisaging a fascinating novel scheme of world order". - Ioana Surpateanu, Political Adviser to the European Parliament "If there is only one book that I am reading on how blockchain is going to change our lives, it will have to be "The Blockchain Alternative." - Dr. Terence Tse, Associate Professor of Finance, ESCP Europe Business School

The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership-performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure-firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the 'missing links' in the ownership structure-firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm's financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.

As globalization is redefining the field of corporate finance, international finance is now part and parcel of the basic literacy of any financial executive. This is why International Corporate Finance is a "must" text for upper-undergraduates, MBAs aspiring to careers in global financial services and budding finance professionals. International Corporate Finance offers thorough coverage of the international monetary system, international financing, foreign exchange risk management and cross-border valuation. Additionally, the book offers keen insight on how disintermediation, deregulation and securitization are re-shaping global capital markets. What is different about International Corporate Finance? Each chapter opens with a real-life mini-case to anchor theoretical concepts to managerial situations. Provides simple decision rules and "how to do" answers to key managerial issues. Cross-border Mergers & Acquisitions, Project Finance, Islamic Finance, Asian Banking & Finance are completely new chapters that no other textbooks currently cover. Accompanied with a comprehensive instructor support package which includes case studies, an Instructor's Manual, PowerPoint slides, Multiple Choice Questions and more.

An entrepreneur and a social activist remake the future of investing and business, offering a groundbreaking "win-win" roadmap for creating wealth and addressing inequalities by investing in groundbreaking tech companies that defy assumptions from Silicon Valley to Wall Street. Companies backed by venture capital drive the U.S. economy, accounting for hundreds of billions of dollars in sales and profits. The problem is that most of the wealth created winds up enriching elites while the businesses funded by venture capitalists widen economic inequality. Committed to doing things differently, tech venture capitalists Freada Kapor Klein and Mitch Kapor launched Kapor Capital to prove that investing in gap-closing startups-companies whose services or products close opportunity gaps for both communities of color and low-income communities-is good business. Over the past decade, they've broadened the definition of success to include profits and accountability for the impacts a business has on employees, communities, and the planet, helping to launch close to 200 companies engaged in achieving social and economic justice while showing remarkable growth, with many valued in the hundreds of millions or billions of dollars. Like every VC firm, they have experienced high-profile blowups and total losses. But Kapor Capital's investing principles have created a stunning new ecosystem of Black and Latinx entrepreneurs, CEOs, and investors, all devising innovative, effective solutions to address the most pernicious problems afflicting many of America's poorest communities. In Closing the Equity Gap, Freada and Mitch share their core beliefs that all companies must make a positive impact, and that the obstacles entrepreneurs overcome in life are a far better predictor of long-term success than the schools they attend or investment dollars raised from friends and family. Using stories behind some of the most remarkable companies ever launched, they show that the standard investment model doesn't work, how it can be fixed, and what the future could look like if more investors joined them.

Discover your role in the $50-trillion "clean money" revolution that is bringing true prosperity to the world. By 2050, $50 trillion will change hands in North America in the largest generational wealth transfer ever. It will remake the world and be the biggest money-making opportunity in history. "Business as usual", founded on exploitation and environmental ruin, is over. Climate catastrophe, reactionary politics, and widening inequity have put the world on edge. Meanwhile innovations are shifting the economic ground, and an entire generation is pounding the table for real change. Capitalism is evolving into a force that can restore the planet, transform the global economy, and bring justice to people. Joel Solomon, impact investor and change agent, lays it on the line. The Clean Money Revolution is part memoir of an inspiring thought leader's journey from presidential campaigner to pioneering investor, part insider's guide to the businesses remaking the world, and part manifesto for a new vision of profit, power, and purpose. Meet some of the people behind this massive shift, and discover the role you can play in the $50-trillion movement toward true prosperity. A must-read for investors, wealth advisors, aspiring entrepreneurs, and all who want their values and money to work together to transform the future. The Clean Money Revolution is on. Join it! AWARDS SILVER | 2018 Axiom Book Awards: Ethics FINALIST | 2017 Axiom Book Awards: Business & Economics

By January 2012 all major economies, apart from the US, will provide financial reports using International Financial Reporting Standards (IFRS). This book sets out the key differences between IFRS and US GAAP from a practitioner's perspective, although financial analysts will also benefit from the material presented. The financial crisis has been attributed to, among other things, a perceived lack of transparency in the financial markets. In general, transparency implies an ability to see the reported results of an entity's financial activities clearly and to use these results in making investment decisions. At question is the belief that transparency in financial reporting will lead to transparency in financial markets. Unfortunately, this link may be more subjective than most of us wish. Ruth Ann McEwen presents an analysis of reporting issues affecting transparency under IFRS, compared with US GAAP, and suggests areas of concern for preparers and users of financial reports. Providing an invaluable guide for all accountancy professionals, the book also contains a technical analysis of major accounting issues raised by convergence, and indicates areas of interest during initial adoption of IFRS by US entities. This authoritative book provides all the essential information required for advanced practitioners and analysts at this critical juncture.

A RINGSIDE SEAT ON SOME OF THE BIGGEST DEALS AND BIGGEST PERSONALITIES IN BUSINESS AND GLOBAL POLITICS. They are just four letters on an electronic ticker tape, but FTSE has become a byword for money, power, influence and - crucially, after numerous financial crises - trust. How this organisation, FTSE International, brought order to the financial system over several decades, is a story of how capitalism globalized and a data revolution transformed the investment industry. It is a story of how a team of innovators seized an opportunity to build a business that today leads its field and guides the fortunes of an astonishing $16 trillion of funds. It is a story that Mark Makepeace, founding Chief Executive of FTSE International, knows better than anybody. FTSE is a ringside seat on some of the biggest deals and biggest personalities in business and global politics, chronicling how the FTSE 100 was born, behind-the-scenes rows with chief executives of some of the world's largest companies, political in-fighting, diplomatic incidents, and the ferocious dealmaking that followed over 35 years of market boom and bust. 'FTSE is a story which should inform and fascinate anyone interested in capital markets.' Sir Donald Brydon, CBE

Biases, blind spots and bonuses (or incentives more broadly) have led to numerous risk management disasters. Risk governance is a potential solution to these problems yet is not always as effective as we would like it to be. One reason for that is the current dearth of risk governance expertise. This book seeks to address this issue, providing: Understanding of the fundamental forces that cause disasters: the biases, blind spots and bonuses. This understanding is drawn from the disciplines of economics/finance and psychology; Explanation of the structures of risk governance and common challenges experienced in their use e.g. board risk committee, risk/compliance function, assurance function, risk appetite statement, risk disclosures; Thorough investigation of risk culture and its importance in risk governance, including the assessment of risk culture; Understanding of the mechanisms of executive compensation and how they link to risk management - one of the most difficult challenges confronting both risk and remuneration committees; Explanation of the risk management process (based on international standards ISO31000), including practical guidance on risk communication, analysis and treatment; Guidance on the management of strategic risk, emphasising the importance of scenario analysis; Application of these principles to cyber risk, climate risk - two pervasive risks affecting almost every organisation; Numerous case studies and examples drawn from various industries around the world; and Discussion of what has been learned about risk governance from the COVID-19 experience. The book is an essential guide for postgraduate students; participants in professional education programs in governance and risk management; directors; senior executives; risk, compliance and assurance professionals as well as conduct and prudential regulators worldwide.

The internet is dramatically transforming the way business is done, particularly for financial services. Digital Finance takes a thoughtful look at how the industry is evolving, and it explains how to integrate concepts of digital finance into existing traditional finance platforms. This book explores what successful companies are doing to maximize their opportunities in this context and offers suggestions on how to introduce digital finance into a firm's structure. Specific strategies for a digital future are presented, alongside numerous case studies that explore key attributes of success. In recognition of the rapidly evolving nature of finance today, Digital Finance is accompanied by a website maintained by the author (PerryBeaumont.com), as well as links to other content with insightful articles, analyses, and opinions. For both practitioners and students of finance, Digital Finance provides a rich context for a better understanding of the landscape of finance today, and lays the foundation for us to process and create the financial innovations of tomorrow.

Ensure that you're using the most up-to-date data available: Buy the 2017 Valuation Handbook - U.S. Guide to Cost of Capital + Quarterly PDF Updates together! The New Industry Standard in Business Valuation Reference Materials 2017 Valuation Handbook - U.S. Guide to Cost of Capital provides the key annual valuation data previously published in (i) the now discontinued Morningstar/Ibbotson SBBI Valuation Yearbook (discontinued in 2013), and (ii) the Duff & Phelps Risk Premium Report Study (no longer published as a stand-alone publication). The size premia data previously published in the SBBI Valuation Yearbook is referred to as the "CRSP Deciles Size Premia" exhibits in the new 2017 Valuation Handbook - U.S. Guide to Cost of Capital, while the size and risk premia data published in the Duff & Phelps Risk Premium Report Study has been published annually since 1996 and, like the former SBBI Valuation Yearbook, provides data and methodology that can be used to develop cost of equity capital estimates using (i) the build-up method and (ii) the capital asset pricing model (CAPM). The 2017 Valuation Handbook - U.S. Guide to Cost of Capital includes data through December 31, 2016, and is intended to be used for 2017 valuation dates. For more information about Duff & Phelps valuation data resources published by Wiley, please visit www.wiley.com/go/valuationhandbooks. Also Available 2017 Valuation Handbook - U.S. Industry Cost of Capital 2017 Valuation Handbook - International Guide to Cost of Capital 2017 Valuation Handbook - International Industry Cost of Capital Key Features Key cost of capital inputs: The 2017 Valuation Handbook - U.S. Guide to Cost of Capital provides the key inputs needed for developing the cost of equity capital (i.e., "discount rate") for use in estimating the value of a subject business, business ownership interest, security, or intangible asset. Inputs provided include: equity risk premia, size premia, risk premia over the risk free rate, full-information industry betas, industry risk premia, and the risk-free rate. Discussion of topics that come up most when performing valuation analysis: The 2017 Valuation Handbook - U.S. Guide to Cost of Capital includes straightforward discussions about: (i) valuation theory, (ii) the differences between the various cost of capital estimation models (build-up, CAPM, Fama-French), (iii) understanding the basic building blocks of cost of equity capital (the risk-free rate, the equity risk premium, the size premium, beta, the industry risk premium, the company-specific risk premium), (iv) whether to "normalize" risk-free rates or not, (v) a detailed comparison of the CRSP Deciles Size Premia Study (the former SBBI Valuation Yearbook data) and the Risk Premium Report Study, and more. Easy-to-follow examples: The 2017 Valuation Handbook - U.S. Guide to Cost of Capital is packed with easy-to-understand examples for properly using the data to develop levered, unlevered, and even "high-financial-risk" cost of equity capital estimates using various build-up methods and CAPM.

"This is an essential book for any practitioner, researcher or student of securitisation - concise and accurate coverage of the key aspects of securitisation on all the main and secondary markets of the world."
?Alexander Batchvarov, Managing Director, International Structured Product Strategy, Merrill Lynch, London.

"John Deacon's original book became the leading textbook for those genuinely interested in gaining a profound and detailed understanding of the arcane world of securitisation. The new, updated version confirms John's status as the top writer in this sector. Securitisation has moved on, becoming ever more complex in both its detail and its variety, but John's book never fails to deal with all the intellectual challenges posed, in a clear, logical and comprehensive fashion. A must for all practitioners- ? I thoroughly enjoyed it."
?Robert Palache, Managing "Director, Head of European Infrastructure Finance and Corporate Securitisation, Barclays Capi tal"

"Deacon's book is an unparalleled treatise on all aspects of asset securitisation and CDOs and is ideal for use by both experienced market practitioners and by those new to the seemingly ever-expanding world of securitisation. The book comprehensively outlines the various structures encountered, ranging from true sale and future flow financings to synthetics and whole business, addressing not only the framework of the structures but also the regulatory and accounting implications. A must have reference book."
?David Newby, Executive Director, ABN AMRO BANK N.V., Head of UK and Irish Securitisation, Head of European Commercial Real Estate Securitisation

Synthetic credit derivatives technology, CDOs, the covered bond market, the mortgage-backed market and M&A financing have all come together to make securitization the fastest growing and most flexible area of the global credit markets. This authoritative work looks at the recent synthetic structures and credit derivatives used in CDOs and at the new Basel Capital Accord and addresses the framework of these structures as well as the regulatory and accounting implications. You'll find truly global insights, coverage of both the financial and legal aspects of securitization, and a glossary of market and legal terminology.

Order your copy of this comprehensive update on the development of securitization today

Continuous-Time Models in Corporate Finance synthesizes four decades of research to show how stochastic calculus can be used in corporate finance. Combining mathematical rigor with economic intuition, Santiago Moreno-Bromberg and Jean-Charles Rochet analyze corporate decisions such as dividend distribution, the issuance of securities, and capital structure and default. They pay particular attention to financial intermediaries, including banks and insurance companies. The authors begin by recalling the ways that option-pricing techniques can be employed for the pricing of corporate debt and equity. They then present the dynamic model of the trade-off between taxes and bankruptcy costs and derive implications for optimal capital structure. The core chapter introduces the workhorse liquidity-management model--where liquidity and risk management decisions are made in order to minimize the costs of external finance. This model is used to study corporate finance decisions and specific features of banks and insurance companies. The book concludes by presenting the dynamic agency model, where financial frictions stem from the lack of interest alignment between a firm's manager and its financiers. The appendix contains an overview of the main mathematical tools used throughout the book. Requiring some familiarity with stochastic calculus methods, Continuous-Time Models in Corporate Finance will be useful for students, researchers, and professionals who want to develop dynamic models of firms' financial decisions.

The risk of counterparty default in banking, insurance, institutional, and pension-fund portfolios is an area of ongoing and increasing importance for finance practitioners. It is, unfortunately, a topic with a high degree of technical complexity. Addressing this challenge, this book provides a comprehensive and attainable mathematical and statistical discussion of a broad range of existing default-risk models. Model description and derivation, however, is only part of the story. Through use of exhaustive practical examples and extensive code illustrations in the Python programming language, this work also explicitly shows the reader how these models are implemented. Bringing these complex approaches to life by combining the technical details with actual real-life Python code reduces the burden of model complexity and enhances accessibility to this decidedly specialized field of study. The entire work is also liberally supplemented with model-diagnostic, calibration, and parameter-estimation techniques to assist the quantitative analyst in day-to-day implementation as well as in mitigating model risk. Written by an active and experienced practitioner, it is an invaluable learning resource and reference text for financial-risk practitioners and an excellent source for advanced undergraduate and graduate students seeking to acquire knowledge of the key elements of this discipline.

Papers in this volume focus upon corporate governance, broadly defined as the system of controls that helps the corporation effectively manage, administer and direct economic resources. Questions of what and how to produce become equally important as organizations strive to better serve demanding customers. As a result, the design and control of effective organizations structure has been described by the vertical and horizontal relationships among the firm, its customers and suppliers. More recently, researchers have come to understand that the efficiency of firms depends upon the ability of participants to find effective means to minimize the transaction costs of coordinating productive activity. As financial economists have learned, resource allocation will be efficient so long as transaction costs remain low and property rights can be freely assigned and exchanged. An important problem that must be addressed is the so-called agency problem resulting from the natural conflict between owners and managers. Agency costs are the explicit and implicit transaction costs necessary to overcome the natural divergence of interest between agent managers and principal stockholders. The value-maximizing organization design minimizes unproductive conflict within the firm. Papers in this volume show how corporate control mechanisms inside and outside the firm have evolved to allocate decision authority to that person or organization best able to perform a given task.

The world of M&A has always been complex and nuanced. Corporations encounter their toughest business problems during a divestiture or a merger. At the same time, optimal execution of divestitures can also create high value for the seller as well as the buyer. This book is a collection of leading practices on Divestitures and covers end to end transaction life cycle from readiness through execution including post deal transformation. It contains the synthesis of experiences across a wide array of clients across industries, ranging from $500 million to $100 billion in revenue. Each chapter in this book can stand on its own as an authority on leading practices related to the topic it presents, and together, these chapters provide a comprehensive set of perspectives needed to successfully complete a divestiture. The highlight of the book is valuable real-life examples and references that a business can benefit from, when it is considering, analyzing or implementing a divestiture.