Harvard Corporate Governance

NOVEMBER 22, 2022

Posted by Ali Saribas, Marianne Mitchell, Anais Sachiko Gaiffe, SquareWell Partners, on Tuesday, November 22, 2022 Editor's Note: Ali Saribas is a Partner, Marianne Mitchell , and Anais Sachiko Gaiffe are Analysts at SquareWell Partners. This post is based on their SquareWell memorandum. The Foundations Have Been Laid.

Marketability 189

Marketability 189

Brian DeChesare

MAY 8, 2024

Analyst / Associate: “OK, what do we need for the pitch books ?” Effectively, the MD pushes pointless work onto the juniors because he believes they’re not “fully utilized.” “If junior bankers protest, someone else will take their jobs since dozens/hundreds of people compete for each IB Analyst / Associate role!” Get started ASAP!”

Banking 110

Banking Start-ups Finance Equity 110

Viking Mergers

DECEMBER 12, 2022

With such a broad range of experience, Robert is well-equipped to serve business owners in any sector, but it’s worth noting that he brings a particular expertise regarding businesses in healthcare. So, I work hand-in-hand with my client’s tax professional to make sure they get to keep as much of their hard earned money as possible.”

Finance 130

Finance Business Valuation Marketability 130

Musings on Markets

JANUARY 11, 2024

By 1986, though, it was showing its age, more a collection of topics about institutions and types of securities, than a cohesive class. I balked at teaching this motley collection of topics and wanted to teach a class on valuation, but I was told that there was not enough stuff in valuation to fill a class.

Corporate Finance 128

Corporate Finance Finance Start-ups Dividends 128

ThomsonReuters

APRIL 17, 2024

However, it is important to note that the most successful organizations will be the ones that use GenAI to augment, not fully replace , the work they do. 2024 Generative AI in Professional Services Read the full report Never miss an update – check out more on the topic of artificial intelligence for tax professionals.

Technology 98

Technology Data Analysis Compliance 98

ThomsonReuters

JANUARY 3, 2022

The SEC warned in CF Disclosure Guidance: Topic No. In the Topic 9A Guidance, for example, SEC Staff noted that?many After months of deliberation, the FASB issued a disclosure proposal in late December 2021 with a 90-day comment period—Proposed Accounting Standards Update (ASU) No.

Finance 98

Finance Compliance Banking 98

Reynolds Holding

NOVEMBER 20, 2022

One of the hottest topics in the business world is ESG ratings, which are designed to measure the environmental, social, and governance risks of a company. When asked about his organization’s motives, Peter Kinder, one of KLD’s cofounders noted, “Our interest is to increase corporate accountability. Cornell University. [3]

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59

Brian DeChesare

NOVEMBER 15, 2023

I’ve now been writing about finance careers for almost 20 years, and the topic of the CFA for investment banking never seems to die. I got so tired of these debates that I never planned to cover this topic again. I first criticized the CFA in a 2009 article , which generated a lot of angry comments. Not much has changed since then.

Banking 59

Banking Start-ups Finance Private Equity Firm 59

Brian DeChesare

NOVEMBER 22, 2023

I never expected to revisit the topic of bulge bracket banks so quickly because the full list changes slowly, and we updated it a few years ago. One interesting case is a firm like Mizuho , which acquired Greenhill in 2023 (note that the deal has not yet closed as of the time of this article). What is a “Bulge Bracket Bank”?

Banking 101

Banking Start-ups Finance Equity 101

Reynolds Holding

MAY 13, 2024

Again, this is not a critique of a higher equity capital, rather a call for reform of regulation and supervision, a critical topic concerning the governance of the Federal Reserve System. Second, banks have an incentive not to disclose information voluntarily, particularly in troubled times, as noted earlier.

Banking 64

Banking Equity Marketability Finance 64

Brian DeChesare

DECEMBER 21, 2022

But let’s start with my favorite topic: “ranking” banks, schools, and maybe a TV series or three. A: First, note that “target schools” do not apply quite as readily to PE/HF jobs because these firms focus on hiring people with full-time work experience (though some firms have been moving into undergrad recruiting).

Banking 85

Banking Start-ups Finance EBITDA 85

Musings on Markets

DECEMBER 21, 2022

I would like to believe that I am capable of both doing and teaching valuation and corporate finance, but I will leave that judgment for you to make, since my valuations and corporate finance assessments are in the public domain (on my blog and in my lecture notes).

Corporate Finance 89

Corporate Finance Finance Start-ups Marketability 89

Musings on Markets

JULY 13, 2022

The picture below reports on Moody’s ratings, as of June 30, 2022: Source: Moody's Note that this picture has been updated to incorporate Russia’s rating reassessment ( downgraded to Ca in early April, before the rating was entirely withdrawn). lived under full democracy, in 2021, with large differences across regions.

Risk Premium 81

Risk Premium Risk-free Rate Start-ups Equity 81

M&A Leadership Council

JANUARY 26, 2023

It translates to synergy capture, market growth, analyst confidence and superior shareholder ROI. Editors Note: Not sure if The Art of M&A® for Integration Leaders: Collaborative Forum is right for you? Q: Our Collaborative Forum is intended to help with that objective in three specific ways. Herndon: Great question! We can help.

Finance 52

Finance Marketability Technology 52

Musings on Markets

FEBRUARY 11, 2023

A few weeks ago, I posted my first data update pulling together what I had learned from looking at the data in 2023, and promised many more on the topic. I describe myself as a dabbler, and it does get in the way of my best laid plans. The implications for investment and valuation are simple.

Risk Premium 76

Risk Premium Start-ups Equity Marketability 76

Brian DeChesare

AUGUST 16, 2023

I could stop this article here at ~50 words, but sometimes it’s fun to indulge in a fantasy, so I’ll continue with the topic and cover: Deal types , investment strategies, and top firms. These firms tend to hire investment banking Analysts each year from abroad and prefer Chinese citizens who studied and worked in the U.S.

Equity 75

Equity Banking Start-ups Private Equity Firm 75

Musings on Markets

MAY 6, 2022

Since 2020, though, inflation has become a key story line in almost every post that I write about the overall market, and I have had multiple posts just on the topic. Note that in all three cases, it is not the Fed that is driving rates, but what is happening to inflation.

Risk Premium 92

Risk Premium Treasury Start-ups Equity 92

Equilest

JANUARY 3, 2023

Ross began developing the APT in the late 1970s, and published his first paper on the topic in 1976. It's worth noting that the APT is not without its criticisms. It's worth noting that both models have their own strengths and weaknesses, and the choice between them will depend on the specific situation and the assumptions made.

Risk Premium 40

Risk Premium Risk-free Rate Market Risk Finance 40

ThomsonReuters

OCTOBER 21, 2022

“One option employers should consider is prioritizing employees’ financial wellness,” Weckman noted. . The survey also showed that 69% of the respondents noted widespread payroll data issues, with the most commonly cited data challenge as not having the right tools to properly analyze the data. According to?

Compliance 52

Compliance Technology Start-ups Equity 52

Valutico

FEBRUARY 8, 2022

We have received many questions from our clients and partners on this topic in recent months. For estimates presented by analysts , there is a need for more disclosure and a clear disclaimer that estimates can change quickly over a relatively short period of time. Monthly Blogpost – Valutico | January 2022. online retail).

Business Valuation 40

Business Valuation Marketability 40

ThomsonReuters

OCTOBER 21, 2022

“One option employers should consider is prioritizing employees’ financial wellness,” Weckman noted. . The survey also showed that 69% of the respondents noted widespread payroll data issues, with the most commonly cited data challenge as not having the right tools to properly analyze the data. According to?

Compliance 40

Compliance Technology Start-ups Equity 40

Brian DeChesare

FEBRUARY 16, 2022

Also, there are still misconceptions about the financial modeling in the group, the hours, the exit opportunities, and other topics, so this updated article will address all of those: Definitions: What is Public Finance Investment Banking? What Do You Do as an Analyst or Associate in Public Finance Investment Banking? The Greeks?

Finance 65

Finance Banking Equity Marketability 65

Brian DeChesare

DECEMBER 14, 2022

One topic that I’ve never fully explained on this site is the investment banking target school. If a school is a target for one or two locations but not the “main hub,” it is more of a semi-target because these regional offices hire many fewer Analysts and Associates.

Banking 52

Banking Finance Start-ups Corporate Finance 52

Musings on Markets

JANUARY 28, 2024

That said, and notwithstanding decades of research and debate on the topic, there are still wide differences in how risk is defined and measured. Analysts often try to bring company-specific components, i.e, What is risk?

Risk Premium 93

Risk Premium Beta Start-ups Equity 93

Brian DeChesare

FEBRUARY 28, 2024

Equity Research vs. Fixed Income Research Common Myths What Do You Do as a Fixed Income Research Analyst or Associate? What Do You Do as a Fixed Income Research Analyst or Associate? As in equity research, “ Analyst ” is the senior role, and “ Associate ” is the entry-level position. Treasury yield at? What about gilts (U.K.),

Equity 59

Equity Banking Start-ups Finance 59

Musings on Markets

SEPTEMBER 14, 2021

In the year since, I have heard from many on the topic, and while there are some who agreed with me on the internal inconsistencies in its arguments, there were quite a few who disagreed with me. To meet this demand, services have popped up around the world, claiming to measure ESG with scores and ratings.

Start-ups 99

Start-ups Marketability Firm Value 99

Reynolds Holding

APRIL 28, 2022

So today’s topic is particularly apt. I noted this a couple of weeks ago during prior remarks, but I think it is a point that bears repeating: there is an ongoing debate about what the right balance is between the public and private markets, and what that means for retail investors. So why am I talking about SPAC voting today?

Marketability 56

Marketability Equity Alpha Capital Structure 56

Reynolds Holding

APRIL 18, 2024

I’ll simply note they exist. [5] Every day, we see individuals, corporations, analysts, and others touting these developments. 17] Let me finish by touching on a topic that comes up often in these conversations: individual liability. 5] But it’s not just in the crypto markets.

Compliance 45

Compliance Technology Start-ups Marketability 45

Musings on Markets

JULY 14, 2021

While this is technically "disclosure", note that the key question of why restricted stock units are being ignored in share count is unanswered. Airbnb, in its final prospectus, before its initial public offering asserted that there would 47.36 million class A and 490.89 million options on class A shares and 13.79

Start-ups 52

Start-ups Marketability 52

Brian DeChesare

APRIL 6, 2022

One other note is that there are quite a few boutique banks that specialize in consumer retail or have significant exposure there. What Do You Do as an Analyst or Associate in Consumer Retail Investment Banking? Your average day on the job depends on your bank, the size of the companies you advise, and your specific vertical.

Banking 97

Banking Start-ups Equity Marketability 97

Brian DeChesare

AUGUST 10, 2022

It’s also worth noting that many banks have “coverage” oil & gas investment banking teams and separate “acquisition & divestiture” (A&D) teams. What Does an Analyst or Associate in Oil & Gas Investment Banking Do? Other names worth noting include Intrepid , Tudor, Pickering, Holt & Co. Simmons & Co.

Banking 88

Banking EBITDA Dividends Equity 88

IVSC

FEBRUARY 7, 2022

Jeremy Stuber is a global equity analyst at Newton Investment Management , leading on valuation and accounting issues across all sectors. I recently took part in an interesting IVSC panel discussion on the topic ‘ Time to get Tangible about Intangibles ’. Comment: The importance of (and challenges with) valuing intangibles.

Discounted Cash Flow 252

Discounted Cash Flow Intangible Assets Marketability Price to Book 252

Musings on Markets

FEBRUARY 10, 2021

Having said that, though, it is worth noting that this is where the consensus ends, since there are deep divides on how this hurdle rate should be computed, with companies diverging and following three broad paths to get that number: 1.

Risk-free Rate 52

Risk-free Rate Risk Premium Start-ups Equity 52

Reynolds Holding

JANUARY 31, 2024

”[15] We note that some courts have credited short-seller reports under particular circumstances at the pleading stage.[16] Two recent Ninth Circuit decisions have brought this topic into sharper view. In In re: Facebook Inc. Litig. , 977 F.3d 3d 781, 794 (9th Cir. 2020); see also Macphee v. ” (citing Meyer v.

Start-ups 45

Start-ups Technology Marketability Banking 45

Brian DeChesare

JUNE 22, 2022

I published an article on this topic of investment banking in New York vs. Chicago vs. San Francisco vs. Los Angeles vs. Houston vs. other cities a long time ago – but a fair amount has changed since then: Remote / hybrid work means that some of the advantages and disadvantages of different cities are more nebulous.

Banking 93

Banking Start-ups Finance Marketability 93

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. In the picture, I have highlight some of the key intangibles and which inputs are mostly likely to be affected by their presence.

Intangible Assets 104

Intangible Assets Book Value Equity Start-ups 104

Chris Mercer

FEBRUARY 14, 2024

Mercer’s Musings #1 addressed the topic of compliance with USPAP and the Internal Revenue Service. Note the range of averages and medians. The total number of restricted stock transactions noted in the figure above is 1,647, not accounting for transactions that were examined in multiple studies. of Integrated Theory 3.

Marketability 52

Marketability Dividends Appraisal Business Valuation 52