December, 2023

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SEC Risk Factors Disclosure Analysis

Harvard Corporate Governance

Posted by Dean Kingsley, Matt Solomon, Deloitte & Touche LLP, and Kristen Jaconi (USC Marshall), on Sunday, December 3, 2023 Editor's Note: Dean Kingsley is a Principal and Matt Solomon is a Senior Manager at Deloitte & Touche LLP. Kristen Jaconi is an Associate Professor of the Practice in Accounting and Executive Director at Peter Arkley Institute for Risk Management at the USC Marshall School of Business.

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IVSC Standards Review Board Ratifies New Edition of International Valuation Standards (IVS)

IVSC

The International Valuation Standards Council (IVSC) is pleased to announce that its Standards Review Board (SRB) has unanimously approved the forthcoming edition of the International Valuation Standards (IVS), set for release in January 2024. The SRB, led by Chair Susan DuRoss, comprises global experts in technical standards, including leaders of the IVSC’s Asset Standards Boards – the Business Valuation Board, Financial Instruments Board, and Tangible Assets Board.

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Serious Medical Errors Rose After Private Equity Firms Bought Hospitals

NYT M&A

A new study shows an increase in the rate of inpatient complications, including infections and falls, though patients were no more likely to die.

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The impact of generative AI on Black communities

Mckinsey and Company

Generative AI has the potential to widen the racial economic gap in the United States by $43 billion each year. But deployed thoughtfully, it could actually remove barriers to Black economic mobility.

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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Disney PENN & ESPN Bet

Value Scope

Disney and PENN Entertainment Team Up to Launch ESPN Bet Disney PENN & ESPN Bet Penn Entertainment (Nasdaq: PENN ) has rebranded its online sportsbook with a 10-year, $2 billion licensing deal with ESPN. The new look mobile app and website launches today, November 14th, and is available in 17 states including Arizona, Colorado, Illinois, Iowa, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia, and West Virginia.

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The Difference Makers: Key Person(s) Valuation

Musings on Markets

Can one person make a difference to the value of a business? Of course, and with small businesses, especially those built around personal services (a doctor or plumber’s practice), it is part of the valuation process, where the key person is valued or at least priced and incorporated into valuation. While that effect tends to fade as businesses get larger, the tumult at Open AI, where the board dismissed Sam Altman as CEO, and then faced with an enterprise-wide meltdown, as capital providers and

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Cigna Drops Humana Merger, Opts For $10 Billion Buyback Strategy

Benzinga

In a recent development in the health insurance sector, Cigna Corporation (NYSE: CI ) has withdrawn from its proposed merger with Humana Inc. (NYSE: HUM ). What Happened: The deal, poised to create a colossal entity in the industry with an estimated $140 billion, fell through due to disagreements over financial terms. With the merger off the table, Cigna is redirecting its strategy towards smaller, targeted acquisitions, reports The Wall Street Journal.

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Mother Jones to Merge With the Center for Investigative Reporting

NYT M&A

The combined newsroom will have more than 70 people.

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How innovative companies leverage tech to outperform

Mckinsey and Company

Organizations with innovation cultures realize more value from strategic technology investments than their peers do, our latest digital survey finds.

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Formula 1 in Las Vegas: The Race That Hopes You Don’t Sleep

Value Scope

Formula 1 in Las Vegas: The Race That Hopes You Don’t Sleep Brent Shockley, Director at ValueScope November 17, 2023 Formula One /1 racing returns to Las Vegas this weekend for the first time in over 40 years. The Heineken Silver Las Vegas Grand Prix 2023 is the start of a three-year contract with the city; although Formula 1 intends to support the race for at least 10 years and the entertainment and gaming hub of the U.S. intends on a “lifetime partnership” with the top class of internationa

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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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The Top Internal Audit Articles of 2023

Internal Audit 360

T here’s a palpable concern for the future among internal auditors. I wouldn’t quite call it anxiety, but there’s certainly some underlying angst about how the next few years will play out for internal auditors. There’s consternation, for sure, over how things like artificial intelligence, increasing digitalization, the data of everything, climate change, political uncertainly, and geopolitical tension will impact the business world as a whole and internal auditing in par

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Talent management: an evolving board imperative

Harvard Corporate Governance

Posted by Matt DiGuiseppe, Maria Moats, and Gregory Johnson, PricewaterhouseCoopers LLP, on Saturday, December 30, 2023 Editor's Note: Matt DiGuiseppe is a Managing Director, Maria Moats is a Leader, and Gregory Johnson is a Director at the Governance Insights Center, PricewaterhouseCoopers LLP. This post is based on their PwC report. Today’s increasingly unpredictable business environment can make management decisions more consequential.

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Tech Giants In Talks: Synopsys Reportedly Aims For Blockbuster Acquisition Of Ansys In 2024

Benzinga

Synopsys, Inc. (NASDAQ: SNPS ) is reportedly in discussions about acquiring ANSYS, Inc. (NASDAQ: ANSS ), a move that could result in the creation of a significant design-software entity and represent one of the early major acquisition deals in the new year. Ansys, valued at almost $30 billion, may see an acquisition deal materialize in early 2024, The Wall Street Journal reported , citing people familiar with the matter.

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How Elon Musk and Larry Page’s AI Debate Led to OpenAI and an Industry Boom

NYT M&A

The people who were most afraid of the risks of artificial intelligence decided they should be the ones to build it. Then distrust fueled a spiraling competition.

Start-ups 145
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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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2023: The year in charts

Mckinsey and Company

View some of our favorite data visualizations from the year to see how data helps translate complex information into compelling stories.

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Giving Gifts and Throwing Parties Can Help Show Gratitude and Provide Tax Breaks

Machen McChesney

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good time to review the tax rules associated with these expenses. Are they tax deductible by your business, and is the value taxable to the recipients?

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Empowering entrepreneurs: top takeaways from FounderMetrics

Vested

FounderMetrics podcast series one: the highlights. Dive into business metrics and a lot more besides with Vestd founder Ifty Nasir and special guests.

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Profiting from Pollution

Harvard Corporate Governance

Posted by Nathan Atkinson (University of Wisconsin), on Thursday, December 14, 2023 Editor's Note: Nathan Atkinson is Assistant Professor at the University of Wisconsin Law School. This post is based on his recent article that was published in the Yale Journal on Regulation. In 2015, the Environmental Protection Agency entered a settlement with ASARCO LLC for violations of the Clean Air Act at a copper smelting plant in Hayden, Arizona.

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Billionaire Jim Ratcliffe Secures Minority Stake In Manchester United, Boosting Club's Valuation To $6.3B

Benzinga

British billionaire Jim Ratcliffe has bought a minority stake in the esteemed football club Manchester United (NYSE: MANU ). The deal puts the club’s value at an estimated $6.3 billion, including debt. This agreement concludes a year-long sales process. What Happened: A report from The Wall Street Journal says that Ratcliffe will hold 25% of Manchester United’s non-voting shares, which are listed on the New York Stock Exchange and were last traded near $20.

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Alaska Airlines Plans to Buy Hawaiian Airlines

NYT M&A

The deal, valued at $1.9 billion, is likely to face close scrutiny by federal antitrust regulators.

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Human-centered AI: The power of putting people first

Mckinsey and Company

A people-focused approach to AI can transform jobs for the better—and improve performance, too.

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Regulatory Updates for December 2023: CFPB Enforcement Actions, State Laws, and a Warning on Discrimination

N Contracts

December is here, and so is another episode of Ncontracts’ Regulatory Brief covering all the major regulatory news, trends, and updates of the past month.

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2023 Year-End Reminders Regarding Common Fringe Benefits

Machen McChesney

As 2023 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages. This is especially true for 2023 and beyond, as many employers continue to deal with remote or hybrid workforces.

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The Cost of Private Fund Regulation

Harvard Corporate Governance

Posted by Ben Bates (Harvard Law School), on Monday, December 11, 2023 Editor's Note: Ben Bates is a Research Fellow at the Harvard Law School Program on Corporate Governance. This post is based on his recent paper. Related research from the Program on Corporate Governance includes The Long-Term Effects of Hedge Fund Activism (discussed on the Forum here ) by Lucian A.

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4 Things a Part-Time CFO Can Do for a Business Startup

Redpath

Most startups don’t need a full-time chief financial officer. However, most business founders are not accountants, and CFO-level expertise is essential to get any new venture off to a sound start and onto a path toward future growth. A part-time CFO can help your fledgling business in four essential ways –stewardship, operations, strategy, and creating long-term business value.

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Mergers Like JetBlue’s Proposed Acquisition of Spirit Usually Turn Out to Be Bad

NYT M&A

Something to consider as JetBlue seeks to buy Spirit.

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Capturing the full value of generative AI in banking

Mckinsey and Company

Setting up gen AI pilots is easy; scaling them to capture material value is hard. A recipe for success is emerging.

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Renewable energy tax credits: Geothermal, solar, biomass, wind power, and more

ThomsonReuters

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? Overview of clean energy credits by energy type Helping clients with renewable energy credits In recent years, the U.S. and other countries around the world have placed a growing emphasis on sustainability and green energy.

Start-ups 110
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2023 Year-End Guide - Tax Accounting Methods

Machen McChesney

A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Strategically adopting or changing tax accounting methods can provide opportunities to drive tax savings and increase cash flow. However, the rules covering the ability to use or change certain accounting methods are often complex, and the procedures for changing methods depend on the mechanism for receiving IRS consent — that is, whether the change is automatic or non-automati

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Reporting Beneficial Owners Under the Corporate Transparency Act

Harvard Corporate Governance

Posted by Robert Appleton, Jason Saltsberg, and Brian Roe, Olshan Frome Wolosky LLP, on Sunday, December 10, 2023 Editor's Note: Robert Appleton and Jason Saltsberg are Partners and Brian Roe is an Associate at Olshan Frome Wolosky LLP. This post is based on their Olshan memorandum. On January 1, 2024, the Corporate Transparency Act (“CTA”) comes into effect.

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Streaming Mega Merger? Warner Bros, Paramount CEOs Met On A Potential Deal Tuesday - Axios

Benzinga

David Zaslav , CEO of Warner Bros. Discovery, Inc. (NASDAQ: WBD ), and Bob Bakish , CEO of Paramount Global , met on Tuesday and spoke for several hours about a potential merger. Here's what you need to know. The Details: According to an Axios , the meeting focused on areas such as how the companies could complement one another. Warner Bros. Discovery's ability to leverage Paramount's children's programming assets and the combination of CBS News and CNN into a massive global news

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Warner Bros. Discovery in Talks to Merge With Paramount

NYT M&A

The talks, which are said to be in the early stages, add Warner Bros. Discovery to the list of companies pursuing a possible deal with Paramount.

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2023: The year in innovation

Mckinsey and Company

Explore some of our most visually engaging, “only McKinsey” insights of 2023—brought to life with innovative, interactive forms of storytelling.

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How AI can transform the way accountants work — for the better

ThomsonReuters

As technology has evolved, so too has the accounting profession. From paper-based processes to cloud-based software, accountants are no strangers to change. No previous advancement, however, has had the potential to alter accounting (and many other industries) quite like generative artificial intelligence. But for those who embrace AI, there is a strategic opportunity to capitalize on its many benefits while protecting and even uplifting the irreplaceable human connection.