Harvard Corporate Governance

DECEMBER 7, 2022

equity mutual funds at the monthly, annual, decade, and full-sample horizons. equity mutual funds during the 1991 to 2020 period. Treasury Bills at the full-sample horizon. For example, some funds with positive monthly performance estimates have negative long-horizon abnormal returns. We study a broad sample of nearly 8,000 U.S.

Alpha 221

Alpha Finance Treasury Equity 221

Harvard Corporate Governance

JULY 30, 2022

These amendments would cause some of the most active participants in our equity and fixed-income markets to be required to register with FINRA. treasury markets. These firms’ September 2021 off-exchange listed equities dollar volume executed was approximately $789 billion, which was approximately 9.8% 1 [link] (go back).

Equity 187

Equity Treasury Technology Marketability 187

IVSC

SEPTEMBER 12, 2024

He leads a team of quants, focusing on the valuations of complex securities and instruments issued by start-up companies to venture capital and private equity investors. Kwan Eng is a Chartered Valuer and Appraiser, and a Certified International Treasury Management professional.

Intangible Assets 130

Intangible Assets Corporate Finance Treasury Business Valuation 130

Simply Treasury

JULY 12, 2021

Large MNCs are today using big ERPs, customized to their needs, integrated, or interfaced to many other IT treasury solutions dedicated to certain tasks. SMEs, Private Equity Funds, Family Offices, holding companies, fund servicers,) not that well equipped. Treasury system needs is a huge pound. But isn’t it the opposite?

Treasury 52

Treasury Finance Marketability Technology 52

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 97

Treasury Start-ups Risk Premium Equity 97

Trout CPA

APRIL 28, 2023

Department of the Treasury administers the program, but local economic development partners in Pennsylvania are implementing and administering the $246.8 million in funding via loan and equity programs.

Treasury 98

Treasury Equity 98

Musings on Markets

MAY 6, 2022

There are three possible explanations for the divergence: Short term versus Long term : The consumer survey extracts an expectation of inflation in the near term, whereas the treasury markets are providing a longer term perspective, since I am using ten-year rates to derive the market-implied inflation.

Risk Premium 103

Risk Premium Treasury Start-ups Equity 103

Musings on Markets

OCTOBER 4, 2023

While the rise in treasury rates has been less dramatic this year, rates have continued to rise across the term structure: US Treasury While short term rates rose sharply in the first half of the year, and long term rates stabilized, the third quarter has sen a reversal, with short term rates now stabilizing and long term rates rising.

Marketability 123

Marketability Start-ups Risk Premium Treasury 123

Musings on Markets

SEPTEMBER 27, 2022

In a third post on July 1, 2022 , I pointed to inflation as a key culprit in the retreat of risk capital, i.e., capital invested in the riskiest segments of every market, and presented evidence of the impact on risk premiums (bond default spreads and equity risk premiums) in markets.

Risk Premium 99

Risk Premium Treasury Start-ups Equity 99

Musings on Markets

APRIL 7, 2025

Not surprisingly, the markets opened down on Thursday and spent the next two days in that mode, with US equity indices declining almost 10% by close of trading on Friday. US equities had the biggest decline in dollar value terms, losing $5.3 Other Markets As equity markets reacted to the tariff announcement, other markets followed.

Marketability 93

Marketability Risk Premium Start-ups Equity 93

Musings on Markets

JANUARY 27, 2022

The treasury curve became steeper, but only at the shortest end of the spectrum, with the slope rising for the 2-year, relative to the 3-month, but not at all, when comparing the 10-year to the 2-year rate.

Risk-free Rate 99

Risk-free Rate Treasury Price to Book Start-ups 99

Musings on Markets

JANUARY 10, 2025

Thus, as you peruse my historical data on implied equity risk premiums or PE ratios for the S&P 500 over time, you may be tempted to compute averages and use them in your investment strategies, or use my industry averages for debt ratios and pricing multiples as the target for every company in the peer group, but you should hold back.

Risk Premium 120

Risk Premium Dividends Start-ups Corporate Finance 120

Harvard Corporate Governance

NOVEMBER 11, 2022

Governance and the Decoupling of Debt and Equity: The SEC Moves. Griffin (Villanova University), Greg Nini (Drexel University), and David C. Smith (University of Virginia) , on Friday, November 4, 2022. Lawsuit Against Meta Invokes Modern Portfolio Theory To Protect Diversified Shareholders. Posted by Henry T.

Compliance 189

Compliance Banking Treasury Marketability 189

Musings on Markets

JULY 17, 2023

In my second data update post from the start of this year , I looked at US equities in 2022, with the S&P 500 down almost 20% during the year and the NASDAQ, overweighted in technology, feeling even more pain, down about a third, during the year. trillion below their values from the start of 2022.

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

Reynolds Holding

JANUARY 4, 2023

On December 27, 2022, Treasury released Notices 2023-7 and 2023-2 (the “Notices”). The Notices are intended to provide interim guidance until proposed Treasury Regulations are promulgated. The Treasury and IRS have requested further comments on this issue. 1] The CAMT and the Buyback Tax both are effective January 1, 2023.

Treasury 45

Treasury Dividends Marketability Finance 45

Global Finance

MAY 1, 2025

This includes cash, trade, treasury, and capital-market products. Supported by a large team of equity specialists, Dukhan’s portfolio-management services are extensive and include equity markets, sukuk, mutual funds, and capital-protected products. It also has offices in Riyadh, London, Dubai, and Singapore. of deposits.

Banking 83

Banking Finance Marketability Equity 83

Musings on Markets

AUGUST 15, 2023

During 2022, the US treasury did not default, but an investor in a 10-year US treasury bond would have earned a return of -18% on his or her investment, as bond prices dropped. and how much to hold in investments with guaranteed returns over their time horizon (cash, treasury bill and treasury bonds).

Risk-free Rate 98

Risk-free Rate Risk Premium Treasury Start-ups 98

Brian DeChesare

JANUARY 4, 2023

Just look at the handy chart the Financial Times put together to see the horrifically bad numbers: In January 2022, everything seemed quite frothy, with mega-deals happening left and right and crypto and equity prices still at high levels. Treasuries: 19% [Up 19%]. Real Estate (Equity Funds + Owned Properties): 15% [Up 5%].

Marketability 98

Marketability Start-ups Dividends Treasury 98

Brian DeChesare

FEBRUARY 28, 2024

While everyone seems to know about equity research and trading stocks, fixed income research gets far less attention. Equity Research vs. Fixed Income Research Common Myths What Do You Do as a Fixed Income Research Analyst or Associate? Each role has common analytical elements, but the specifics and deliverables differ (e.g.,

Equity 59

Equity Banking Start-ups Risk-free Rate 59

Musings on Markets

JANUARY 17, 2024

Heading into 2023, US equities looked like they were heading into a sea of troubles, with inflation out of control and a recession on the horizon. Breaking equities down by sub-region, and looking across the globe, I computed the change in aggregate market capitalization, by region: While US stocks accounted for about $9.5

Risk Premium 82

Risk Premium Start-ups Equity Dividends 82

Global Finance

JUNE 9, 2025

Another innovation is CashPro Capital Markets Insights, which is the first integrated capital markets experience available in a treasury mobile app, offering access to investment-grade secondary bond pricing alongside treasury information.

Banking 59

Banking Treasury Finance Compliance 59

Musings on Markets

SEPTEMBER 20, 2024

These rates are dynamic and volatile, and you can see them play out in the movements of US treasury rates (with the 3-month and 10-year rates highlighted) and in corporate bond rates (with the Baa corporate bond rate shown).

Banking 126

Banking Treasury Start-ups Marketability 126

Valutico

MAY 19, 2025

This ratio offers insight into a companys profitability and relative value by comparing its total worth (Enterprise Value, encompassing debt and equity) to its operational earnings (EBITDA). EV typically includes Market Capitalization, Debt, Minority Interest, and Preferred Equity, minus Cash & Cash Equivalents.

EBITDA 52

EBITDA Enterprise Value Capital Structure EBIT 52

Biz Equity

MARCH 2, 2023

treasury is paying a higher interest rate than long-term U.S. treasuries. The US Treasury Yield Curve is currently inverted, potentially signaling signs of a recession in the coming months. Yield Curve Inversion Since 1960, the United States has seen seven major recessions, with each being predicted by an inverted yield curve.

Treasury 98

Treasury Marketability Banking 98

Harvard Corporate Governance

MARCH 1, 2024

Davis, and Rose James, Teneo, on Monday, February 26, 2024 Tags: affirmative action , Anti-DEI , dei , Diversity , Stakeholders , Transparency Oregon State Treasury Nomination Neutrality Posted by Philip Larrieu, Oregon State Treasury, on Monday, February 26, 2024 Tags: Board of Directors , Director nominations , fiduciary duty , Proxy access , shareholder (..)

Treasury 100

Treasury Technology Equity 100

Musings on Markets

FEBRUARY 8, 2025

The Hurdle Rate - Intuition and Uses You don't need to complete a corporate finance or valuation class to encounter hurdle rates in practice, usually taking the form of costs of equity and capital, but taking a finance class both deepens the acquaintance and ruins it.

Risk Premium 75

Risk Premium Beta Start-ups Equity 75

Musings on Markets

JULY 13, 2022

Country Risk: Equity Risk For equity investors, the price of risk is captured by the equity risk premium, and equity risk premiums will vary across countries. Please do not attach any political significance to my country groupings, or take them personally.

Risk Premium 103

Risk Premium Risk-free Rate Start-ups Equity 103

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 130

Finance Marketability Banking Corporate Finance 130

Benzinga

JANUARY 17, 2024

Treasury yields inched higher, with the 10-year benchmark reaching 4.10%, and the dollar reached a monthly high. On Thursday, retail sales figures for December exceeded expectations, rising by 0.6% month-over-month, surpassing the predicted 0.4%, and showing a year-over-year surge of 5.6%, marking the highest annual growth since January 2023.

Marketability 98

Marketability Treasury Technology Equity 98

Reynolds Holding

OCTOBER 21, 2024

What GameStop put on display was how much has changed—in technology and business models—since 2005 when we last comprehensively updated our equity market rules. The markets have moved to overwhelmingly trade electronically, with transaction volume in listed equities tripling in the last 17 years. [3] 6] The $55 trillion U.S.

Equity 45

Equity Marketability Start-ups Treasury 45

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 98

Banking Treasury Start-ups Finance 98

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 52

Treasury Risk Premium Start-ups Risk-free Rate 52

Musings on Markets

MAY 5, 2023

The Bank Regulators If you are wondering where bank regulators enter the business model, it is worth remembering that banks predate regulators, and for centuries, were self regulated, i.e., were responsible for ensuring that they had enough equity capital to cover unexpected losses.

Banking 98

Banking Equity Start-ups Treasury 98

Simply Treasury

NOVEMBER 2, 2020

How to best choose your IT treasury solution in a complex and competitive environment? The strategic and key role of treasury teams has increased steadily over last decade. At treasury level, the central technology is the calculation and processing power of Treasury Management Systems (i.e. Tech dependency of Treasury.

Treasury 52

Treasury Technology Start-ups Finance 52

Reynolds Holding

OCTOBER 24, 2022

Again, however, there’s been growing centralization among equity market makers handling retail market orders, as I’ll discuss later. Now, I’d like to discuss how we are looking to apply these tools across the fixed income, equity, and private markets. Equity markets. Next, let me turn to the equity markets. Fixed income.

Treasury 56

Treasury Marketability Equity Finance 56

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 59

Treasury Finance Banking Equity 59

Andrew Stolz

AUGUST 4, 2020

Government Treasury bond can be considered the (nominal) risk-free rate. There is still a risk that the coupons payments a Treasury bondholder earns are reinvested at different, prevailing interest rates. Treasury Bill. Subtract the inflation rate from the yield of the Treasury Bond matching the investment maturity. [(1

Risk-free Rate 52

Risk-free Rate Treasury Equity Marketability 52