Harvard Corporate Governance

NOVEMBER 12, 2023

Related research from the Program on Corporate Governance includes Short-Termism and Capital Flows by Jesse M. Wang (discussed on the Forum here ); and Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay by Jesse M. It didn’t take long for the Chamber to object. Fried and Charles C.Y.

Equity 220

Equity 220

Benzinga

JANUARY 23, 2024

Long-term investments vs buying and selling in three to five years like private equity. Building on existing brand equity and allowing existing leadership to continue to run their business. We are not an equity investment firm, nor are we short-term thinkers or doers. Full story available on Benzinga.com

Equity 40

Equity Marketability 40

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. In a recent paper , I argue that dual-class shares, which enable control with less than half of a company’s equity, allow institutional investors to commit to financing low-carbon innovation.

Equity 121

Equity Finance Technology Marketability 121

Scott Mashuda

APRIL 23, 2024

By adjusting assets, liabilities, and equity, balance sheet restructuring helps businesses optimize their financial health and strategic alignment during and after the M&A process. Within these activities, balance sheet restructuring is a vital component, allowing companies to reorganize their financial structure to support these goals.

Equity 52

Equity Private Equity Firm Marketability 52

Harvard Corporate Governance

JULY 16, 2023

Related research from the Program on Corporate Governance includes Short-Termism and Capital Flows (discussed on the Forum here ) by Jesse M. Wang; and Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay (discussed on the Forum here ) by Jesse M. This post is based on their Pay Governance memorandum.

Dividends 244

Dividends Equity Marketability 244

Harvard Corporate Governance

SEPTEMBER 14, 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 Bebchuk, Alon Brav, Wei Jiang, and Thomas Keusch; and Who Bleeds When the Wolves Bite?

Banking 208

Banking Equity Marketability Technology 208

Harvard Corporate Governance

JULY 21, 2023

Lee, and Ari Weinberg, KPMG LLP, on Monday, July 17, 2023 Tags: Board composition , board effectiveness , Board leadership , Board of Directors , equity , Executive Compensation , stakeholder engagement Law and Stock Market Development in the UK Over Time: An Uneasy Match Posted by Brian R.

Equity 188

Equity Marketability Banking 188

Harvard Corporate Governance

MAY 30, 2023

Posted by David Kostin and Jenny Ma, Goldman Sachs, on Tuesday, May 30, 2023 Editor's Note: David Kostin is Chief US Equity Strategist and Jenny Ma is a US Equity Strategist at Goldman Sachs. However, excess returns were short-lived and typically turned negative after six months.

Equity 152

Equity 152

Lighter Capital

DECEMBER 22, 2023

Prominent SaaS financing solutions feature a straightforward application process, fast funding, flexible repayment terms, and, most important, zero equity dilution. How do you know whether a short-term business loan can help your SaaS business grow without adding unnecessary risk and costs? QUESTION 1: What am I using the loan for?

Finance 59

Finance Start-ups Debt Financing B2B 59

Lighter Capital

JULY 20, 2023

Growing on your own steam may sound like a risky bet — providing an open window for competitors to overtake you in the market — but even in the tech industry, first-mover advantages are short-lived. In this guide, you’ll learn: What debt financing is Why startups use it Which is better: debt financing or equity financing?

Debt Financing 52

Debt Financing Finance Equity Equity Financing 52

Harvard Corporate Governance

APRIL 22, 2022

A Deconstruction of the Short-Termism Thesis. Tags: Comment letters , Institutional Investors , Investment advisers , Investor protection , Private equity , Private funds , SEC , SEC rulemaking , Securities regulation. Posted by Charles Nathan, Finsbury Glover Hering, on Friday, April 15, 2022. Posted by Gary Gensler, U.S.

Equity 207

Equity Marketability Technology 207

Brian DeChesare

AUGUST 31, 2022

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. If you’re using a strategy like long/short equity , you could long or short a company’s stock, and your results would depend heavily on the stock market’s overall direction.

Banking 64

Banking Risk-free Rate Equity Start-ups 64

Reynolds Holding

OCTOBER 15, 2023

Today [October 13], the Commission is voting to adopt rules to broaden the scope of short sale-related data available to regulators as well as the investing public. In the wake of the 2008 financial crisis, Congress directed the SEC to enhance the transparency of short selling of equity securities.

Equity 40

Equity Corporate Finance Marketability Finance 40

Brian DeChesare

APRIL 13, 2022

They all think they can make a fortune buying and selling stocks; in other words, they’re fans of the long/short equity strategy. When the average person thinks of hedge funds, long/short equity is often the first thing that comes to mind. A long-only asset manager (i.e.,

Equity 86

Equity Start-ups Banking Marketability 86

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

Equilest

DECEMBER 2, 2022

The term balance sheet is a financial statement that reports a company's assets, liabilities, and shareholder equity at a specific period. . Short-term liabilities like accounts payable are listed first, followed by long-term debt. Short-Term Loans. Total Equity. Total Liabilities and Equity. Total Assets.

Business Valuation 40

Business Valuation Equity Marketability 40

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 102

Equity Private Equity Firm Start-ups Comps 102

Harvard Corporate Governance

APRIL 18, 2022

Related research from the Program on Corporate Governance includes The Law and Economics of Equity Swap Disclosure by Lucian Bebchuk (discussed on the Forum here ); The Law and Economics of Blockholder Disclosure by Lucian Bebchuk and Robert J. Overvalued firms usually attract short sellers. Jackson Jr. more…).

Equity 188

Equity Marketability 188

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 104

Marketability Start-ups Risk Premium Treasury 104

Value Scout

FEBRUARY 21, 2023

Whether you’re using the platform to model your exit or to build long-term value for your enterprise—this month’s feature release has something for everyone. Maybe they have a buyer for a controlling interest in the company, or maybe they’re planning a long-term succession plan for a family member.

Enterprise Value 93

Enterprise Value Equity Marketability 93

Harvard Corporate Governance

MARCH 29, 2022

Related research from the Program on Corporate Governance includes Short-Termism and Capital Flows by Jesse Fried and Charles C. Wang (discussed on the Forum here ); and Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay by Jesse Fried (discussed on the Forum here ). Introduction and Background.

Equity 207

Equity Marketability 207

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. But there’s a catch.

Technology 111

Technology Net Present Value Finance Equity 111

Harvard Corporate Governance

NOVEMBER 9, 2022

Related research from the Program on Corporate Governance includes Paying for long-term performance (discussed on the Forum here ); and Pay without Performance: The Unfulfilled Promise of Executive Compensation both by Lucian A. This post is based on their Glass Lewis memorandum. Bebchuk and Jesse M. Measuring the Performance Element.

Equity 215

Equity Total Shareholder Return Compliance Marketability 215

Lighter Capital

JULY 22, 2023

And thanks to their software focus, many are able to , bootstrap for a long time to gain early traction. Equity funding has its downsides, too — for many founders, it’s , not worth diluting equity and ceding control of the business for a few million dollars of runway. At some point, though, not fundraising means limiting growth.

Finance 98

Finance Equity Equity Financing Banking 98

Valutico

MARCH 12, 2024

Enterprise Value (EV) is the total value of a company, considering both its debt and equity. Equity Value (EQV) represents the value attributable to the company’s shareholders. EV considers both debt and equity, whereas EQV focuses solely on the value attributable to shareholders. What is the net debt bridge?

Net Debt 52

Net Debt Discounted Cash Flow Enterprise Value Equity 52

Reynolds Holding

JULY 20, 2023

When first published, The New Paradigm recognized the emerging recalibration of corporate governance as a collaboration among corporations, shareholders and other stakeholders working together to achieve long-term value and resist short-termism. This post comes to us from Wachtell, Lipton, Rosen & Katz.

Market Capitalization 40

Market Capitalization Marketability Equity 40

Reynolds Holding

MARCH 12, 2024

Department of Health and Human Services announced that they are seeking public comment on private equity investment in the healthcare sector. The announcement coincided with the FTC’s workshop, Private Equity, Public Impact: An FTC Workshop on Private Equity in Health Care. A full recording is available here.)

Equity 45

Equity Private Equity Firm Finance Marketability 45

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. Similar to private equity firms, they operate on longer time frames, influence companies’ operations and finances, and might catalyze major changes, such as spin-offs or acquisitions.

Private Equity Firm 52

Private Equity Firm Equity Banking Start-ups 52

Brian DeChesare

JUNE 26, 2023

Effective June 30 th , 2023 (Friday), we are splitting the main financial modeling course (“Financial Modeling Mastery”) into 3 separate courses : Core Financial Modeling, Advanced Financial Modeling, and VC / Growth Equity Modeling. I repeated too much content, the videos became too long, and the 2-hour modules turned into 8-hour modules.

Start-ups 59

Start-ups Equity Banking Finance 59

Value Scout

MARCH 30, 2023

The right solution for succession can then be to sell the business to financial investors and private equity managers. In recent years, private equity companies have increasingly shifted their focus to small- and medium-sized companies. Private Equity as a Temporary Investment Resale is part of the private equity business model.

Equity 52

Equity Finance Marketability 52

Benzinga

JANUARY 22, 2024

This acquisition is part of our long-term growth strategy. In 2022, First Watch was awarded a sought-after MenuMasters honor by Nation's Restaurant News for its seasonal Braised Short Rib Omelet and recognized with ADP's coveted Culture at Work Award. For more information, visit www.firstwatch.com.

Private Equity Firm 45

Private Equity Firm Equity 45

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 76

Banking Equity Start-ups Treasury 76

Musings on Markets

JANUARY 28, 2024

In my last data updates for this year, I looked first at how equity markets rebounded in 2023 , driven by a stronger-than-expected economy and inflation coming down, and then at how interest rates mirrored this rebound.

Risk Premium 93

Risk Premium Beta Start-ups Equity 93

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.

Treasury 52

Treasury Risk Premium Start-ups Risk-free Rate 52

Valutico

AUGUST 30, 2023

Also known as the long-term growth rate, it is the growth rate of a company’s free cash flows beyond a certain forecast period. That’s a short summary, but we’ll take you through the explanation step by step below. It’s used in financial modeling and valuation to estimate the company’s long-term value.

Terminal Value 98

Terminal Value Dividends Weighted Average Cost of Capital Discounted Cash Flow 98

Musings on Markets

SEPTEMBER 27, 2022

In my early 2021 posts on inflation, I argued that while the higher inflation that we were just starting to see could be explained by COVID and supply chain issues, prudence on the part of policy makers required that it be taken as a long term threat and dealt with quickly.

Risk Premium 74

Risk Premium Treasury Start-ups Equity 74

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. Download data US Treasury rates rose across all maturities, but more so at the short end of the term structure (3 months, 1 year and 2 year) than at the long end (10 year or 30 year).

Treasury 74

Treasury Start-ups Risk Premium Equity 74