Harvard Corporate Governance

APRIL 16, 2024

The Chinese stock market started in 1990 with the establishment of two domestic stock exchanges (the “A share” market): the Shanghai Stock Exchange (SSE hereafter) and the Shenzhen Stock Exchange (SZSE). The A share market is the second largest in the world in terms of total market capitalization, trailing only the US equity markets.

Marketability 141

Marketability Finance Market Capitalization Banking 141

Reynolds Holding

APRIL 16, 2024

For most of its history, the private equity industry was largely left alone by securities regulators. A basic assumption underlying this approach was that private equity fund investors are sophisticated and should therefore be able to engage in effective private ordering without outside assistance. 2013; Andonov et al.

Equity 59

Equity Start-ups Marketability 59

Harvard Corporate Governance

MAY 23, 2023

As private corporations have found it easier in recent years to raise capital from the private markets, the number of public firms listed on U.S. Why tap public investors for finance, and become exposed to burdensome regulation and the vicissitudes of the public markets, when growth can be sustained with private capital?

Equity 208

Equity Marketability Market Capitalization Finance 208

Harvard Corporate Governance

APRIL 28, 2022

Wang (discussed on the Forum here ); and Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay by Jesse M. 2013 ) and specifically the CEO ( Moore, 2020 ) are more likely to sell equity when firms buy back stock. 2021) present evidence consistent with stock price manipulation around the vesting of CEOs’ equity.

Equity 258

Equity Finance Marketability 258

Harvard Corporate Governance

JULY 17, 2023

In a recent Harvard Law School Forum on Corporate Governance post we drew attention to declining equity markets in the United Kingdom and canvassed various possible explanations for the trend. The UK has, the United States aside, a uniquely well-developed equity market, with origins traceable back to the 16 th century.

Marketability 189

Marketability Equity Finance 189

Harvard Corporate Governance

OCTOBER 20, 2022

For a variety of reasons, 2022 has been a challenging year in the market and particularly within the industries that are traditionally heaviest in terms of public offerings ¾ biotech and high tech. This article focuses on understanding practices related to equity awards made at or around IPO.

Equity 141

Equity Marketability 141

Harvard Corporate Governance

AUGUST 1, 2023

Posted by Mary Ann Deignan, Rich Thomas, and Kathryn Night, Lazard, on Tuesday, August 1, 2023 Editor's Note: Mary Ann Deignan is Head of Capital Markets Advisory, and Rich Thomas and Kathryn Night are Managing Directors in the Capital Markets Advisory group at Lazard. individuals, private equity funds, family offices).

Marketability 242

Marketability Total Shareholder Return Alpha Market Capitalization 242

Cooley M&A

OCTOBER 13, 2023

In a recent installment of Cooley’s Market Talks virtual series Jamie Leigh, partner and co-chair of the M&A practice at Cooley, joined Dave Peinsipp, partner and co-chair of the capital markets practice at Cooley, and Umi Mehta, global head of tech private equity and venture capital investment banking at Morgan Stanley, to discuss the evolving (..)

Equity 52

Equity Marketability Banking 52

Harvard Corporate Governance

NOVEMBER 8, 2022

This post is based on his recent paper , forthcoming in Capital Markets Law Journal, and is part of the Delaware law series ; links to other posts in the series are available here. Hu is the Allan Shivers Chair in the Law of Banking and Finance at the University of Texas Law School.

Equity 198

Equity Banking Finance Marketability 198

Brian DeChesare

JANUARY 24, 2024

Let’s start with the elephant in the room: yes, we’ve covered the growth equity case study before, but I’m doing it again because I don’t think the previous examples were great. So, you can think of this example and tutorial as “Growth Equity Case Study: The Final Form.” They over-complicated the financial model (e.g.,

Equity 105

Equity Private Equity Firm Start-ups Comps 105

Harvard Corporate Governance

FEBRUARY 21, 2024

3] The Grant On January 21, 2018, Tesla’s Board of Directors (the “Board”) [4] unanimously approved the Grant, which would vest based on Tesla’s achievement of certain market capitalization goals, as well as operational milestones related to revenue and adjusted EBITDA targets. The process arrived at an unfair price.” [3]

Equity 220

Equity EBITDA Market Capitalization Marketability 220

Value Scope

SEPTEMBER 4, 2020

Click to Download: Middle Market Private Equity M&A Activity – Q2 2020 Executive Summary Transaction Volume Shrinks Only 31 transactions were reported in Q2 2020, bringing the total reported transactions in 2020 to 113. If you liked this blog you may enjoy reading some of our other blogs here.

Equity 130

Equity EBITDA Marketability Enterprise Value 130

Value Scope

SEPTEMBER 4, 2020

Click to Download: Middle Market Private Equity M&A Activity – Q2 2020. Size became an even greater pricing consideration for the middle market as transaction multiple variances widened for acquisition targets above and below $50 million. Executive Summary. Transaction Volume Shrinks. Size Premium. Industry Analysis.

Equity 130

Equity EBITDA Marketability Enterprise Value 130

Harvard Corporate Governance

MARCH 15, 2024

We study how the arrival of firm-specific information during earnings announcements affects liquidity in over-the-counter (OTC) markets. Extensive research has found a decline in equity market liquidity during earnings announcements due to heightened information asymmetry. However, another friction in many markets (e.g.,

Marketability 117

Marketability Equity 117

Mckinsey and Company

NOVEMBER 1, 2022

Institutional investors and private equity firms can implement some basic but crucial best practices to measure progress on diversity, equity, and inclusion.

Equity 86

Equity Private Equity Firm Marketability 86

Harvard Corporate Governance

FEBRUARY 8, 2024

Private equity sponsors, in particular, held back on debt-financed leveraged buyouts while watching to see whether interest rates (or business valuations) would fall. Direct lending remained hot, continuing to fill in market gaps. But it was by no means a borrower’s market, whether in terms of pricing, terms, or leverage multiples.

Finance 124

Finance Debt Financing Marketability Business Valuation 124

John Jenkins

JANUARY 31, 2023

Katten’s recent “2023 Middle Market Private Equity Report” provides plenty of insights into how PE firms view the challenges and opportunities middle-market deals will face this year. Here’s an excerpt from the intro: Middle-market private equity (PE) firms have mixed expectations for the U.S.

Equity 56

Equity Marketability 56

Law 360 M&A

SEPTEMBER 8, 2023

Given the growth of private debt funds, new entrants in the market and equity markets remaining sluggish, more borrowers are turning to venture debt financing, with long-standing venture funds offering flexibility and expertise without the risks of larger banks, says Jennifer Post at Thompson Coburn.

Equity 40

Equity Debt Financing Marketability Banking 40

Lighter Capital

FEBRUARY 12, 2024

Equity dilution is simply the result of supply and demand. To grow the business, founders and co-founders often sell an ownership stake in the company, or equity , to investors to raise capital; many will also issue equity to hire and compensate early team members. Think of equity shares as pieces of a pie.

Equity 52

Equity Start-ups Finance Marketability 52

NYT M&A

JULY 10, 2023

A new study finds that private equity firms own more than half of all specialists in certain U.S. markets.

Private Equity Firm 101

Private Equity Firm Equity Marketability Mergers & Acquisitions 101

Mckinsey and Company

JANUARY 24, 2023

But if you think the real cost of equity rises in lockstep with government bond yields, think again. Inflation is high and interest rates are climbing.

Equity 74

Equity Marketability Corporate Finance Finance 74

John Jenkins

NOVEMBER 6, 2023

In fact, this excerpt says that those folks are seeing double-digit increases in their pay: The median total cash compensation for all levels of private equity employees […] This Institutional Investor article says that’s not the case.

Equity 49

Equity Marketability 49

Harvard Corporate Governance

MAY 15, 2022

Significant volatility continues to disrupt the equity markets, with the major stock indexes swinging multiple percentage points often on a daily basis. This additional regulatory delay means that transactions, and in particular deals involving stock consideration, are increasingly vulnerable to market risk over a longer time horizon.

Marketability 240

Marketability Market Risk Equity 240

Musings on Markets

OCTOBER 4, 2023

That recovery notwithstanding, uncertainties about inflation and the economy remained unresolved, and those uncertainties became part of the market story in the third quarter of 2023. The Markets in the Third Quarter Coming off a year of rising rates in 2022, interest rates have continued to command center stage in 2023.

Marketability 104

Marketability Start-ups Risk Premium Treasury 104

Brian DeChesare

AUGUST 16, 2023

As with investment banking in Hong Kong , I can summarize private equity in China in one sentence: “If you’re not Chinese, don’t even think about it, and even if you are Chinese, it’s best if you have great connections within the CCP and want to stay in China long-term.” This may change due to factors like the “decoupling” with the U.S.,

Equity 82

Equity Banking Start-ups Private Equity Firm 82

Harvard Corporate Governance

MAY 20, 2022

The past few decades have seen public equity markets becoming increasingly dominated by a few large, diversified institutional investors such as BlackRock, Vanguard, and Fidelity. It requires information on both the competitive landscape (which firms compete with each other) and asset markets (which firm’s shares each investor holds).

Marketability 333

Marketability Finance Equity 333

Startup Valuation Blog

JANUARY 31, 2022

If you consider exchanging startup equity for services - you should follow three basic steps. . In the absence of financing, they offer service providers equity in exchange for services. The exchange of equity-for-services is a deal that involves negotiating. Allocate the Equity. The final step is equity allocation.

Equity 100

Equity Business Valuation Finance Marketability 100

Benchmark Report

JANUARY 24, 2022

Private equity transactions on a global scale returned to form in 2021 following the challenges posed by the pandemic, with private equity firms deploying record amounts of dry powder held as they looked to invest cash accumulated during the pandemic. Deal volume was also staggering, showing a 60% increase year-on-year.

Equity 98

Equity Private Equity Firm Marketability 98

Law 360 M&A

JANUARY 10, 2024

London-based private equity shop Charterhouse Capital Partners has taken on a majority stake in sports marketing company Two Circles, the parties announced in a joint statement on Wednesday.

Marketability 92

Marketability Equity 92

Brian DeChesare

NOVEMBER 1, 2023

When you hear the words “healthcare private equity,” two thoughts probably come to mind: Wait a minute, isn’t healthcare a risky/growth-oriented sector? Before delving into these nuances, we should take a step back and define the sector: Definitions: What is a Healthcare Private Equity Firm? Why do PE firms operate there?

Equity 59

Equity Private Equity Firm Start-ups Banking 59

RNC

AUGUST 15, 2023

Equity valuation holds significance. However, like any tool, equity valuation models present their fair share of challenges and limitations. In this blog post, we will delve into the balance, between precision and practicality, in equity valuation. Discuss strategies to overcome these hurdles.

Equity 52

Equity Discounted Cash Flow Equity Financing Business Valuation 52

Accountancy Today

SEPTEMBER 25, 2023

FRP Corporate Finance has advised Harwood Private Equity on its sale of the Vegner Group, one of the UK’s leading property services businesses, to international property management group Odevo. The business, which has 20 offices across the UK and employs around 475 people, has been backed by Harwood Private Equity since 2020.

Corporate Finance 80

Corporate Finance Finance Equity Marketability 80

Benzinga

DECEMBER 13, 2023

Click Here (on Society Pass website) to view the full Greenridge Equity Research Report. It states that TMG's huge organic growth and SEA influencer market's fast growth as bases for its valuation estimate. Upcoming 2024 IPO : SOPA intends to spin out and publicly list TMG via Nasdaq IPO in 2024.

Equity 84

Equity Marketability 84

Business Wire M&A

MARCH 28, 2023

BUSINESS WIRE)--Mosaic Dental Collective, LLC (“Mosaic”) announced a partnership with Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner for North American middle market companies. VANCOUVER, Wash.--(BUSINESS

Equity 98

Equity Marketability 98

Benzinga

MAY 6, 2022

Several states that have recently or soon intend to roll out their adult-use cannabis marketplaces hope progressive equity licensing measures pay off, unlike the states before them. New York's market potential and progressive licensing model is earning it ample spotlight. A $200 million fund for equity license.

Equity 98

Equity Marketability 98

Benzinga

FEBRUARY 29, 2024

Private equity has shifted its stance from the days of taking over targets, with the goal of either flipping them to an interested acquirer or spinning them off into an initial public offering. Buy-side competition is heating up.

Equity 52

Equity Marketability Finance 52

RNC

JANUARY 16, 2024

Even if they have the potential to yield large financial gains, startup equity presents a complex terrain that calls for careful thought and deliberate planning. This Startup Stock Option Survival Guide will go over important pointers to keep your equity stake safe and enhance its worth.

Equity 52

Equity Banking Intangible Assets Marketability 52