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Exit: Terminating Interdependes
In my recent publication in M&A Review (Oct 2010), I discuss how companies should plan and implement their exit strategies, including a generic process for M&A practitioners, corporate decision makers, fund managers and transaction advisors. In my contribution, I also address major shortcomings of carve-outs which have been an emerging discipline in consulting practicies. Most consultants do not provide adequate advice for planning and accomplishing corporate divestitures. The paper is avilable at M&A Review (in German).
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The Big Four
Recent news on the role of an accounting firm on the fall of Lehman Brothers in 2008 reveals a damaged picture of the auditing profession. Enron, Worldcom and many other examples have shown the significant role of the accounting firms in destroying shareholder value and trust in capital market efficiency. In a quantitative research, I have accomplished an in-depth study of the Big Four practices. Results suggest that for an improved performance of market, accounting firms are required to go through a significant change. Outcomes were evaluated by professionals and policy makers in the U.S. and UK. The outcomes provide major stakeholders, such as shareholders, policy makers, and Securities and Exchange Commission the most recent insight on the Big Four's ultimate quest for growth through larger sales at the cost of the quality of audit work.
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