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Replay: COVID-19 market update
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An Issuer Playbook for Navigating COVID-19
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Ten Striking Facts to Guide Corporate Finance Decisions in 2020
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Trending Topics (11/26/18): Read Four Important Themes for the Week
Trending Topics for the Week of November 26, 2018
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Trending Topics for the Week of November 12, 2018
Topics Discussed : For multi-class shares, MSCI is in a class of its own, Economic conditions are driving ratings changes, U.S. borrowers to benefit from relaxed tax rules for “deemed dividends”, Value stocks showing signs of a comeback
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Trending Topics (10/29/18): In the Zone: A tax-efficient Opportunity to preserve capital gains
Trending Topics for the Week of October 29, 2018
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Trending Topics (10/29/18): Global leveraged transactions: a shift to 3 credit rating agencies
Trending Topics for the Week of October 29, 2018
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Trending Topics (10/29/18): Borrower friendly terms indicative of a frothy market?
Trending Topics for the Week of October 29, 2018
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Trending Topics (10/29/18): Another look: Deconstructing equity market selloffs
Trending Topics for the Week of October 29, 2018
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Trending Topics (9/19/18): Upcoming changes in lease and accounting treatments
Trending Topics for the Week of September 19, 2018
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Trending Topics (9/19/18): The shift to low cost investment services continues
Trending Topics for the Week of September 19, 2018
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Trending Topics (9/19/18): Is technological disruption helping maintain low inflation?
Trending Topics for the Week of September 19, 2018
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Trending Topics (9/19/18): How have firms allocated capital since tax-reform in the first half of 2018?
Trending Topics for the Week of September 19, 2018
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Trending Topics (9/5/18): SOFR: almost ready for prime-time
Trending Topics for the Week of September 5, 2018
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Trending Topics (9/5/18): Ratings relativity & the great migration to BBB
Trending Topics for the Week of September 5, 2018
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Trending Topics (9/5/18): Quarterly vs. semi-annual reporting
Trending Topics for the Week of September 5, 2018
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Trending Topics (9/5/18): Equity markets continuing to reward corporates
Trending Topics for the Week of September 5, 2018
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Trending Topics (8/15/18):Share buybacks continue to surge...
Trending Topics for the Week of August 15, 2018
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Trending Topics (8/15/18): Market primed for LBOs
Trending Topics for the Week of August 15, 2018
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Trending Topics (8/15/18): Don’t sweat it: keeping cool offers productivity benefits
Trending Topics for the Week of August 15, 2018
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Trending Topics (8/15/18): Blockchain: from words to action
Trending Topics for the Week of August 15, 2018
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Trending Topis (6/26/18): Strong momentum in the convertibles market
Trending Topics for the Week of June 26, 2018
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Trending Topis (6/26/18): Spin-off structuring to maximize proceeds and achieve capital structure objectives
Trending Topics for the Week of June 26, 2018
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Trending Topis (6/26/18): Buy or Sell? Wait a minute … GOAL!
Trending Topics for the Week of June 26, 2018
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Brief: The CDS and financing markets are intertwined, afterall
Trending Topics for the Week of May 28, 2018
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Brief: Tax reform ripple effects on ratings?
Trending Topics for the Week of May 28, 2018
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Brief: Strong momentum in ICOs indicates digital tokens are here to stay
Trending Topics for the Week of June 11, 2018
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Brief: Rise of the (taxable) spin-merge transaction
Trending Topics for the Week of May 28, 2018
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Brief: Is your offshore cash still "trapped" too?
Trending Topics for the Week of June 11, 2018
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Brief: How can volatility impact strategic decision making and valuation?
Trending Topics for the Week of May 28, 2018
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Brief: Easing of Chinese government restrictions represents the next step toward accessing the Chinese investor base
Trending Topics for the Week of June 11, 2018
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Brief: Digging into the data: CapEx/R&D spend led by the Tech sector
Trending Topics for the Week of June 11, 2018
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Brief: Tariffs, Tariffs, Tariffs!
Trending Topics for the Week of May 22, 2018
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Brief: Potential SALT deduction cap workaround?
Trending Topics for the Week of May 22, 2018
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Brief: Moody’s reacts to post-tax reform capital return plans by Tech companies
Trending Topics for the Week of May 22, 2018
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Brief: Blockchain and the Decentralization Revolution
Trending Topics for the Week of May 22, 2018
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The great shareholder shift
Developing financial policies for an evolving shareholder base
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Blockchain and the Decentralization Revolution
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Corporate Finance Advisory Trending Topics - 4-30
Trending Topics for the Week of April 30, 2018
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CFA Trending Topics (4/2): Understanding the flattening yield curve and implications for bond issuance decision-making
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CFA Trending Topics (4/2): Post tax reform liability management transactions to optimize debt structure and cost of capital
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CFA Trending Topics (4/2): Moody’s proposed changes to its treatment of operating lease obligations: key considerations moving forward
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CFA Trending Topics (4/2): A FERC ruling has driven MLP valuations even lower
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CFA Trending Topics (3/19): Time to shine, preferreds
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CFA Trending Topics (3/19): The political/regulatory landscape: Key considerations in the context of high-profile M&A today
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CFA Trending Topics (3/19): Corporate debt to GDP near all time highs…is it a reason to worry?
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Corporate Finance Advisory Trending Topics
A 2017 compendium
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Disrupt or be disrupted
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Strategies for a Strong U.S. Dollar Environment
In the last three years, the USD has appreciated against nearly 90% of all currencies, including every major currency. Sudden and severe FX rate movements have ramifications that affect all firms (both global and local). The implications can be further complicated due to government interventions.
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Rethinking capital structure today?
With potential tax reform in the air, many senior decision-makers are wondering whether they should revisit their capital structures. Lower or no interest tax shields and access to global free cash flow could impact capital structure choices. But are tax shields the only key determinant of capital structure? Aren’t there other equally important, or maybe even more important, drivers of capital structure choice?
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Lowering risk and saving money: Part II
Global markets have experienced increased volatility in both FX and interest rates. The U.S. Dollar has continued to strengthen against almost all currencies. How should management teams mitigate FX exposure? Given rising U.S. bond yields, how can U.S. firms capitalize on the lower interest-rate environment overseas?
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A Primer on the Financial Policies of Chinese Firms
Despite their expanding size and global presence, the current financial policies of Chinese firms vary greatly from those of large global peers. We propose an action plan for Chinese firms and state-owned enterprises to modify their capital structures to be more comparable with their global peers.
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A Primer on the Financial Policies of Chinese Firms (Chinese)
Despite their expanding size and global presence, the current financial policies of Chinese firms vary greatly from those of large global peers. We propose an action plan for Chinese firms and state-owned enterprises to modify their capital structures to be more comparable with their global peers.
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Corporate finance post-Brexit
We explore the corporate finance implications of a post-Brexit referendum world. This report examines the impact on capital allocation in the face of changes in cost of capital, FX volatility, and counterparty risk.
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Wiser by the Dozen: Investor perspectives on dividends and share buybacks
We surveyed asset managers on a variety of issues regarding capital allocation. Respondents were clearly in agreement on several topics, but widely different on others.
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The name is Cash, just Cash: Demystifying the “spectre” of record corporate cash
Record high corporate cash balances have led to a number of popular claims. This report shows that we can confirm only some of them, but in many cases only with important nuances.
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2015 Distribution Policy: A trillion reasons to discuss dividends and buybacks
We discuss how dividends and share buybacks drive shareholder value, especially given the current anticipation of rising rates and generally elevated levels of volatility.
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Shrinking to grow: Evolving Trends in Corporate Spin-Offs
Evolving trends in corporate spin-offs provides a useful guide to evaluating the value creation potential from spin-offs.
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Who’s Worrying About FX?
Currency movements have numerous corporate finance implications. In light of continued USD strength, we provide a roadmap to help manage your foreign exchange exposure.
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Here We Go Again… Financial Policies in Volatile Environments
Given the potential for “shocks” in many sectors, we examine the insights to be gained from the tools energy firms have relied on to withstand downturns.
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Understanding and Navigating a New World of Heightened Investor Scrutiny
We explore activism’s likely expansion and the tactics of these investors, and explain how to balance the external pressure with the internal desire to boost shareholder value.
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Bridging the Gap Between Interest Rates and Investments
Despite only small cost of capital variations through the cycle, corporate hurdle rates remain high, potentially leading to lower growth and riskier profiles.
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2014 M&A Horoscope: The Stars Are Aligned to Bridge the $2 trillion M&A Deficit
An aggregate U.S. strategic M&A deficit during the post-crisis period could produce a doubling of volume in 2014.
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2014 Distribution Policy: Challenging Conventional Wisdom about Dividends and Buybacks
By highlighting the “new conventional wisdom” on whether growth and technology firms pay dividends, we examine the efficiency of share repurchases and the impact rising rates may have on shareholder distributions.
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Corporate Finance with a Sprig of Basel: Basel III Implications for Non-Banks
In exploring the Basel III banking regulations, we uncover the channels through which they could impact banks and non-banks, and the corporate finance implications for non-bank corporations.
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The Great Migration: Evolving Market Conditions Transform the Credit Rating Landscape
Although firms are less focused on preserving the highest credit ratings, investment grade ratings still remain in favor among blue chip firms. Read this report to understand the factors influencing this migration.
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Learning from Stock Return Leaders and Laggards: Insights on the Paths to Value Creation
The strong rebound in equity markets divided companies into leaders and laggards. This analysis of each group provides key insights for strategic, operational and financial policy decision-making.
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Foreign Exchange Curveballs: Capitalizing on Paradigm Currency Shifts
Foreign exchange rates often make large and persistent moves. This report discusses the corporate finance implications of FX movements and offers a multipronged action plan to capitalize on a strong USD.
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When Rates Take Off: Corporate Finance Implications of Rapidly Rising Interest Rates
By examining 13 rate increases following interest rate troughs since 1962, we provide practical takeaways to prepare for different interest rate scenarios.
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2013 Distribution Policy: How Macro Views Shape the Dividend vs. Buyback Dilemma
Companies question whether they should keep excess cash on hand, or if to return it to shareholders and how. Learn more about the factors driving an optimal capital distribution strategy.
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Uncorking M&A: The 2013 Vintage—Investors Increasingly Reward Synergistic Transactions
Investors are embracing large, synergistic transactions in an unprecedented manner. This report explains the drivers and board level implications of this and discusses the prospects for a rebound in M&A activity next year.
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Riding the Foreign Exchange Roller Coaster: Corporate Finance Implications of a Riskier Currency Environment
As large global firms realize a growing part of their sales from non-domestic markets they must manage currency exposures. Read our roadmap for avoiding the common pitfalls of a more volatile currency world.
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From Conformity to Creativity: Creating Shareholder Value by Breaking Away from the Herd
Whether through creative M&A or financial policy paradigm shifts, find out more about the innovative corporate finance actions which can create opportunities to enhance value.
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Time for a Pension Paradigm Shift? Catalysts and strategic considerations
This report explains the factors which led several major firms to announce and implement pension de-risking programs including pension specific regulatory changes as well as broader capital market factors.
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2012 Distribution Policy: Dividend and Share Repurchase Facts and Trends
Few decisions frustrate senior executives more today than whether and how to return excess capital. This report addresses the questions driving distribution policy and illustrates the most noticeable trends.
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Time to Rethink Hurdle Rates: Understanding Political Risk Premia in a New Financial Environment
While foreign investments can offer attractive returns, senior executives need to manage significant risk challenges. This reports helps firms plan hurdle rates for their foreign investments.
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Light at the End of the Tunnel: Getting Ready for the Return of the U.S. Consumer
With consumer leverage now lower than in the pre-crisis years and current indicators suggesting a possible re-emergence of the U.S. consumer, we outline ways to preserve optionality and other preparation tactics.
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Action Speaks Louder than Words: Investors Reward Proactive Strategies
Investors have responded positively to firms that shifted from defense to offense; consequently, boards and senior leaders should consider offensive moves on their merits and avoid being forced to initiate or announce these strategies under public activist pressure.
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Navigating Through another “Pension Storm”: Prudent Pension Management in an Uncertain Market Environment
We explore how firms can make voluntary contributions and lock in positive EPS and NPV benefits in a credit-neutral manner.
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Beyond Growth: Valuation and Financial Policy in the Maturing Tech Sector
With PEG ratios for large-cap tech firms lower than many other sectors, we outline how more aggressive financial policies may create value in this maturing sector.
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It’s Déjà Vu all Over Again: How to be Ready When the Cheap Capital Environment Ends
By understanding the differences between 2007 and spring 2011, and by taking advantage of relatively benign capital markets conditions, firms can proactively manage the risks of a shifting financing environment.
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The New Face of M&A: How a Trillion Dollars Will Change the Strategic Landscape
After a significant decline during the financial crisis, we outline the characteristics of the post-crisis M&A wave, including the limited role of private equity, the reemergence of strategic acquisitions, and the surprisingly similar deal size and premiums compared to pre-crisis acquisitions.
