Introduction: Shareholder Value: Key to Corporate Development, C. J. Clarke. Part 1: Failings in Current Practice. Does top management add value to investment decisions? H. Barton et al. Part 2: Safeguarding Independence. Creating value to keep the raiders at bay, B. C. Reimann. Value gaps - who is right, the market or the managers? D. Young & B. Sutcliffe. Brief case: do raiders create value? R. Koch. Defensive strategies against takeovers: creating shareholder value, C. J. Clarke & K. Brennan. Part 3: Evaluating Major Strategic Moves. Good and bad investment: the stock market verdict, C. C. Markides & N. A. Berg. Planned divestment - a five step approach, C. J. Clarke & F. Gall. Acquisitions - techniques for measuring strategic fit, C. J. Clarke. Appraising companies for acquisition, D. Cameron. Assessing the risks in acquisitions - the risk-chance analysis, K. Neuburger. Part 4: Management Buy-Outs Add Value. The NFC buy-out - a new form of industrial enterprise, Sir P. Thompson. Part 5: Selling the Value Strategy. How corporate communication of strategy affects share price, R. Higgins & B. Bannister.