Harvard Corporate Governance

FEBRUARY 19, 2024

Real Estate Investment Trusts (REITs) are companies that raise money from the public to invest in real estate. This post is based on their article forthcoming in The Yale Journal on Regulation. Distinct from almost all other companies, REITs exhibit two unusual governance characteristics.

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Harvard Corporate Governance

OCTOBER 10, 2023

Introduction Businesses are spending more money every year trying to defend their digital environment from attackers. In fact, as other areas of the business face tighter budgets this year, 48% of CEOs planned to increase investment in cybersecurity and data privacy, according to a survey from advisory firm PricewaterhouseCoopers.

Technology 317

Technology Marketability 317

Reynolds Holding

MARCH 28, 2024

Treasury Department, issued a Notice of Proposed Rulemaking (“Proposed Rule”) that would extend certain anti-money laundering program requirements to: investment advisers registered (“RIAs”) with the Securities and Exchange Commission (“SEC”); and investment advisers that report to the SEC as exempt reporting advisers (“ERAs”).

Compliance 45

Compliance Banking Treasury Venture Capital Fund 45

Harvard Corporate Governance

AUGUST 22, 2023

The Securities and Exchange Commission, by a vote of 3 to 2, approved significant changes to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (Amendments) on July 12, 2023. [1]

Marketability 100

Marketability Banking 100

Trout CPA

APRIL 4, 2024

Written by Randall Weaver, CPA The term "taxpayer at-risk" typically refers to a situation in which a taxpayer has invested money in a business or partnership and is personally liable for that business's financial obligations or losses.

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Harvard Corporate Governance

MARCH 11, 2023

Hart and Luigi Zingales; and Reconciling Fiduciary Duty and Social Conscience: The Law and Economics of ESG Investing by a Trustee (discussed on the Forum here ) by Robert H. These measures focus primarily on the investment of state-level public retirement system assets. Sitkoff and Max M. Schanzenbach.

Banking 274

Banking Marketability 274

Harvard Corporate Governance

SEPTEMBER 9, 2022

The Securities Act of 1933 was about companies raising money from the public. They understood that, when advisers manage someone else’s money, there may be additional opportunities for conflicts of interest between those advisers and clients. Congress knew the job still wasn’t done. more…).

Marketability 214

Marketability Technology 214

Machen McChesney

FEBRUARY 8, 2024

Financial reporting plays a key role when a business needs funds for continued operations and strategic investment opportunities. Lenders and investors will generally want to review your company’s financial statements before they give it money.

Equity Financing 89

Equity Financing Equity Finance Banking 89

Harvard Corporate Governance

JANUARY 25, 2023

Our Goals Protecting the Investing Public; Maintaining a Robust, Relevant Regulatory Framework; Supporting a Skilled and Diverse Workforce The United States has the largest, most sophisticated, and most innovative capital markets in the world. Global markets are inextricably linked, with money flowing between them in microseconds.

Finance 285

Finance Banking Marketability Technology 285

Harvard Corporate Governance

MAY 17, 2022

I write this post in response to the release (the “Proposing Release”) regarding proposed rules (the “Proposed Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”). Borrowing money, securities, or other fund assets, or receiving an extension of credit, from a private fund”. This post is based on his recent paper.

Compliance 213

Compliance Equity 213

Harvard Corporate Governance

APRIL 18, 2023

Companies may face difficulty accessing cash deposits, bank facilities or the capital markets or limitations on money market transactions or commercial paper facilities. Resulting liquidity constraints may lead to difficult decisions, including prioritizing the uses of limited cash.

Banking 219

Banking Compliance Marketability 219

Harvard Corporate Governance

MARCH 31, 2022

I am pleased to support this proposal because, if adopted, it would strengthen disclosure, marketing standards, and gatekeeper and issuer obligations by market participants in SPACs, helping ensure that investors in these vehicles get protections similar to those when investing in traditional initial public offerings (IPOs).

Marketability 197

Marketability 197

The Guardian M&A

JANUARY 12, 2024

Global Infrastructure Partners, whose portfolio includes Gatwick, sold to BlackRock in $12.5bn deal From the humble luggage tray to filters that mask smells at sewage plants, the sale of some of Britain’s most pedestrian assets to the world’s largest money manager is to bring a multimillion-dollar payday to a small clutch of little-known bankers.

Equity 108

Equity 108

Harvard Corporate Governance

JULY 13, 2023

The law, scheduled to take effect on July 1, 2023, builds on the State Board of Administration’s August 2022 resolution providing that its own investment decisions must be based only on pecuniary factors that do not include “the consideration of the furtherance of social, political, or ideological interests.” Schanzenbach and Robert H.

Finance 189

Finance 189

The Guardian M&A

APRIL 20, 2024

One symptom of their anxiety is the way they have been throwing unconscionable amounts of money at the 70-odd generative AI startups that have mushroomed since it became clear that AI was going to be the new new thing. Google invested $500m in the same outfit, with a promise of $1.5bn more, and unspecified sums in A121 Labs and Hugging Face.

Marketability 73

Marketability Technology 73

Harvard Corporate Governance

OCTOBER 31, 2022

Today, the Commission is considering whether to adopt proposals regarding investment advisers’ use of third-party service providers. More than 80 years ago, Congress recognized the importance of investment advisers when they passed the Investment Advisers Act of 1940.

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Harvard Corporate Governance

JANUARY 12, 2024

household retirement accounts at the end of 2021 (Investment Company Institute, 2022). The Securities and Exchange Commission (SEC) requires mutual funds to provide the public with detailed information about their portfolio holdings and investment activities so mutual fund investors know how their money is being managed.

Equity 124

Equity Marketability 124

Harvard Corporate Governance

JULY 10, 2022

In September 2020, the German anti-money laundering authority launched an investigation into the German financial services provider Grenke. Fueled by fears of a new Wirecard-style scandal, the authorities were looking into suspicious money laundering reports, alleged investment fraud, insider trading, and market manipulation.

Marketability 239

Marketability 239

Brian DeChesare

JANUARY 24, 2024

They invest when companies already have revenue (like PE firms), but they do so by purchasing minority stakes , holding them, and selling in an IPO or M&A exit (like VC firms). How would you screen the market and use your network to find potential investments? What would you ask them, and how would you structure each conversation?

Equity 102

Equity Private Equity Firm Start-ups Comps 102

Valutico

FEBRUARY 27, 2024

More importantly, we’ll dig deeper into how discount rates can influence investment choices and how they’re used to figure out a company’s worth. They set this rate to affect how much money moves through banks and influences short-term interest rates. This is different from the discount rate used in investment.

Discounted Cash Flow 52

Discounted Cash Flow Risk Premium Risk-free Rate Weighted Average Cost of Capital 52

Lighter Capital

JANUARY 12, 2024

When you first had that great idea, you may have raised money from friends and family or seed capital from angel investors to get your startup off the ground. At this point, it’s very possible you may be running out of money, your friends and family don’t answer their emails or texts any more, and your angel investors are getting a bit antsy.

Start-ups 105

Start-ups Finance Marketability Equity 105

Auto Dealer Valuation Insights

FEBRUARY 22, 2024

Treasury’s Financial Crimes Enforcement Network (“FinCEN”) proposed a rule to require investment advisors to comply with Bank Secrecy Act requirements, including implementing anti-money laundering (“AML”) controls and filing suspicious activity reports to FinCEN.

Treasury 52

Treasury Banking 52

Harvard Corporate Governance

MARCH 27, 2024

And when we finished going over their estate, we learned why: My parents’ investments. My dad invested because he knew that whatever money he put in the bond or stock markets would likely grow faster than in the bank. 1] That’s more than double what they would have earned if they’d just put the money in a bank account.

Finance 63

Finance Banking Marketability 63

Benzinga

JANUARY 3, 2024

Advent International was reportedly discussing a potential acquisition of Fisher Investments , a money-management firm recognized for its extensive advertising campaigns. "Fisher Investments is not being bought by Advent International or anyone else—plain and simple," Fisher Investments said in a statement.

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Chris Curtain

JULY 4, 2021

Business owners frequently ask themselves and their trusted advisers if they need to spend money on a preliminary and independent business valuation as part of their exit strategy and whether it is a worthwhile investment. The answer is a resounding yes. Business Exit Planning It is critical to understand a business’ value.

Business Valuation 130

Business Valuation Appraisal 130

Harvard Corporate Governance

DECEMBER 8, 2022

The “Maple Revolutionaries” are Canada’s large public sector pension plans and the investment organizations that manage their assets. The Maple Revolutionaries. Why did these Maple Revolutionaries warrant a feature article in THE ECONOMIST ten years ago? more…).

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Harvard Corporate Governance

FEBRUARY 20, 2023

These IPOs have faced criticism for leaving too much money on the table, defined as the difference between the market value of the shares sold and the issue proceeds. In auction IPOs and direct listings, investment banks do not have such discretion.

Finance 230

Finance Banking Marketability 230

Startup Valuation Blog

OCTOBER 5, 2021

During the different stages of a startup, from seed to IPO, the ability to raise money is a question of survival. One of the main issues the investors and stockholders face during that process is the valuation issue - 'What is your company's pre-money value?', Investors invest mainly because of the team, not due to the product.

Business Valuation 130

Business Valuation Equity Technology Marketability 130

The Guardian M&A

APRIL 21, 2022

Tesla CEO is putting $21bn of his own money in the package, according to US watchdog filing Elon Musk has secured $46.5bn (£35.6bn) in financing to fund a possible hostile bid for Twitter and is putting up $21bn of his own money as part of the package. Continue reading.

Debt Financing 98

Debt Financing Finance Banking Equity 98

Harvard Corporate Governance

APRIL 4, 2022

In the eyes of its proponents, this competition will yield a radical restructuring of the financial services industry: offering more and better choices for consumers looking to make fast payments, borrow money, invest their savings, manage household budgets, and compare financial products and services.

Finance 274

Finance Technology Banking 274

Musings on Markets

OCTOBER 12, 2023

In response, I have been told that the problem is not with the idea of ESG, but in its measurement and application, and that impact investing is the solution to both market and society's problems. It is human nature to want to make the world a better place, but does impact investing have the impact that it aims to create?

Market Capitalization 82

Market Capitalization Enterprise Value Start-ups Marketability 82

Harvard Corporate Governance

DECEMBER 8, 2022

Money ordered in SEC actions totaled over $6.4 For example, the SEC highlighted actions against 16 broker-dealers and one investment adviser in connection with off-channel recordkeeping violations resulting in $1.235 billion in cumulative penalties as well as admissions of wrongdoing and remedial undertakings by each firm. [1]

Compliance 177

Compliance 177

Reynolds Holding

JULY 12, 2023

Today [July 12], the Commission is considering adopting final rules to enhance money market funds’ liquidity and investor protection. Money market funds—nearly $6 trillion in size today—provide millions of Americans with a deposit alternative to traditional bank accounts. Left unchecked, such stress can undermine these critical funds.

Marketability 40

Marketability Banking Treasury 40

Lighter Capital

APRIL 4, 2024

AI startups racing to innovate and deploy new solutions across a broad range of industries and applications have dominated investors’ attention and money. While higher interest rates and inflation contributed to a decline in deals and dollars invested in tech businesses overall, AI startups in the U.S. Crunchbase reported that $4.7

Finance 45

Finance Equity Start-ups Marketability 45

Lighter Capital

DECEMBER 22, 2023

If you plan to invest debt capital in ways that deliver immediate results for the business, then short-term financing can be a good fit. Other investments that take longer to germinate into revenue growth — such as product development , strategic hires, and market expansion — should be funded with a longer-term financing solution.

Finance 59

Finance Start-ups Debt Financing B2B 59

Lighter Capital

AUGUST 10, 2023

Investing a bit more now to drive sales will likely be better for your valuation than trying to tack on one more month of runway, especially if your funding round closes before the runway disappears! The once bubbly tech investing climate recently took a turn, and some think capital fundraising is in for a “long winter.”

Start-ups 98

Start-ups Marketability Finance Equity 98

Harvard Corporate Governance

MAY 26, 2022

A key impetus for today’s rulemaking [1] is a legitimate concern about the practice of greenwashing by investment advisers and investment companies. This concern is real because advisers can mint money by calling their products and services “green” without doing anything special to justify that label. Thank you, Mr. Chair.

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