IVSC

SEPTEMBER 12, 2024

He leads a team of quants, focusing on the valuations of complex securities and instruments issued by start-up companies to venture capital and private equity investors. Kwan Eng is a Chartered Valuer and Appraiser, and a Certified International Treasury Management professional.

Intangible Assets 130

Intangible Assets Corporate Finance Treasury Business Valuation 130

Simply Treasury

JULY 12, 2021

Large MNCs are today using big ERPs, customized to their needs, integrated, or interfaced to many other IT treasury solutions dedicated to certain tasks. SMEs, Private Equity Funds, Family Offices, holding companies, fund servicers,) not that well equipped. Treasury system needs is a huge pound. But isn’t it the opposite?

Treasury 52

Treasury Finance Marketability Technology 52

Musings on Markets

JANUARY 30, 2023

If 2022 was an unsettling year for equities, as I noted in my second data post, it was an even more tumultuous year for the bond market. As a result, treasury bond investors faced one of their worst years in history, losing close to a fifth of their principal, as bonds were repriced.

Treasury 96

Treasury Start-ups Risk Premium Equity 96

Trout CPA

APRIL 28, 2023

Department of the Treasury administers the program, but local economic development partners in Pennsylvania are implementing and administering the $246.8 million in funding via loan and equity programs.

Treasury 98

Treasury Equity 98

Musings on Markets

MAY 6, 2022

There are three possible explanations for the divergence: Short term versus Long term : The consumer survey extracts an expectation of inflation in the near term, whereas the treasury markets are providing a longer term perspective, since I am using ten-year rates to derive the market-implied inflation.

Risk Premium 102

Risk Premium Treasury Start-ups Equity 102

Musings on Markets

OCTOBER 4, 2023

While the rise in treasury rates has been less dramatic this year, rates have continued to rise across the term structure: US Treasury While short term rates rose sharply in the first half of the year, and long term rates stabilized, the third quarter has sen a reversal, with short term rates now stabilizing and long term rates rising.

Marketability 120

Marketability Start-ups Risk Premium Treasury 120

Musings on Markets

SEPTEMBER 27, 2022

In a third post on July 1, 2022 , I pointed to inflation as a key culprit in the retreat of risk capital, i.e., capital invested in the riskiest segments of every market, and presented evidence of the impact on risk premiums (bond default spreads and equity risk premiums) in markets.

Risk Premium 97

Risk Premium Treasury Start-ups Equity 97

Musings on Markets

JANUARY 27, 2022

The treasury curve became steeper, but only at the shortest end of the spectrum, with the slope rising for the 2-year, relative to the 3-month, but not at all, when comparing the 10-year to the 2-year rate.

Risk-free Rate 99

Risk-free Rate Treasury Price to Book Start-ups 99

Harvard Corporate Governance

NOVEMBER 11, 2022

Governance and the Decoupling of Debt and Equity: The SEC Moves. Griffin (Villanova University), Greg Nini (Drexel University), and David C. Smith (University of Virginia) , on Friday, November 4, 2022. Lawsuit Against Meta Invokes Modern Portfolio Theory To Protect Diversified Shareholders. Posted by Henry T.

Compliance 189

Compliance Banking Treasury Marketability 189

Musings on Markets

JULY 17, 2023

In my second data update post from the start of this year , I looked at US equities in 2022, with the S&P 500 down almost 20% during the year and the NASDAQ, overweighted in technology, feeling even more pain, down about a third, during the year. trillion below their values from the start of 2022.

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

Musings on Markets

JANUARY 19, 2022

In a post at the start of 2021 , I argued that while stocks entered the year at elevated levels, especially on historic metrics (such as PE ratios), they were priced to deliver reasonable returns, relative to very low risk free rates (with the treasury bond rate at 0.93% at the start of 2021). The year that was.

Risk Premium 98

Risk Premium Risk-free Rate Start-ups Equity 98

Musings on Markets

MARCH 25, 2021

The first quarter of 2021 has been, for the most part, a good time for equity markets, but there have been surprises. The first has been the steep rise in treasury rates in the last twelve weeks, as investors reassess expected economic growth over the rest of the year and worry about inflation.

Equity 52

Equity Risk-free Rate Treasury Start-ups 52

Reynolds Holding

JANUARY 4, 2023

On December 27, 2022, Treasury released Notices 2023-7 and 2023-2 (the “Notices”). The Notices are intended to provide interim guidance until proposed Treasury Regulations are promulgated. The Treasury and IRS have requested further comments on this issue. 1] The CAMT and the Buyback Tax both are effective January 1, 2023.

Treasury 45

Treasury Dividends Marketability Finance 45

Brian DeChesare

JANUARY 4, 2023

Just look at the handy chart the Financial Times put together to see the horrifically bad numbers: In January 2022, everything seemed quite frothy, with mega-deals happening left and right and crypto and equity prices still at high levels. Treasuries: 19% [Up 19%]. Real Estate (Equity Funds + Owned Properties): 15% [Up 5%].

Marketability 98

Marketability Start-ups Treasury Dividends 98

Musings on Markets

AUGUST 15, 2023

During 2022, the US treasury did not default, but an investor in a 10-year US treasury bond would have earned a return of -18% on his or her investment, as bond prices dropped. and how much to hold in investments with guaranteed returns over their time horizon (cash, treasury bill and treasury bonds).

Risk-free Rate 98

Risk-free Rate Risk Premium Treasury Start-ups 98

Brian DeChesare

FEBRUARY 28, 2024

While everyone seems to know about equity research and trading stocks, fixed income research gets far less attention. Equity Research vs. Fixed Income Research Common Myths What Do You Do as a Fixed Income Research Analyst or Associate? Each role has common analytical elements, but the specifics and deliverables differ (e.g.,

Equity 59

Equity Banking Start-ups Finance 59

Musings on Markets

JANUARY 17, 2024

Heading into 2023, US equities looked like they were heading into a sea of troubles, with inflation out of control and a recession on the horizon. Breaking equities down by sub-region, and looking across the globe, I computed the change in aggregate market capitalization, by region: While US stocks accounted for about $9.5

Risk Premium 79

Risk Premium Start-ups Equity Treasury 79

Musings on Markets

SEPTEMBER 20, 2024

These rates are dynamic and volatile, and you can see them play out in the movements of US treasury rates (with the 3-month and 10-year rates highlighted) and in corporate bond rates (with the Baa corporate bond rate shown).

Banking 122

Banking Treasury Start-ups Marketability 122

Biz Equity

MARCH 2, 2023

treasury is paying a higher interest rate than long-term U.S. treasuries. The US Treasury Yield Curve is currently inverted, potentially signaling signs of a recession in the coming months. Yield Curve Inversion Since 1960, the United States has seen seven major recessions, with each being predicted by an inverted yield curve.

Treasury 98

Treasury Marketability Banking 98

Harvard Corporate Governance

MARCH 1, 2024

Davis, and Rose James, Teneo, on Monday, February 26, 2024 Tags: affirmative action , Anti-DEI , dei , Diversity , Stakeholders , Transparency Oregon State Treasury Nomination Neutrality Posted by Philip Larrieu, Oregon State Treasury, on Monday, February 26, 2024 Tags: Board of Directors , Director nominations , fiduciary duty , Proxy access , shareholder (..)

Treasury 100

Treasury Technology Equity 100

Brian DeChesare

FEBRUARY 22, 2023

Sell-Side Definition: In the finance industry, “buy-side firms” raise money from institutions and wealthy individuals and invest on their behalf, profiting from management fees, performance fees, or both; “sell-side firms” earn money from commissions charged to facilitate deals and to sell, market, and trade equity, debt, and other securities.

Finance 130

Finance Marketability Banking Corporate Finance 130

Benzinga

JANUARY 17, 2024

Treasury yields inched higher, with the 10-year benchmark reaching 4.10%, and the dollar reached a monthly high. On Thursday, retail sales figures for December exceeded expectations, rising by 0.6% month-over-month, surpassing the predicted 0.4%, and showing a year-over-year surge of 5.6%, marking the highest annual growth since January 2023.

Marketability 98

Marketability Treasury Technology Equity 98

Musings on Markets

JULY 13, 2022

Country Risk: Equity Risk For equity investors, the price of risk is captured by the equity risk premium, and equity risk premiums will vary across countries. Please do not attach any political significance to my country groupings, or take them personally.

Risk Premium 102

Risk Premium Risk-free Rate Start-ups Equity 102

Reynolds Holding

OCTOBER 21, 2024

What GameStop put on display was how much has changed—in technology and business models—since 2005 when we last comprehensively updated our equity market rules. The markets have moved to overwhelmingly trade electronically, with transaction volume in listed equities tripling in the last 17 years. [3] 6] The $55 trillion U.S.

Equity 45

Equity Marketability Start-ups Treasury 45

Brian DeChesare

JUNE 15, 2022

First, note that these terms apply only to investment banks and related finance firms (private equity firms, hedge funds, etc.). Example Jobs at a Bank: Investment banking , sales & trading , equity research , internal private equity , private banking , and private wealth management.

Banking 98

Banking Treasury Start-ups Finance 98

Global Finance

JUNE 3, 2024

Verdeschi has spent the last seven years as Citi’s treasurer, in which capacity he managed a $2 trillion balance sheet, centralized treasury activities and revamped governance. The firm also achieved a 3.85% return on equity and a solid net margin of 26.39%, each above the industry average.

Treasury 59

Treasury Finance Banking Equity 59

Musings on Markets

MARCH 19, 2022

In this section, I will begin by looking at the bond market effects and then move on to equities and other asset classes, starting by looking at the localized reaction (for Ukranian and Russian securities) and then the global ripple effects. As Russian equities have imploded, the ripple effects again are being felt across the globe.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Musings on Markets

JANUARY 24, 2024

In my last post, I looked at equities in 2023, and argued that while they did well during 2023, the bounce back were uneven, with a few big winning companies and sectors, and a significant number of companies not partaking in the recovery. The Fed Effect: Where's the beef?

Treasury 52

Treasury Risk Premium Start-ups Risk-free Rate 52

Musings on Markets

MAY 5, 2023

The Bank Regulators If you are wondering where bank regulators enter the business model, it is worth remembering that banks predate regulators, and for centuries, were self regulated, i.e., were responsible for ensuring that they had enough equity capital to cover unexpected losses.

Banking 97

Banking Equity Start-ups Treasury 97

Simply Treasury

NOVEMBER 2, 2020

How to best choose your IT treasury solution in a complex and competitive environment? The strategic and key role of treasury teams has increased steadily over last decade. At treasury level, the central technology is the calculation and processing power of Treasury Management Systems (i.e. Tech dependency of Treasury.

Treasury 52

Treasury Technology Start-ups Finance 52

Andrew Stolz

AUGUST 4, 2020

Government Treasury bond can be considered the (nominal) risk-free rate. There is still a risk that the coupons payments a Treasury bondholder earns are reinvested at different, prevailing interest rates. Treasury Bill. Subtract the inflation rate from the yield of the Treasury Bond matching the investment maturity. [(1

Risk-free Rate 52

Risk-free Rate Treasury Equity Marketability 52

Brian DeChesare

MARCH 13, 2023

Banks’ lending activities are constrained by: Regulatory Capital – All banks must maintain a certain amount of common shareholders’ equity to absorb unexpected losses on loans and other assets. These are marked to market value and do affect the bank’s common equity and regulatory capital ratios, such as its CET 1 Ratio.

Banking 123

Banking Start-ups Equity Treasury 123

Reynolds Holding

JULY 10, 2022

In standard public equity securities, even the most naïve investor is protected, first, by the market price – you pay only for what you get – and, second, by the comfort that nothing else is required of an individual investor to realize the full value of the security. For simplicity, we assume that the treasury rate is exactly zero.

Treasury 99

Treasury Marketability Equity Market Capitalization 99

Musings on Markets

MAY 20, 2022

In my last post , I discussed how inflation's return has changed the calculus for investors, looking at how inflation affects returns on different asset classes, and tracing out the consequences for equity values, in the aggregate.

Price to Book 102

Price to Book Dividends Beta Equity 102

John Jenkins

SEPTEMBER 21, 2023

Dechert recently posted highlights from Treasury’s 2nd Annual CFIUS Conference.

Treasury 40

Treasury Equity 40

Law 360 M&A

MARCH 29, 2022

Former Treasury Secretary Steven Mnuchin's private equity firm Liberty Strategic Capital, led by Paul Weiss, plans to buy a controlling stake in mobile security startup Zimperium Inc., advised by Orrick, for about $525 million, the companies said Tuesday.

Private Equity Firm 40

Private Equity Firm Treasury Equity 40

Benzinga

JUNE 20, 2024

Headquartered in Salt Lake City, Utah, GPS Capital Markets offers cross-border and treasury management solutions to upper-middle market companies in the U.S. (NYSE: CPAY ) disclosed a definitive agreement to acquire GPS Capital Markets, LLC for an undisclosed amount. Founded in 2002, GPS has several offices throughout the U.S.,

Marketability 59

Marketability Treasury Equity 59