Sat.Sep 30, 2023 - Fri.Oct 06, 2023

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The Administrative Origins of Mandatory Disclosure

Harvard Corporate Governance

Posted by Alexander I. Platt (University of Kansas School of Law), on Wednesday, October 4, 2023 Editor's Note: Alexander I. Platt is Associate Professor at the University of Kansas School of Law. This post is based on his recent paper , forthcoming in The Journal of Corporation Law. Related research from the Program on Corporate Governance includes The Law and Economics of Equity Swap Disclosure (discussed on the Forum here ) by Lucian Bebchuk; and Pre-Disclosure Accumulations by Activist In

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S.E.C. Sues Elon Musk to Compel Him to Testify on Twitter Purchase

NYT M&A

The agency said Mr. Musk was subpoenaed to testify last month about his purchases of Twitter’s stock last year, but he failed to appear.

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What is tokenization?

Mckinsey and Company

Tokenization is the process of issuing a digital representation of an asset on a blockchain.

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Hipgnosis shareholders object to $440mn rights deal

Financial Times M&A

Some investors believe the sale of music rights to a private sister fund owned by Blackstone undervalues the assets

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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The DNA of 2023 U.S. Sustainability Reports

Harvard Corporate Governance

Posted by Martha Carter, Matt Filosa, Diana Lee, Teneo, on Friday, October 6, 2023 Editor's Note: Martha Carter is Vice Chair & Head of Governance Advisory, Matt Filosa is Senior Managing Director, and Diana Lee is Senior Vice President at Teneo. This post is based on a Teneo memorandum by Ms. Carter, Mr. Filosa, Ms.Lee, Sean Quinn , and Sydney Carlock.

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Colleges Find Real Estate Bargains in Empty Office Spaces

NYT M&A

As companies with hybrid work forces reduce square footage, universities see an opportunity to buy buildings at bargain prices.

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Wall Street bankers hope for dealmaking rebound after boom and bust

Financial Times M&A

Dealmakers anticipate steadier business in 2024 after four years of wildly fluctuating activity volumes

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Risk Management and the Board of Directors

Harvard Corporate Governance

Posted by Martin Lipton, John Savarese, and Sarah K. Eddy, Wachtell Lipton Rosen & Katz, on Saturday, September 30, 2023 Editor's Note: Martin Lipton is a founding partner of Wachtell, Lipton, Rosen & Katz, specializing in mergers and acquisitions and matters affecting corporate policy and strategy. John F. Savarese and Sarah K. Eddy are Partners in the Litigation Department at Wachtell, Lipton, Rosen & Katz.

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IVAS-IVSC Business Valuation Conference 2023: Shaping the Future of Valuation

IVSC

The IVAS-IVSC Business Valuation Conference 2023, held under the theme “ The Future of Business Valuation: Embracing Shifts and Innovation ,” was a resounding success. This two-day event brought together key VIPs and valuation experts to discuss the evolving landscape of business valuation. Programme Highlights Day 1: October 3, 2023 The first day of the conference featured a diverse programme: Welcome Remarks by IVAS and IVSC: Mr Lie Kok Keong and Mrs Lim Hwee Hua extended warm welc

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Employee experience still matters: Talent retention at GCCs

Mckinsey and Company

With five focused actions, global capability centers could cut their attrition rates in half.

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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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Axel Springer expresses interest in buying UK’s Telegraph group

Financial Times M&A

German media company joins growing list of international investors considering bid for conservative publisher

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California’s Proposed Bills Require Reporting on Climate Emissions and Risks

Harvard Corporate Governance

Posted by David A. Bell, Ron C. Llewellyn and Emily Sacks-Wilner, Fenwick & West LLP, on Sunday, October 1, 2023 Editor's Note: David A. Bell is a Partner, and Ron C. Llewellyn and Emily Sacks-Wilner are Counsels at Fenwick & West LLP. This post is based on their Fenwick memorandum. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here ) by Lucian A.

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Invisible, yet Invaluable: Valuing Intangibles in the Birkenstock IPO!

Musings on Markets

A few days ago, I valued Instacart ahead of its initial public offering , and noted that the reception that the stock gets will be a good barometer of where risk capital stands in the market, right now. After a buzzy open, when the stock jumped from its offering price of $30 a share to $42, the stock has quickly given up those gains and now trades at below to its offer price.

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Cementing your lead: The cement industry in the net-zero transition

Mckinsey and Company

Novel approaches and materials could help the cement industry transition to a decarbonized future. Moving forward, players with strategic approaches to new technologies could have an edge.

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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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Exxon Mobil Reportedly Nears a Deal for Pioneer, a Shale Giant

NYT M&A

Exxon Mobil is reportedly in talks to buy Pioneer Natural Resources, a major shale driller, in what would be the biggest takeover of the year.

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Corporate Governing: Promises and Risks of Corporations as Socio-Economic Reformers

Harvard Corporate Governance

Posted by Matteo Gatti (Rutgers), on Tuesday, October 3, 2023 Editor's Note: Matteo Gatti is a Professor of Law at Rutgers Law School. This post is based on his working paper. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here ); by Lucian A. Bebchuk, Kobi Kastiel, and Roberto Tallarita; and Will Corporations Deliver Value to All Stakeholders?

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Market Bipolarity: Exuberance versus Exhaustion!

Musings on Markets

As we enter the last quarter of 2023, it has been a roller coaster of a year. We started the year with significant uncertainty about whether the surge in inflation seen in 2022 would persist as well as about whether the economy was headed into a recession. In the first half of the year, we had positive surprises on both fronts, as inflation dropped after than expected and the economy stayed resilient, allowing for a comeback on stocks, which I wrote about in a post in July 2023.

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How traders can capture value in sustainable fuels

Mckinsey and Company

The sustainable-fuel market is nascent, complex, and growing fast. Traders that develop an in-depth understanding across different fuels, feedstocks, and regions can gain a competitive advantage.

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A ‘Shadow’ Lending Market in the U.S., Funded by Insurance Premiums

NYT M&A

Apollo was the first to use annuities to build a major financing business. Others followed, driving the growth of the private lending market and worrying regulators.

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Secret and Overt Information Acquisition in Financial Markets

Harvard Corporate Governance

Posted by Yan Xiong (The Hong Kong University of Science and Technology), Liyan Yang (University of Toronto), on Monday, October 2, 2023 Editor's Note: Yan Xiong is an Assistant Professor of Finance at The Hong Kong University of Science and Technology, and Liyan Yang is a Professor of Finance at the Rotman School of Management, University of Toronto.

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Rinehart/Liontown: heavy metal billionaire seeks something lighter

Financial Times M&A

Albemarle’s margin for victory over buying lithium miner reduces every time Hancock increases its stake

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Strategies for Saudi Arabia to deliver on its $1 trillion-plus project plan

Mckinsey and Company

As Saudi Arabia sets out on one of the world’s most ambitious phases of capital expenditure, tried and tested opportunities can help the country unlock construction project success.

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How do different accounting firms use AI?

ThomsonReuters

Jump to: How many accounting firms use AI? How do the Big 4 use artificial intelligence? How do smaller accounting firms use AI? How does AI impact workflow? In today’s fast-paced business world, ignoring technology is not an option, and the field of accounting is no exception. Artificial Intelligence (AI) has become a game-changer, helping accounting firms streamline processes, improve accuracy, and deliver more value to their clients.

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Do Consumers Care About ESG? Evidence from Barcode-Level Sales Data

Harvard Corporate Governance

Posted by Jean-Marie Meier (University of Pennsylvania), on Thursday, October 5, 2023 Editor's Note: Jean-Marie Meier is a Visiting Assistant Professor of Finance at The Wharton School, University of Pennsylvania, and Assistant Professor of Finance at the University of Texas at Dallas – Naveen Jindal School of Management. This post is based on a working paper by Professor Meier, Henri Servaes , Jiaying Wei , and Steven Chong Xiao.

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How the tyres fell off a Blackstone private credit deal

Financial Times M&A

Plus, General Atlantic’s secondaries pivot and the pharma bankruptcy hurting opioid victims a second time over

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Can public EV-fast charging stations be profitable in the United States?

Mckinsey and Company

More fast public chargers are needed to support the growth of EVs—but generating a profit at a public charging station remains challenging.

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IPOs, Inflation Data and More Are at Risk in a Shutdown

NYT M&A

Important economic data could be delayed, as could regulators’ decisions on mergers and new public listings.

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Weekly Roundup: September 29-October 5, 2023

Harvard Corporate Governance

Posted by the Harvard Law School Forum on Corporate Governance, on Friday, October 6, 2023 Editor's Note: This roundup contains a collection of the posts published on the Forum during the week of September 29-October 5, 2023 Startup Failure Posted by Elizabeth Pollman (University of Pennsylvania), on Friday, September 29, 2023 Tags: Bankruptcy , Exit , M&A , Startups Risk Management and the Board of Directors Posted by Martin Lipton, John Savarese, and Sarah K.

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Exxon/Pioneer: scaling up in the shale patch

Financial Times M&A

Oil company in talks to buy US-listed resource giant

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The McKinsey Crossword: Applied AI | No. 148

Mckinsey and Company

Sharpen your problem-solving skills the McKinsey way, with our weekly crossword. Each puzzle is created with the McKinsey audience in mind, and includes a subtle (and sometimes not-so-subtle) business theme for you to find. Answers that are directionally correct may not cut it if you’re looking for a quick win.

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Payroll Taxes for Out-of-State Employees: What You Need to Know

Redpath

Many companies have out-of-state as well as in-state employees, especially in industries such as manufacturing, construction, and technology.

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Director Elections under the Microscope

Harvard Corporate Governance

Posted by Edna Twumwaa Frimpong, Diligent Market Intelligence, on Monday, October 2, 2023 Editor's Note: Edna Twumwaa Frimpong is the Head of International Research at Diligent Institute. This post is based on her Diligent memorandum. Related research from the Program on Corporate Governance includes The Myth of the Shareholder Franchise (discussed on the Forum here ) by Lucian A.

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US to incentivise companies to report misdeeds at businesses they buy

Financial Times M&A

New Department of Justice enforcement policy will encourage more disclosure of potential misconduct

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The potential of M&A in IT services: Three charts

Mckinsey and Company

The IT services industry presents attractive opportunities for value creation through M&A. Here’s the playbook.

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