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Share Repurchases on Trial: Large-Sample Evidence on Market Outcomes, Executive Compensation, and Corporate Finances

Harvard Corporate Governance

Related research from the Program on Corporate Governance includes Short-Termism and Capital Flows (discussed on the Forum here ) by Jesse Fried and Charles C. Wang; and Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay (discussed on the Forum here ) by Jesse Fried.

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The Corporate Investment Benefits of Mutual Fund Dual Holdings

Harvard Corporate Governance

Consequently, fund families managing both equity and bond funds are more likely to hold stocks and bonds from the same company simultaneously (“dual holdings”). Using detailed holding data of mutual funds, our paper first documents a rising trend in mutual fund dual holdings of U.S. This post is based on their working paper.

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The Buy-Side vs. Sell-Side: Useful Categories in the Finance Industry, or Marketing Hype?

Brian DeChesare

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 130
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Distressed Debt Hedge Funds: How to Become a Vulture Capitalist

Brian DeChesare

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 103
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The Credit Analyst Career Path: How to Get Into Finance Through the Side Door

Brian DeChesare

These three categories have a lot in common: External Parties – Unlike corporate finance roles such as FP&A , in credit, you always analyze external parties such as customers, borrowers, or clients paying for ratings. But it is also possible to move to a credit rating agency or corporate/investment banking.

Finance 95
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Decentralized Finance, Crypto Funds, and Value Creation in Tokenized Firms

Reynolds Holding

We document that CFs outperform the market by 2.69 Interestingly, the outperformance effect is stronger if the firm is backed by a hedge-style CF, rather than a venture-style CF. Third, we shed light on the performance and performance persistence of CFs themselves. percent per month, as measured by the traditional CAPM-alpha.

Finance 103
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Age and Investment Banking: When Is It Too Late to Break Into the Industry, and What Should You Do If You’re “Too Old”?

Brian DeChesare

“You really want to work on deals” means that you treat deals like football fans treat football: you read about them constantly, examine the legal documents for fun, and form strong views about M&A deals , IPOs , and more. The age requirements are less strict, and more experience usually helps you in corporate development recruiting.

Banking 98