Harvard Corporate Governance

SEPTEMBER 2, 2022

Related research from the Program on Corporate Governance includes The Long-Term Effects of Hedge Fund Activism (discussed on the Forum here ) by Lucian Bebchuk, Alon Brav, and Wei Jiang; Dancing with Activists (discussed on the Forum here ) by Lucian Bebchuk, Alon Brav, Wei Jiang, and Thomas Keusch; and Who Bleeds When the Wolves Bite?

Marketability 226

Marketability 226

Financial Times M&A

NOVEMBER 10, 2022

Hedge fund Davidson Kempner joins traditional long-only investors in opposing the deal

98

98

Brian DeChesare

JANUARY 31, 2024

If you think about the most “public” investors – the likes of Bill Ackman and David Einhorn – many of them have something in common: they operate single-manager hedge funds. In other words, they’re the public face and brand of their fund, and all investment decisions flow through them. 10 – 15 positions rather than 100+).

Start-ups 59

Start-ups Equity Marketability Banking 59

Brian DeChesare

JULY 19, 2023

When you hear the term “long-only hedge funds,” your first thought might be: “How can a hedge fund hold only long positions? Doesn’t that contradict the term ‘hedge fund’? Why would investors pay high fees for what is effectively a mutual fund?”

Equity 52

Equity Beta Banking Start-ups 52

Harvard Corporate Governance

MAY 30, 2023

Related research from the Program on Corporate Governance includes The Long-Term Effects of Hedge Fund Activism (discussed on the Forum here ) by Lucian Bebchuk, Alon Brav, and Wei Jiang; Dancing with Activists (discussed on the Forum here ) by Lucian A.

Equity 152

Equity 152

Harvard Corporate Governance

OCTOBER 26, 2022

Related research from the Program on Corporate Governance includes The Long-Term Effects of Hedge Fund Activism (discussed on the Forum here ) by Lucian A. A Flesh-and-Blood Perspective on Hedge Fund Activism and Our Strange Corporate Governance System (discussed on the Forum here ) by Leo E.

Marketability 152

Marketability Technology 152

Brian DeChesare

MARCH 8, 2023

If you want to work in the most cyclical role in the finance industry, it’s hard to beat commodity hedge funds. Many of the largest hedge funds put commodity trading within their global macro strategies , but plenty of smaller funds, banks, and desks make it a separate category or focus on commodities within their macro strategies.

Finance 115

Finance Start-ups Banking Alpha 115

Brian DeChesare

AUGUST 31, 2022

But there might be another equally valid answer: “If you can’t decide, do both and use your combined skills and experience to move into a convertible arbitrage hedge fund.”. Convertible bonds are hybrid instruments with elements of debt and equity, and some groups that trade convertible bonds also combine elements of S&T and IB.

Banking 73

Banking Risk-free Rate Equity Start-ups 73

Brian DeChesare

JUNE 29, 2022

If you’re thinking about exit opportunities and can’t decide between private equity and hedge funds , activist hedge funds might be your solution. And similar to long/short equity hedge funds , they target undervalued and misunderstood companies and profit when the rest of the market catches up.

Private Equity Firm 52

Private Equity Firm Equity Banking Start-ups 52

Reynolds Holding

MARCH 19, 2024

Consequently, these risk-averse CEOs may embrace ESG, not only in response to shareholder pressure, but also defensively as a means of self-protection, and such strategies may not be optimal in either a pecuniary or social welfare sense. Index funds have voted against directors over diversity and climate issues.

Firm Value 78

Firm Value Marketability 78

Harvard Corporate Governance

JUNE 30, 2022

Related research from the Program on Corporate Governance includes The Long-Term Effects of Hedge Fund Activism by Lucian Bebchuk, Alon Brav, and Wei Jiang (discussed on the Forum here ); and Dancing with Activists by Lucian Bebchuk, Alon Brav, Wei Jiang, and Thomas Keusch (discussed on the Forum here ).

Finance 187

Finance Marketability 187

Brian DeChesare

NOVEMBER 9, 2022

Sales & Trading Exit Opportunities Definition: An S&T “exit opportunity” is a different field that you enter after working in sales & trading for a few years; common examples are hedge funds , proprietary trading , middle office roles , and investor relations. Portfolio Manager at a multi-manager hedge fund ).

Banking 81

Banking Equity Start-ups Marketability 81

Reynolds Holding

JANUARY 2, 2023

Investment in ESG-oriented mutual funds (green funds), rose globally by 53 percent in 2021 to $2.7 Not only are people investing more in ESG, but they are willing to pay higher fees for such investments. Not only are people investing more in ESG, but they are willing to pay higher fees for such investments.

Systematic Risk 53

Systematic Risk Dividends Marketability 53

Reynolds Holding

AUGUST 21, 2022

Activist hedge funds will soon likely have greater leverage in proxy contests, thanks to a new rule from the Securities and Exchange Commission. But will that benefit shareholders who care about long-term value? It also allows us to cleanly observe the effect of hedge fund activism. Pros and Cons of Activism.

Finance 59

Finance Firm Value Marketability 59

Reynolds Holding

OCTOBER 17, 2023

Over the past 30 years, private equity firms and hedge funds have reshaped the landscape of corporate ownership. workforce, while, in 2021, hedge funds managed assets exceeding a staggering $4 trillion. high-skill deciles) are paid less at companies owned by private equity and hedge funds.

Private Equity Firm 52

Private Equity Firm Equity Capital Structure 52

Brian DeChesare

JANUARY 19, 2022

Financial Sponsors Group Definition: In investment banking, the Financial Sponsors Group (FSG) advises private equity firms, hedge funds, sovereign wealth funds, and pension funds on capital issuances and transactions involving their portfolio companies. So what’s the difference?”. normal, non-wealthy individuals).

Private Equity Firm 84

Private Equity Firm Banking Equity Finance 84

Reynolds Holding

MARCH 31, 2024

What’s more, so long as burning fossil fuels is profitable, the impact of sustainable finance on global CO2 is limited. percent of the equity; 20:1 requires only 4.8 If institutional investors retain control, they cannot commit to long-term strategies having more impact than foreseeable government policies.

Equity 121

Equity Finance Technology Marketability 121

Reynolds Holding

FEBRUARY 21, 2023

In recent years, an increasingly popular strategy among hedge fund activists has been to acquire seats on the boards of target companies. Hedge fund activists are nonetheless still eager to obtain board representation. This suggests that activists with board representation may be considered long-term investors.

Dividends 72

Dividends Marketability EBITDA Market Capitalization 72

Brian DeChesare

APRIL 5, 2023

If you’ve read this site before, you know this set of goals is impossible for most finance careers: you take a lot of risk, work long/stressful hours, or both. But one possible exception lies in sovereign wealth funds (SWFs) , which are similar to funds of funds in some ways.

Equity 59

Equity Start-ups Private Equity Firm Banking 59

Reynolds Holding

APRIL 17, 2022

Corporate law scholars have long debated whether the structure of the modern public corporation discourages long-term investments. The “short-termists” argue that public company managers are forced to prioritize short-term stock performance over long-term shareholder value. I call it the “venture carveout.”

Technology 111

Technology Net Present Value Finance Equity 111

Brian DeChesare

MARCH 13, 2024

Some argue that GE offers the best of both worlds: the opportunity to fund innovation and growth – as in venture capital – plus the ability to limit downside risk and invest in proven companies – as in private equity. There’s usually a long list of previous VC investors as well. You could keep going and add plenty of names.

Equity 101

Equity Start-ups Marketability Banking 101

Brian DeChesare

JANUARY 10, 2024

If you want to read angry comments and long threads with plenty of insults, you can’t go wrong with the wealth management vs. investment banking debate. In wealth management, you advise the same clients over long periods , but in IB, you hop from deal to deal – though some groups do operate on more of a “client service” model.

Banking 59

Banking Start-ups Equity Corporate Finance 59

Brian DeChesare

JUNE 21, 2023

You’ll also see a fair number of deals in the financial sponsors group due to the many sovereign wealth funds in the region. But I would be careful about reading too much into this because Dubai doesn’t necessarily defy long-term trends for long. 1,000 | Dubai: ~150 Hedge Funds: S.: 7,200 | U.K.: 3,200 | U.K.: ~500

Banking 104

Banking Start-ups Finance Equity 104

Brian DeChesare

JUNE 26, 2023

If you need only one of these courses, you’ll get a better deal on or after June 30 th because each one will be less than $397. The current Financial Modeling Mastery course is far too long and detailed for most students and professionals. I simplified a few case studies and cut some material, but it was still too long.

Start-ups 59

Start-ups Equity Banking Finance 59

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.” is better for domestic funds.

Equity 82

Equity Banking Start-ups Private Equity Firm 82

Musings on Markets

JANUARY 29, 2021

I generally try to stay out of fights, especially when they become mud-wrestling contests, but the battle between the hedge funds and Reddit investors just too juicy to ignore. but in the process, driven some of the hedge funds that have sold short on these companies to edge of oblivion.

Start-ups 52

Start-ups Marketability Banking Finance 52

Appraisers Blog

NOVEMBER 21, 2023

I checked with the county contract bids assignment guy and only two parties put in bids for the multi dozen vending machine contracts in my county. You’ll see me at costco with pallets of soda pops and fancy waters, always chasing the deal and hedge buying sugary drinks by the thousands. Tap into those government funds.

Start-ups 44

Start-ups Appraisal 44

Brian DeChesare

OCTOBER 18, 2023

Note that while Leveraged Finance is technically in “capital markets,” it is closer to groups like M&A because most of the work relates to funding for acquisitions and leveraged buyouts. Some ask you to specify a team upfront, while others assign you to a team only once you’ve won an offer. Why not accept a capital markets role?”

Banking 59

Banking Marketability Start-ups Equity 59

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.). You earn only a fraction of what MDs in investment banking earn (low-to-mid six figures?), Case #2: The Quant or Coder.

Banking 97

Banking Treasury Start-ups Finance 97

Brian DeChesare

MARCH 9, 2022

Ask tech and healthcare bankers and many entrepreneurs what they really want, and they’ll often cite venture capital as their long-term goal. Not only is it challenging to find mermaids and unicorns, but the VC market has also changed over time. Or, more specifically, they want to become Venture Capital Partners.

Finance 83

Finance Start-ups Equity Marketability 83

Andrew Stolz

JANUARY 16, 2022

In Dec 2021, an activist hedge fund called for a split-off of Kohl’s e-commerce business making up around 29% of revenue. The hedge fund values the e-commerce business as a stand-alone business more than the total market cap of Kohl’s. EBIT margin expansion in 22E probably only short-lived. Conclusions.

Dividends 52

Dividends EBIT Marketability Business Valuation 52

Brian DeChesare

SEPTEMBER 20, 2023

The main difference for VC is that you want to emphasize your desire to advise and invest in startups in the long term. If you are, the only correct answer is, “I want to continue in venture capital, advance, and make a long-term career of it.” Q: Why not private equity, growth equity, hedge funds, or entrepreneurship?

Start-ups 59

Start-ups Equity Marketability Terminal Value 59

Brian DeChesare

NOVEMBER 16, 2022

Sam Bankman-Fried’s net worth grew to ~$26 billion earlier in 2022 but had fallen to only “only” $16 billion by October. A normal exchange accepts customer funds, earns commissions on trades, and keeps all customer funds available 1:1 to meet withdrawals. billion of illiquid crypto tokens, $3.2

Start-ups 52

Start-ups Banking Finance Technology 52

Reynolds Holding

MAY 3, 2023

The additional information may tempt regulators to intervene in markets in ways that would undermine long-term market resilience and exceed jurisdictional bounds. i] Form PF is turning into a compiler of routine events for the purpose of sweeping private fund advisers into examinations and enforcement actions. [ii]

Compliance 45

Compliance Marketability Equity 45

Brian DeChesare

DECEMBER 7, 2022

Apply to Non-IB Roles – For example, you don’t need Mandarin to do sales & trading , and you might be able to work at certain hedge funds without it. But the true allure of Hong Kong for many foreigners is the low tax rate : the top rate is only ~15% vs. ~45%+ in NY, London, and mainland China. HK, and China: U.S.:

Banking 52

Banking Equity Start-ups Finance 52

Brian DeChesare

MAY 24, 2023

“Event-driven hedge funds” is one of the more confusing labels in finance. But the other problem is that all hedge funds are “event-driven” because they invest based on catalysts , or specific events that could change a security’s price. If this fund is right, the company’s price may increase by 50%.

Equity 64

Equity Start-ups EBITDA Banking 64

Value Scout

MARCH 30, 2023

According to the Conway Center for Family Business , “Even though nearly 70% of family businesses would like to pass their business on to the next generation, only 30% will be successful at transitioning to the next generation.” The company not only survives but develops further under new management.

Equity 52

Equity Finance Marketability 52