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A knowledge of restructuring and reorganizing transactions, how they work, and their competitive, strategic, and value consequences should be the foundation of business and finance careers. James Seward emphasizes similarities among these transactions as well as their distinctive advantages, features and characteristics. Readers learn how to decompose complex transactions and structures into their basic components and how to analyze them with the tools of modern corporate finance. He presents detailed real-world examples and illustrations by examining restructured and reorganized companies. Reinforcing the proper management of corporations, he shows how these analytical tools deliver practical insights about the sources of enterprise value enhancement in each transactional form. His book replaces largely descriptive, superficial, and selectively incomplete treatments of these transactions with fundamentals designed to produce more focused, competitive entities and to enhance shareholder value.
- Features analytical and descriptive components
- Presents detailed information on legal, tax, and accounting (especially financial reporting) aspects of each transaction type
- Covers financial management concepts such as estimating discount rates, forecasting relevant cash flows, determining optimal financial policies, and distributing cash efficiently to stakeholders
Upper-division undergraduates and graduate students (MBA) working in advanced corporate finance
I. Valuation Methodologies in Non-Distressed Corporate Restructurings and Reorganizations
a. Discounted Cash Flow Methods
b. Adjusted Present Value and Leveraged Transaction Methods
c. Comparables Analysis
d. Real Options
e. Liquidation Analysis
f. Sum-of-the-Parts and Break-up Analysis
g. Exchange Offer Analysis
II. Valuation of Non-Distressed Corporate Restructurings and Reorganizations
a. Asset-based Restructurings and Reorganizations
b. Equity-based Restructurings and Reorganizations
c. Leveraged-based Restructurings and Reorganizations
- No. of pages:
- © Academic Press 2015
- 1st December 2015
- Academic Press
- Hardcover ISBN:
James Seward is the Prochnow Fellow in Finance at the University of Wisconsin, Madison. He is past editor of "Financial Management," the largest circulation journal in the field of finance, and is a member of the Academic Advisory Committee for the Turnaround Management Association. His clients have included Marsh & McLennan, the Wisconsin and New York Public Service Commissions, Citicorp, Hewlitt Packard, Kimberly-Clark, Lockheed Martin, Merrill Lynch, UPM-Kymmene, Westinghouse, and others.
is the Prochnow Fellow in Finance and Executive Director of the Nicholas Center for Corporate Finance and Investment Banking at the University of Wisconsin, Madison, U.S.A. He is a member of the Academic Advisory Committee for the Turnaround Management Association
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