IVSC

APRIL 26, 2024

Now in its fifth year, the IVSC is pleased to present the 2024 Valuation Webinar Series, sponsored by Kroll, running from 13-25 June 2024. The effects of COVID-19 fiscal spending are still being felt, with many governments experiencing high budget deficits, placing further upward pressure on interest rates. TBC Awaiting details.

Banking 130

Banking Finance Risk-free Rate Technology 130

Musings on Markets

OCTOBER 4, 2023

That recovery notwithstanding, uncertainties about inflation and the economy remained unresolved, and those uncertainties became part of the market story in the third quarter of 2023. The Markets in the Third Quarter Coming off a year of rising rates in 2022, interest rates have continued to command center stage in 2023.

Marketability 121

Marketability Start-ups Risk Premium Treasury 121

Musings on Markets

JANUARY 5, 2024

Thus, looking at only the companies in the S&P 500 may give you more reliable data, with fewer missing observations, but your results will reflect what large market cap companies in any sector or industry do, rather than what is typical for that industry.

Dividends 105

Dividends Risk Premium Equity Book Value 105

Musings on Markets

JANUARY 31, 2024

In my last three posts, I looked at the macro (equity risk premiums, default spreads, risk free rates) and micro (company risk measures) that feed into the expected returns we demand on investments, and argued that these expected returns become hurdle rates for businesses, in the form of costs of equity and capital.

Equity 80

Equity Book Value Start-ups Corporate Finance 80

Musings on Markets

JANUARY 24, 2024

As we start 2024, the interest rate prognosticators who misread the bond markets so badly in 2023 are back to making their 2024 forecasts, and they show no evidence of having learned any lessons from the last year. In fact, treasury bill rates consistently rise ahead of the Fed's actions over the two years.

Treasury 52

Treasury Risk Premium Start-ups Risk-free Rate 52

Musings on Markets

SEPTEMBER 20, 2024

The big story on Wednesday, September 18, was that the Federal Reserve’s open market committee finally got around to “cutting rates”, and doing so by more than expected. The market seemed to initially be disappointed in the action, dropping after the Fed’s announcement on Wednesday, but it did climb on Thursday.

Banking 124

Banking Treasury Start-ups Marketability 124

Musings on Markets

JANUARY 21, 2023

It is the nature of stocks that you have good years and bad ones, and much as we like to forget about the latter during market booms, they recur at regular intervals, if for no other reason than to remind us that risk is not an abstraction, and that stocks don't always win, even in the long term.

Equity 96

Equity Risk Premium Start-ups Dividends 96