Musings on Markets

MARCH 19, 2022

The graph below shows the sovereign spreads for Russia and Ukraine in the weeks leading up and including the conflict: The sovereign CDS spread for Russia, which started the year at 1.70% soared above 25%, just after hostilities commenced, and were trading at 10.56% on March 16, after rumors that peace talks were underway brought them down.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Reynolds Holding

APRIL 23, 2023

Rayburn was not new to the issues of stocks and bonds. In his first term in Congress, he sponsored a bill on railroad stocks and bonds that passed the House but failed in the Senate. [1] In his first term in Congress, he sponsored a bill on railroad stocks and bonds that passed the House but failed in the Senate. [1]

Treasury 45

Treasury Marketability Finance Technology 45

Cooley M&A

JANUARY 23, 2024

Complex and novel transaction structures for the sector also were a prominent result of the market and regulatory environment, with reverse mergers remaining a fixture and stock-for-stock deals and take-private transactions led by private equity sponsors entering the scene. Why did life sciences outperform the market? Why the uptick?

Marketability 52

Marketability Equity Private Equity Firm Finance 52

Benzinga

APRIL 22, 2024

per RGD common share, an estimated Transaction equity value of $875 million, based on the closing price of GMIN common shares on the Toronto Stock Exchange (" TSX ") on April 19, 2024, excluding the value of the SpinCo consideration. GMIN has agreed to fund SpinCo with $15 million.

Equity Financing 40

Equity Financing Start-ups Equity Finance 40

Reynolds Holding

SEPTEMBER 12, 2023

At this remarkable agency, we serve investors building for a better future and issuers raising money to fund innovation, while overseeing the $100 trillion capital markets where they meet. Since January 2022, we have provided a minimum of 60 days with some as long as 100-plus days from the day we a proposal is posted on our website.

Banking 40

Banking Treasury Marketability Equity 40

Reynolds Holding

MAY 4, 2023

And well-run companies become good stocks to own.” [5] It is a common refrain, mostly on the political right, that considering environmental, social, and governance (“ESG”) factors when investing is probably illegal. [1] Investing to advance a societal goal constitutes a mixed motive, a fiduciary violation. [2]

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Systematic Risk Finance Marketability Equity 117

Value Scout

DECEMBER 15, 2022

Gibson Greeting raised the rest of the money by selling and leasing its manufacturing and distribution centers, making the actual price $54 million. Borrowed money finances the buyout to pay for the investment. SOX mandates that all levels of publicly traded companies apply internal controls. The Deal Details.

Equity 52

Equity Finance Dividends Compliance 52

Brian DeChesare

JANUARY 31, 2024

Portfolio Structure: Unlike MM portfolios, SM portfolios do not have to be market–neutral or based on pair trades; many SM funds also tend to run much more concentrated portfolios (e.g., In-depth analysis that might take days or weeks, such as a financial model with 1,000 rows in Excel to assess a biopharma company’s valuation.

Start-ups 59

Start-ups Equity Marketability Banking 59

Reynolds Holding

SEPTEMBER 9, 2022

The Securities Act of 1933 was about companies raising money from the public. The basic idea was that the public deserves disclosure and protections not only when a security is initially issued, but also on an ongoing basis when the security is traded in the secondary markets. FDR called this law the “Truth in Securities Act.”.

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Marketability Compliance Start-ups Banking 49

Lighter Capital

AUGUST 3, 2022

Mergers and acquisitions, SPACs, private equity, and IPOs helped to drive more than 1,150 exits — on average more than three per day, including holidays and weekends. High-growth tech companies, especially publicly traded entities, are down drastically, dimming the luster of IPOs. Valuations. Interest rates. Pitchbook. ).

Finance 52

Finance Equity Marketability Business Valuation 52

Musings on Markets

JANUARY 27, 2021

As stock and bond markets went through these gyrations, it should come as no surprise that the same forces were playing out in other markets as well. Commodities : A commodity derives its value from being an input into a process to produce a item (product or service) that consumers need or want.

Start-ups 52

Start-ups Marketability Equity Treasury 52

Musings on Markets

APRIL 21, 2022

A few weeks later, the offering price for Twitter's shares was set at $26, by its bankers, and the stock debuted on November 7, 2013, at $45. In the weeks after, that momentum continued to carry the stock upwards, with the price reaching $73.31 My forecasted revenues for 2023 of $11.2 My forecasted revenues for 2023 of $11.2

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Musings on Markets

MAY 7, 2023

While differentiating between good and bad banks can be straightforward, it does not follow that buying good banks and selling bad banks is a good investment strategy, since its success depends entirely on what the market is incorporating into stock prices.

Banking 63

Banking Price to Book Dividends Book Value 63

Musings on Markets

DECEMBER 21, 2022

Each year, ahead of teaching my classes at NYU's Stern School of Business in the spring, I invite readers to accompany me on my journey, and this year is no different. Teaching Philosophy I have heard the old saying that "those who can do, and those who cannot teach", and I won't get defensive in response, because it may be true.

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Corporate Finance Finance Start-ups Marketability 89

Reynolds Holding

MAY 9, 2022

government raised money from the public through “Liberty Bonds,” marketed on posters featuring Uncle Sam. The field of economic research is central to our work at the SEC. It helps shape every aspect of our policymaking, from the early design phase to the proposing releases to the consideration of public comments to the adopting releases.

Marketability 45

Marketability Treasury Start-ups Banking 45

Musings on Markets

JUNE 9, 2021

In the last three years, SPACs (special purpose acquisition companies) have given traditional IPOs a run for their money, and in this post, I look at whether they offer a better way to go public or are more of a stop on the road to a better way to go public. What is a SPAC?

Start-ups 52

Start-ups Marketability Banking Corporate Finance 52

Reynolds Holding

MAY 23, 2023

Once shareholders grew more active and bank managers began to be compensated through equity awards tied to the bank’s stock price, they had a strong incentive to take risks to generate personal wealth. At the same time, the U.S. At the same time, the U.S. Where did things go wrong? The steady financialization of the U.S.

Banking 52

Banking Equity Start-ups Finance 52

Reynolds Holding

OCTOBER 3, 2023

Actions initiated by the SEC and CFTC in July and August 2023 Number of actions, by matter type Public company disclosures Molecular diagnostic company settles misrepresentation claims related to COVID-19 testing products In the Matter of Co-Diagnostics (A.P. July 5, 2023, settled) In the Matter of Dwight H.

Banking 52

Banking Compliance Marketability Finance 52

Reynolds Holding

MAY 18, 2022

It is good to be here alongside Federal Trade Commission Chair Khan. We are the destination of choice for companies seeking to raise money in both public and private markets. Good morning, Chairman Quigley, Ranking Member Womack, and members of the Subcommittee. The Gold Standard of Capital Markets.

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Marketability Finance Corporate Finance Technology 59

Musings on Markets

DECEMBER 2, 2020

On the same day, rising COVID cases caused more shut downs and restrictions around the world, creating a clear disconnect. While some of that money has been spent on internal improvements, much of it has been spent acquiring more than two dozen companies, most of them small, technology businesses.

Start-ups 52

Start-ups Marketability Equity Market Capitalization 52

Musings on Markets

AUGUST 2, 2021

Some of you felt that I was being far too generous in my assumptions about market share and profitability, for a company with no history of making money, and that I was over valuing the company. The Prelude After I posted my valuation last week, I did find some of the portrayals of my post to be a little unsettling.

Marketability 52

Marketability Start-ups Technology Market Risk 52

Musings on Markets

DECEMBER 10, 2021

One of the big news stories of last week was Jack Dorsey stepping down as CEO of Twitter, and the market's response to that news was to push up Twitter's stock price by almost 10%. In this section, I will begin by looking at the mythology behind this push, and why it does not hold up to common sense questioning.

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Musings on Markets

JANUARY 12, 2021

Last week, was my data week, where I download and analyze data on all publicly traded companies, listed anywhere in the world, and I will post extensively on what the numbers look like after a most tumultuous year. And as always, I invite you come along for the ride. What I teach. Don't get me wrong!

Corporate Finance 52

Corporate Finance Start-ups Finance Marketability 52

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 125

Finance Marketability Banking Corporate Finance 125

Musings on Markets

JANUARY 5, 2024

In this, the first of the data posts for this year, I will describe my data, in terms of geographic spread and industrial breakdown, the variables that I estimate and report on, the choices I make when I analyze data, as well as caveats on best uses and biggest misuses of the data.

Dividends 98

Dividends Risk Premium Equity Book Value 98

Reynolds Holding

NOVEMBER 29, 2022

Deposits, stocks, bonds, notes, currencies, and other instruments possess value and give rise to claims, liabilities, or equity investment. 3] How have we not learned from the Great Financial Crisis of 2008 that the fragmentation and infighting among regulators is the best way to encourage unscrupulous market manipulators?

Marketability 137

Marketability Banking Start-ups Finance 137

Musings on Markets

SEPTEMBER 19, 2023

Coming in the week after ARM, an AI chip designer, also filed to go public, but with an estimated pricing of $55-$60 billion, it is an indication of how much the ground has shifted under Instacart since the heady days of 2020, when Instacart was viewed by some Americans as the only thing that stood between them and starvation.

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Musings on Markets

NOVEMBER 4, 2022

Investors, used to a decade of better-than-expected earnings and rising stock prices at these companies, have been blindsided by unexpected bad news in earnings reports, and have knocked down the market capitalization of these companies by hundreds of billions of dollars in the last few weeks.

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Start-ups Market Capitalization Marketability Dividends 98

Musings on Markets

OCTOBER 6, 2023

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.

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Brian DeChesare

JULY 27, 2022

Anyone who’s ever traded stocks can understand long/short equity , and even simple global macro trades are easy to explain to the average person. The simplest example of a long/short credit trade is to long one bond and short a similar bond issued by a peer company.

Equity 52

Equity Start-ups Private Equity Firm Beta 52

Reynolds Holding

FEBRUARY 23, 2023

Kennedy Main Justice building, the building I walk into each day, and the phrase informs our work. Thank you, Brian, for the kind introduction. It’s great to be here with all of you. Today, I will share a snapshot of our 2022 enforcement results as well as our policy approach to white-collar and corporate crime. So, let me share some numbers.

Compliance 45

Compliance Marketability Start-ups Banking 45

Reynolds Holding

APRIL 11, 2022

Moreover, the Securities and Exchange Commission (SEC) reiterated in light of the COVID-19 crisis the importance of maintaining market integrity and adhering to corporate controls and procedures, particularly with respect to material nonpublic information (MNPI) and insider trading.

Banking 45

Banking Marketability Equity Compliance 45

Brian DeChesare

MAY 18, 2022

Some global macro trade ideas are so simple that the average person who knows nothing about finance could understand them. But the execution is extremely difficult, which explains why some of the largest trading losses in history have come from macro-oriented ideas (“short nickel,” European index futures, oil and gas futures, etc.).

Banking 52

Banking Equity Marketability Finance 52

Reynolds Holding

JANUARY 25, 2023

Global markets are inextricably linked, with money flowing between them in microseconds. The securities markets touch many American lives, whether those individuals are investing for the future, borrowing for a mortgage, taking out an auto loan, or taking a job with a company raising money from U.S. capital markets. capital markets.

Technology 59

Technology Marketability Data Analysis Equity 59

Musings on Markets

FEBRUARY 3, 2021

There are three topics that you can write or talk about that are almost guaranteed to draw a audience, stocks (because greed drives us all), sex (no reason needed) and salvation. In other words, can there be a feedback loop, where increasing stock prices can pull value up, and conversely, could decreasing prices push value down?

Start-ups 52

Start-ups Equity Marketability 52

Audit Board

JUNE 8, 2023

In this article, we will introduce you to the basics of compliance audits , break down various types, and give some firsthand advice on what to expect and how to successfully navigate a compliance audit. What Is a Compliance Audit? Results in some kind of final deliverable, like a report, an assessment, or an audit opinion.

Compliance 52

Compliance Start-ups Technology Accounting Firms 52

Reynolds Holding

OCTOBER 5, 2022

The number of securities lawsuits filed since January has remained steady compared to the first half of 2021. We have already seen many notable developments in securities law this year. SPAC and crypto-related filings continue to be a focus of plaintiffs’ attorneys, even as the nature of these suits continues to evolve. A. Filing Trends.

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