Musings on Markets

AUGUST 5, 2023

If you have been reading my posts, you know that I have an obsession with equity risk premiums, which I believe lie at the center of almost every substantive debate in markets and investing. How, you may ask, can equity risk premiums be that divergent, and does that imply that anything goes?

Risk Premium

Brian DeChesare

JULY 9, 2025

Whenever I write about Corporate Finance jobs on this site, there’s always a fair amount of criticism in the comments. But many corporations also realized that Corporate Finance has a branding problem , because they created “Strategic Finance” roles. Recruiting: Who Wins Strategic Finance Jobs?

Corporate Finance

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. As a result, treasury bond investors faced one of their worst years in history, losing close to a fifth of their principal, as bonds were repriced.

Treasury

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

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

Brian DeChesare

JUNE 15, 2022

First, note that these terms apply only to investment banks and related finance firms (private equity firms, hedge funds, etc.). Example Jobs at a Bank: Investment banking , sales & trading , equity research , internal private equity , private banking , and private wealth management.

Banking

Brian DeChesare

SEPTEMBER 14, 2022

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

Musings on Markets

JANUARY 24, 2024

In my last post, I looked at equities in 2023, and argued that while they did well during 2023, the bounce back were uneven, with a few big winning companies and sectors, and a significant number of companies not partaking in the recovery. The Fed Effect: Where's the beef?

Treasury

Global Finance

JUNE 3, 2024

Verdeschi has spent the last seven years as Citi’s treasurer, in which capacity he managed a $2 trillion balance sheet, centralized treasury activities and revamped governance. The firm also achieved a 3.85% return on equity and a solid net margin of 26.39%, each above the industry average.

Treasury

Mckinsey and Company

JULY 9, 2025

Meanwhile, many high-margin products had net outflows in 2024, such as active equity investing (with negative €147 billion) and active multi-asset investing (negative €109 billion). High-margin asset classes have revenue margins of more than 30 basis points and include alts, active equity and active multi-asset. basis points).

Alpha

Global Finance

JUNE 6, 2024

Innovation: AI-Based Fund Monitoring Company: Eurasian Bank In Kazakhstan, would-be homeowners often engage in shared-equity construction, a process in which future owners buy shares in a house under construction. Launched in March 2024, the chatbot is dynamic, meaning it improves the more it is used.

Banking

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

Musings on Markets

JANUARY 9, 2021

The second was that, starting mid-year in 2020, equity markets and the real economy moved in different directions, with the former rising on the expectations a post-virus future, and the latter languishing, as most of the world continued to operate with significant constraints.

Risk Premium

Reynolds Holding

SEPTEMBER 24, 2024

15] Corporation Finance The Division of Corporation Finance seeks to ensure that investors have access to the information they need to make informed investment and voting decisions when a company offers its securities to the public, and on an ongoing basis as companies continue to provide information to the marketplace.

Treasury

Reynolds Holding

MAY 11, 2023

For our analysis, we draw on an earlier post , in which we argued that the actions of the Swiss authorities made sense from a corporate finance, legal, and financial stability perspective. Eidenmüller and Paz Valbuena also argue that AT1 CoCos should be of the “conversion to equity” (CE) and not of “principal write-down” (PWD) type.

Banking

Reynolds Holding

MAY 18, 2022

In the interest of time, I will focus the bulk of this testimony on our six Divisions: The Divisions of Enforcement and Examinations, our cops on the beat and eyes and ears on the ground; The programmatic Divisions of Corporation Finance, Trading and Markets, and Investment Management; and. Corporation Finance.

Marketability

Global Finance

MAY 10, 2024

And while Chinese holdings of US Treasuries have declined notably since the pandemic, China’s holdings of agency securities and US corporate equities have picked up of late, though some of this is simply down to valuation increase.”

Start-ups

Musings on Markets

JANUARY 8, 2022

A few of these variables are macro variables, but only those that I find useful in corporate finance and valuation, and not easily accessible in public data bases. Rather than replicate that data, my macroeconomic datasets relate to four key variables that I use in corporate finance and valuation.

Risk Premium

Musings on Markets

MAY 11, 2021

Historical Stock Returns: Pre and Post-tax At the start of every year, I update a dataset , where I look at historical returns on stocks over time, and compare these returns to returns on treasury bonds/bills, corporate bonds and gold.

Dividends

Musings on Markets

JULY 24, 2024

After the 2008 market crisis, I resolved that I would be far more organized in my assessments and updating of equity risk premiums, in the United States and abroad, as I looked at the damage that can be inflicted on intrinsic value by significant shifts in risk premiums, i.e., my definition of a crisis.

Risk Premium

Reynolds Holding

JULY 21, 2025

securities law, developed in the 1930s to govern traditional corporate equity and debt instruments, lacks the analytical tools to meaningfully distinguish between these varied digital asset categories. economy, concentrated among smaller corporations and consistent with increasingly fragile financial structures. [12]

Finance

Reynolds Holding

FEBRUARY 13, 2024

They begin with rules on Universal Proxy (11/17/21), implementation of the Holding Foreign Companies Accountable Act (12/2/21), and Proxy Advisors (7/13/22), and end with rules on Conflicts in Securitizations (11/27/23), Treasury Market Clearing (12/13/23), and SPACs (1/24/24). SEC, Brief of Amicus Curiae the Chamber of Commerce (Nov.

Treasury