Musings on Markets
MAY 20, 2022
Inflation and Value When in doubt about how any action or information plays out in value, I find it useful to go back to value basics, and trace out the effects of that action/information on value drivers. The former is short hand for the small cap premium and the latter is the proxy for the value factor in returns.
Musings on Markets
JANUARY 5, 2024
Since I am lucky enough to have access to databases that carry data on all publicly traded stocks, I choose all publicly traded companies, with a market price that exceeds zero, as my universe, for computing all statistics. Costs of equity & capital 1. Standard Deviation in Equity/Firm Value 2. Book Value Multiples 3.
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Reynolds Holding
DECEMBER 17, 2024
We find that institutional investors act as if spending $10,000 on engagement increases a companys value by 0.3 While that may sound small, when scaled by trillions of dollars in market capitalization and assets under management, the potential benefits are significant. basis point expected increase in firm value.
Reynolds Holding
FEBRUARY 5, 2023
This is direct evidence that the announcement causes expectations of firm value to be biased upward. The subsamples with higher announcement returns, which reflect greater market expectations, experience negative future returns.
Reynolds Holding
AUGUST 5, 2024
The Big Three hold just over 20 percent of total market capitalization in the U.S. Interestingly, they hold at least 5 percent in 16 foreign markets, including Germany, France, Japan, and Brazil, and over 10 percent in three foreign markets: Ireland (19 percent), the UK (16.4 trillion and $4.3 trillion, respectively.
Musings on Markets
JANUARY 6, 2023
Data universe : In my sample, I include all publicly traded firms with market capitalizations that exceed zero, traded anywhere in the world. Cost of Capital 3. Standard deviations in equity and firm value 4. Debt ratios (Debt to capital, Debt to EBITDA) 1. Cost of Debt 2. Price to Book 3.
Musings on Markets
JANUARY 10, 2025
Not surprisingly, the company listings are across the world, and I look at the breakdown of companies, by number and market cap, by geography: As you can see, the market cap of US companies at the start of 2025 accounted for roughly 49% of the market cap of global stocks, up from 44% at the start of 2024 and 42% at the start of 2023.
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