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Does the Market Misprice Companies’ “Strategic Alternatives” Announcements?

Reynolds Holding

Firms seeking strategic alternatives may have confounding characteristics or experience other corporate events that also lead to low future returns. We find a negative and statistically significant alpha from our risk factor regressions, confirming our findings. Announcement returns and future returns, broken up by year.

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Isoray Announces Transformational Merger and Fourth Quarter and Full-Year Fiscal Year End 2022 Financial Results

Benzinga

Viewpoint) a precision oncology company developing alpha-particle therapies and complementary diagnostic imaging agents. In line with our focus on ‘treating cancer from the inside out,' one therapeutic area that has been of great interest to us is targeted alpha therapy. Isoray, Inc. and Subsidiaries . June 30, . . 2022. . .

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Learning Old Lessons From Recent Life Sciences Earnout Disputes: Above All Else, Words Matter

Cooley M&A

More than 80 Auris personnel were diverted from progressing development of iPlatform required to satisfy the earnout milestones to instead do work to stabilize iPlatform’s alpha robot in order to face the post-beta Verb robot in Project Manhattan.

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SEC Commissioner Speaks on IPOs and the Rise of SPACs

Reynolds Holding

Shareholders generally only vote on a few fundamental events in a corporation’s life, including certain proposed mergers and acquisitions. 13] See Joanna Makris, SPAC Market Review , March 2022, Boardroom Alpha (April 1, 2022) (“Redemptions were 82% in [March 2022], down from 89% in February.”). [14] Research Paper No. 746/2021). [13]

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ESG A Valuation Framework

Value Scope

Generally speaking, pre-COVID, the goal of ESG risk management was to minimize negative events that might impact value. As companies continue to legitimately integrate ESG into business strategy, the ability to achieve “alpha,” which is an excess return or performance above a codified index or peer group, might become more difficult to do.

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ESG's Russia Test: Trial by Fire or Crash and Burn?

Musings on Markets

On a different note, the events of the recent weeks have also pointed to the elasticity of the ESG concept. Taking a bigger picture perspective, using the benefit of hindsight to keep expanding ESG to include the missed variables in each crisis will lead to measurement bloat, as it grows more tentacles and adds more dimensions.

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Price vs Value (Part 2): The Financialisation of Startup Investing

Equidam

The result: VCs often keep companies private and ride out valuations as long as possible, even if it means delaying or avoiding liquidity events that would reveal a more sober valuation. This is a classic manifestation of price vs. value: high valuations boosting the numerator of TVPI, but few liquidity events to generate DPI.