The Baeyer-Villiger rearrangement involves the reaction of ketones with peroxy acids, resulting in the conversion of ketones to esters and cyclic ketones to lactones. A typical example is the reaction of acetophenone with perbenzoic acid to produce phenylacetate. The reaction proceeds through an anionotropic rearrangement where a group migrates from carbon to the electron-deficient oxygen. The Baeyer-Villiger rearrangement has applications in synthesizing lactones, anhydrides, and medicinal compounds.