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. Congress knew the job still wasn’t done.

Marketability 49

Marketability Compliance Start-ups Banking 49

Reynolds Holding

SEPTEMBER 15, 2022

Today [September 14], the Commission will consider whether to propose standards for covered clearing agencies (also known as clearinghouses) regarding the clearance of certain trades involving U.S. They are how we, as a government and as taxpayers, raise money. Treasury securities. We are the issuer.

Treasury 45

Treasury Marketability Banking 45

Brian DeChesare

DECEMBER 21, 2022

So, although 2022 looked bad on paper, it was better than 2020 or 2021 in real life. For example, what about NYU CAS or non-Wharton options at UPenn? Larger/established firms still care about brand names, but smaller/newer firms care more about performance than pedigree, similar to prop trading firms.

Banking 80

Banking Start-ups Finance EBITDA 80

Reynolds Holding

JANUARY 25, 2023

Blaszczak [1] has long been a one-off case that did not fit the mold of the traditional insider trading prosecution, but now — following a 2-1 decision of the Second Circuit in December, reversing most of the convictions in the case — it may destabilize the law on insider trading for some time to come.

Dividends 59

Dividends 59

Musings on Markets

JULY 14, 2021

In the last few decades, as disclosure requirements for publicly traded firms have increased, annual reports and regulatory filings have become heftier. The first is the 10-K, an annual filing that all publicly traded companies have to make, in the United States.

Start-ups 52

Start-ups Marketability 52

Musings on Markets

DECEMBER 21, 2022

If you are curious about the content of these classes, and may want to partake, I will use this post to lay out my teaching philosophy, to describe the classes that I teach and provide options that you may be able to use to take them. firms in emerging markets or private businesses.

Corporate Finance 89

Corporate Finance Finance Start-ups Marketability 89

Musings on Markets

FEBRUARY 10, 2021

Opportunity Cost : The use of a corporate cost of capital as a hurdle rate exposes you to risk shifting, where safe projects subsidize risky projects, and one simple and effective fix is to shift the focus away from how much it costs a company to raise money to the risk of the project or investment under consideration.

Risk-free Rate 52

Risk-free Rate Risk Premium Start-ups Equity 52

Musings on Markets

JULY 22, 2021

While direct measures of revenues from HyperPure are difficult to come by, the revenues that the company shows under traded goods (which include HyperPure revenues) suggests that it accounts for about 10% of the total revenues. Zomato is a money losing company, but it is not a start-up, facing imminent failure.

Marketability 86

Marketability Start-ups Equity Price to Book 86

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

Musings on Markets

AUGUST 15, 2023

In the aftermath of that crisis, I wrote a series of what I called my nightmare papers, starting with one titled, " What if nothing is risk free ?", If you do assume that markets will price away this excess profit, you then have the basis for the models that are used to value options and other derivative assets.

Risk-free Rate 80

Risk-free Rate Treasury Risk Premium Start-ups 80

Brian DeChesare

MARCH 16, 2022

On paper, it makes sense: if you worked in M&A investment banking or an industry group that does a lot of M&A deals, you’ll know the process, timeline, and common problems that kill deals. You’ll even have an advantage over public markets professionals ( sales & trading , asset management , other hedge funds , etc.)

Start-ups 59

Start-ups Equity Marketability Banking 59

Musings on Markets

AUGUST 5, 2023

Just in the last few weeks, I have seen a Wall Street Journal article put the equity risk premium at 1.1%, a Reuters report put it at 2.2%, and a bearish (and widely followed) money manager estimate the equity risk premium to be negative. How, you may ask, can equity risk premiums be that divergent, and does that imply that anything goes?

Risk Premium 78

Risk Premium Equity Start-ups Treasury 78

Audit Board

JUNE 8, 2023

Publicly traded companies have their financial statements audited on an annual basis, incorporating the stipulations of the Sarbanes-Oxley Act (SOX). Healthcare providers and other covered entities, for example, must comply with HIPAA’s regulatory compliance requirements, while publicly traded companies must comply with Sarbanes-Oxley (SOX).

Compliance 52

Compliance Start-ups Technology Accounting Firms 52

Reynolds Holding

AUGUST 10, 2023

Expression of wish may be an option for investors who do not want to control voting but want to be able to say they have engaged with their managers. However, as our pass-through voting white paper revealed, there is significant misalignment between fund managers’ voting on behalf of a single investor.

Start-ups 52

Start-ups 52

Musings on Markets

OCTOBER 19, 2021

Finally, it requires creating a separation between those who write the disclosure rules and those who make money from the disclosure business. When disclosure laws were first written in the aftermath of the great depression, they were focused on the publicly traded firms of the time, a mix of utilities, manufacturing and retail firms.

Start-ups 70

Start-ups Banking Marketability Technology 70

Reynolds Holding

OCTOBER 5, 2022

Initially, the activist was approached by Sanofi with an initial offer to buy Bioverativ, but rather than alerting the board, the activist engaged in conduct violating Bioverativ’s insider trading policy. 4. Insider Trading And “Pump And Dump” Schemes. In June 2021, Judge Koeltl found that the complaint was adequately pleaded.

Start-ups 72

Start-ups Marketability Equity Compliance 72

Reynolds Holding

MAY 29, 2023

In a new paper , we highlight how, despite this narrative, it has taken less than 15 years to reveal that crypto is alarmingly vulnerable to the problems that plague traditional finance (“TradFi”). Trading platforms governed by a DAO are referred to as decentralized exchanges (“DEX”).

Finance 64

Finance Banking Marketability Technology 64

Value Scope

SEPTEMBER 24, 2020

At the time, more than $17 billion had been invested into sustainable-focused exchange-traded funds (ETFs) and open-end funds during 2019. Clients are asking investors to keep their money invested in ESG compliant portfolios and think that fossil fuel-based companies contradict this investment thesis. Exposure to litigation.

Intangible Assets 130

Intangible Assets Alpha Beta Marketability 130