McKinsey on Finance, Number 55

When it comes to creating value, divestitures are critical—but a positive outcome is not automatic. Some up-front investment can improve the odds of success.

Long focused on deals to acquire technology, brands, or know-how, more emerging-market companies have begun using M&A to tap into new markets.

Expanding your focus tends to add more value in emerging economies than in developed ones.

When exchange rates are volatile, companies rush to stem potential losses. What risks should they hedge—and how?

Scenario planning can broaden the mind but can fall prey to the mind’s inner workings. Here’s how to get more out of planning efforts.