Reynolds Holding

APRIL 30, 2024

Large-scale private equity buyouts, and the increasingly gargantuan financial firms that spearhead them, are commonly regarded as staples of today’s financialized corporate economy. Largely due to agency theory’s narrative influence, private equity has generally come to be understood not just as a U.S.-originated

Equity 59

Equity Corporate Finance Banking Finance 59

Brian DeChesare

JUNE 15, 2022

Yes, if you’re working at a large bank, it’s generally best to be in a “front office” (client-facing) role. First, note that these terms apply only to investment banks and related finance firms (private equity firms, hedge funds, etc.).

Banking 94

Banking Treasury Start-ups Finance 94

IVSC

SEPTEMBER 14, 2022

Nicholas brings three decades of capital markets, corporate finance and valuation experience and will lead the IVSC’s growth across the region, with a focus on business valuation and intangibles. The IVSC is delighted to announce the appointment of Nicolas Konialidis as its new Asia Director, based in Singapore.

Intangible Assets 130

Intangible Assets Corporate Finance Finance Banking 130

Brian DeChesare

NOVEMBER 2, 2022

In addition to Prime Ministers that serve for only 44 days and questionable weather/food, the United Kingdom is also known as a global hub for investment banking. Many would argue that investment banking in London is second only to New York in terms of compensation, exit opportunities, deal flow, and “prestige.”. Barclays, and UBS).

Banking 79

Banking Start-ups Finance Equity 79

Harvard Corporate Governance

JUNE 30, 2023

Berger (University of Chicago), Wei Cai (Columbia University), and Lin Qiu (Purdue University) , on Monday, June 26, 2023 Tags: Board culture , Board of Directors , CEOs , Corporate culture , dei , Diversity Demonstrating Pay and Performance Alignment Posted by Mike Kesner, Linda Pappas and Ed Sim, Pay Governance LLC, on Monday, June 26, 2023 Tags: (..)

Corporate Finance 228

Corporate Finance Compliance Banking Finance 228

Brian DeChesare

FEBRUARY 22, 2023

Sell-Side Definition: In the finance industry, “buy-side firms” raise money from institutions and wealthy individuals and invest on their behalf, profiting from management fees, performance fees, or both; “sell-side firms” earn money from commissions charged to facilitate deals and to sell, market, and trade equity, debt, and other securities.

Finance 128

Finance Marketability Banking Corporate Finance 128

Brian DeChesare

NOVEMBER 15, 2023

I’ve now been writing about finance careers for almost 20 years, and the topic of the CFA for investment banking never seems to die. Complete a part-time internship at a local private equity firm, venture capital firm, or search fund. These points go back to the flawed concept of “ investment banking certifications.”

Banking 59

Banking Start-ups Finance Private Equity Firm 59

Brian DeChesare

APRIL 13, 2022

They all think they can make a fortune buying and selling stocks; in other words, they’re fans of the long/short equity strategy. When the average person thinks of hedge funds, long/short equity is often the first thing that comes to mind. Probably 90% of hedge fund stock pitches use long/short equity or related strategies.

Equity 91

Equity Start-ups Banking Marketability 91

Brian DeChesare

AUGUST 23, 2023

Almost nothing is worse than recruiting for investment banking internships , winning an offer, preparing , completing the internship, and then not getting a return offer. All the large investment banks – bulge brackets , elite boutiques , and middle-market firms – use internships as a recruiting tool for Analysts and Associates.

Banking 52

Banking Start-ups Finance Marketability 52

Accountancy Today

OCTOBER 24, 2023

FRP’s debt advisory team has advised Mobeus Equity Partners on The Translation People’s on a successful £10.5m FRP Corporate Finance was appointed as debt advisers by Mobeus Equity Partners, who recently supported a management buyout of The Translation People, to deliver a debt financing solution to facilitate future growth.

Debt Financing 71

Debt Financing Corporate Finance Finance Banking 71

Brian DeChesare

JUNE 1, 2022

The power & utilities investment banking team has a reputation for being “boring.”. We’ll get into these fun developments, but I want to start with the basic definitions: Power & Utilities Investment Banking Defined. ” Different banks classify their power & utilities groups differently.

Banking 96

Banking Equity Book Value Capital Structure 96

Brian DeChesare

APRIL 6, 2022

Ask anyone joining a large bank which group they’re most interested in, and consumer retail investment banking is a likely answer. The benefits of the group are almost like the benefits of getting into investment banking : brand/prestige, technical skills, and exit opportunities. public transportation where it exists).

Banking 97

Banking Start-ups Equity Marketability 97

Brian DeChesare

AUGUST 10, 2022

With the possible exception of FIG , oil & gas investment banking generates the highest number of panicked emails and questions. But before delving into the exit opportunities and the long-term outlook, let’s start with the fundamentals: Oil & Gas Investment Banking Defined. Recruiting into Oil & Gas Investment Banking.

Banking 88

Banking EBITDA Dividends Equity 88

Brian DeChesare

MAY 11, 2022

There are few topics as heated as age and investment banking. What should I do with my life if I’m too old for banking?”. If you are older than these age ranges and still want to win a traditional investment banking role, you should start by asking yourself, “Why?” Instead, it mostly produces comments such as: “Am I too old?

Banking 98

Banking Start-ups Finance Private Equity Firm 98

Brian DeChesare

JUNE 22, 2022

I published an article on this topic of investment banking in New York vs. Chicago vs. San Francisco vs. Los Angeles vs. Houston vs. other cities a long time ago – but a fair amount has changed since then: Remote / hybrid work means that some of the advantages and disadvantages of different cities are more nebulous. Tech / healthcare?

Banking 93

Banking Start-ups Finance Marketability 93

Brian DeChesare

FEBRUARY 16, 2022

One of the more controversial industry groups is public finance investment banking. The controversy starts with the name: Is public finance “really” investment banking? Can you compare M&A advisory on multi-billion-dollar corporate deals to underwriting municipal bond issuances from state and local governments?

Finance 65

Finance Banking Equity Marketability 65

Brian DeChesare

AUGUST 31, 2022

Traditionally, if someone asked the “ sales & trading vs. investment banking ” question, the response was easy: “Do banking unless you really, really like trading and could not imagine doing anything else.”. Convertibles do not create immediate dilution , unlike a traditional IPO or follow-on equity offering.

Banking 67

Banking Risk-free Rate Equity Start-ups 67

Brian DeChesare

DECEMBER 14, 2022

One topic that I’ve never fully explained on this site is the investment banking target school. And why do banks focus so heavily on a few schools? Definitions: What are “Investment Banking Target Schools”? Investment Banking Target Schools by Region and Level.

Banking 52

Banking Finance Start-ups Corporate Finance 52

Brian DeChesare

DECEMBER 21, 2022

Just look at the financial markets, the crypto meltdown, deal volume at banks, inflation, energy prices, Russia/Ukraine, supply chains, and the hiring environment in tech and finance. But let’s start with my favorite topic: “ranking” banks, schools, and maybe a TV series or three. Bank, School, Dragon, and TV Rankings.

Banking 85

Banking Start-ups Finance EBITDA 85

IVSC

APRIL 29, 2022

. ” Against a backdrop of significant economic and market uncertainty, our panel of international experts from the worlds of valuation, finance, economics, monetary policy and politics will look at the latest data and trends and offer their thoughts on the global outlook. Former Chief Economist, Bank of America Merrill Lynch, Japan.

Intangible Assets 246

Intangible Assets Finance Enterprise Value Corporate Finance 246

Brian DeChesare

SEPTEMBER 14, 2022

For example, if you work in Debt Capital Markets or Leveraged Finance or a closely related area such as corporate banking , technically, you are a “credit analyst.”. The same applies if you’re working in sales & trading on a fixed income trading desk, such as corporate bonds.

Finance 79

Finance Banking Corporate Finance Start-ups 79

Brian DeChesare

APRIL 24, 2024

But then recruiting moved up, the MBA process became more structured, and now we have 4-year-olds aiming for “Target Kindergartens” so they can eventually get into investment banking ~15 years in the future. Interestingly, there are not many investment banks on these lists. Programs” – These are more like spring weeks in the U.K.

Start-ups 59

Start-ups Banking Finance Equity 59

Brian DeChesare

SEPTEMBER 13, 2023

Ask anyone interested in distressed debt hedge funds for “the pitch,” and they’ll probably mention one of the following: “It’s like long/short equity or credit , but more interesting!” Distressed investing offers equity-like returns with lower risk.” Distressed assets offer non-correlated returns, similar to global macro.”

Equity 88

Equity Banking EBITDA Start-ups 88

Musings on Markets

DECEMBER 21, 2022

Starting in late January 2023, I will be back in the classroom, teaching valuation and corporate finance to the MBAs and valuation to the undergraduates, and these classes will continue through May 2023. The class starts with a question of what the end game should be for a business (profitability, value, social good?)

Corporate Finance 89

Corporate Finance Finance Start-ups Marketability 89

Musings on Markets

JANUARY 31, 2024

In my last three posts, I looked at the macro (equity risk premiums, default spreads, risk free rates) and micro (company risk measures) that feed into the expected returns we demand on investments, and argued that these expected returns become hurdle rates for businesses, in the form of costs of equity and capital. trillion ($1.8

Equity 79

Equity Book Value Start-ups Corporate Finance 79

Reynolds Holding

MAY 11, 2023

Credit Suisse (CS) was sold to UBS on March 19, 2023, to avoid its further deterioration from long-lasting distress and widespread distrust, especially after the collapse of Silicon Valley Bank. Accounting values are clearly imperfect, but they are the metric that matters for determining bank insolvency. We disagree with both points.

Banking 59

Banking Equity Book Value Treasury 59

Brian DeChesare

JANUARY 18, 2023

Definitions: What is “Finance,” and What is a “Good Career”? At a high level, recruiting into finance roles hasn’t necessarily become “more difficult,” but it has become more annoying and error-prone due to: Much earlier start dates , especially for summer internships in the U.S. The advancement side is a mixed bag.

Finance 119

Finance Start-ups Banking Corporate Finance 119

Brian DeChesare

MARCH 22, 2023

Before delving in, though, I want to start with the elephant in the room: I was partially wrong ~5 months ago when I wrote about Credit Suisse, UBS, and Deutsche Bank, and whether they would become Lehman Brothers 2.0. billion at a P / BV multiple of 0.1x – exceptionally low for a commercial bank. with flying colors !

Banking 90

Banking Start-ups Corporate Finance Marketability 90

Reynolds Holding

APRIL 7, 2022

s taxonomy of asset, cash, and equity tunneling, I demonstrate how different provisions may affect tunneling (even if the debtor is not in financial distress). A desire to maintain a reputation as a non-aggressive lender or conflicts of interests can lead banks to overlook some self-dealing practices. Based on Atanasov et al.’s

Banking 83

Banking Finance Equity Compliance 83

Appraiser Newsroom

MAY 14, 2024

Ivy has been involved in the valuations of a variety of debt and fixed income securities, real estate, derivative instruments, intangible assets, and equity interests across a variety of industries and global locations. Earlier, he was a Vice President in the M&A group of a boutique investment banking firm.

Intangible Assets 52

Intangible Assets Appraisal Banking Equity 52

Musings on Markets

AUGUST 15, 2023

After the rating downgrade, my mailbox was inundated with questions of what this action meant for investing, in general, and for corporate finance and valuation practice, in particular, and this post is my attempt to answer them all with one post. What is a risk free investment? Why does the risk-free rate matter?

Risk-free Rate 80

Risk-free Rate Treasury Risk Premium Start-ups 80

IT Valuations

DECEMBER 21, 2021

To get this knowledge, we recommend taking free (or paid) courses from the Corporate Finance Institute (CFI). At the end of the day, the most important reason to invest in improving your understanding of financials is that they illustrate and help drive your value.

Corporate Finance 40

Corporate Finance Start-ups Business Valuation Finance 40

Musings on Markets

JANUARY 30, 2023

If 2022 was an unsettling year for equities, as I noted in my second data post, it was an even more tumultuous year for the bond market. The rise in rates transmitted to corporate bond market rates, with a concurrent rise in default spreads exacerbating the damage to investors.

Treasury 74

Treasury Start-ups Risk Premium Equity 74

Musings on Markets

FEBRUARY 27, 2023

To fund the business, you can either use borrowed money (debt) or owner's funds (equity), and while both are sources of capital, they represent different claims on the business. Even government-owned businesses fall under its umbrella, with the key difference being that equity is provided by the taxpayers.

Equity 52

Equity EBITDA Start-ups Net Debt 52

Valutico

JANUARY 25, 2023

Valutation Software Valutico Secures Investment & Partnership Investment from VC investors PUSH Ventures and aws Gründerfonds Investment & planned strategic partnership with Erste Group Valutico, the web-based valuation platform, announces that it has closed its first financing round with outside investors.

Finance 52

Finance Banking Corporate Finance Start-ups 52

Brian DeChesare

MARCH 8, 2023

But a few related areas, such as commodity desks at banks, commodity trading advisors (CTAs), and physical commodity trading shops could put up a good fight for that “most cyclical” title. Commodity trading desks within sales & trading at the large banks. Start in trading and pivot into commodities.

Finance 110

Finance Start-ups Banking Alpha 110

Andrew Stolz

APRIL 3, 2020

Leveraged Buyout (“LBO”) is a quite common term in Corporate Finance field. It refers to acquiring a company (or its part) and financing it with debt. The buyer (the “sponsor”) raises debt and equity to acquire the target. The LBO ratios can go to 90% of debt and 10% of equity. Senior term bank debt.

Private Equity Firm 52

Private Equity Firm EBITDA Equity Finance 52