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White Paper Index
The Debt Effect
Date Published: February 8, 2010
Publisher:
This white paper from Grant Thornton and the Association for Corporate Growth examines how the challenges facing banks and other lending institutions have had a substantial impact on private-equity dealmaking.
District Court Limits the Right to Credit Bid in Asset Sale Conducted Under Ch. 11 Plan
Date Published: November 30, 2009
Publisher:
According to commentary from Kirkland & Ellis, a recent court ruling may limit the ability of secured creditors to use secured debt as currency to purchase a debtor's assets or block an asset sale under a plan for less than the secured debt.
Deal Protection: One Size Does Not Fit All
Date Published: November 25, 2009
Publisher:
As noticeable as it is for its size, the recent Berkshire Hathaway/Burlington Northern transaction is also conspicuous as an apparent example of the parties taking a thoughtful approach to the issue of deal protection, according to commentary from Kirkland & Ellis.
The Securities Industry in New York City
Date Published: November 17, 2009
Publisher:
New York City's securities industry is recovering faster than expected, but the impact Wall Street's reorganization and compensation reform will have on the economies of New York City and New York State remains uncertain, according to this report from New York State Comptroller Thomas DiNapoli.
Private Equity Under Dynamic Market Conditions
Date Published: November 16, 2009
Publisher:
With the onset of the financial crisis, the terms used in private-equity deals have become increasingly important to a deal's success. This survey highlights emerging trends in PE professionals' usage of transaction terms, conditions and financing techniques in the current market.
A Study of Selected U.S. Strategic M&A Transactions in the Wake of the Credit Crisis
Date Published: October 26, 2009
Publisher:
Paul, Weiss, Rifkind, Wharton & Garrison conducted this survey of the principal terms of selected U.S. strategic mergers announced in the wake of the credit crisis. Among other things, the study found that cash remained king in large transactions even as credit tightened.
An Analysis of Proxy Voting and Engagement Policies and Practices of SWFs
Date Published: October 15, 2009
Publisher:
This study, commissioned by the IRRC Institute and conducted by RiskMetrics Group, finds that some sovereign wealth funds have made progress in becoming more transparent, but there is a wide dispersion in the level of opacity among the funds.
Market Structure Is Causing The IPO Crisis
Date Published: October 6, 2009
Publisher:
Only 12 companies went public in the U.S. in the first half of 2009, and only eight of them were U.S. companies. This Grant Thornton white paper asks: Is the U.S. IPO market going through a cyclical downturn exacerbated by the recent credit crisis, or is today’s market structure failing the IPO?
Capital Structure in the New Normal World
Date Published: September 30, 2009
Publisher:
This Samuel A. Ramirez & Co. paper finds that, among other things, the U.S. government has been levering up in response to the financial crisis, while U.S. consumers and corporations have been delevering.
Financial Services Compensation: 2Q Trends and Year-End Projections
Date Published: August 17, 2009
Publisher:
Halfway through the year, Johnson Associates broadly projects a growing divergence in incentive compensation across the financial services industry. Incentive compensation for major investment and commercial banking firms is projected to significantly increase year-over-year.
No Rhyme Or Reason: The 'Heads I Win, Tails You Lose' Bank Bonus Culture
Date Published: July 30, 2009
Publisher:
New York Attorney General Andrew Cuomo authored this report on his office's investigation into pay practices at investment banks.
Traditional Media: Down But Not Out
Date Published: July 20, 2009
Publisher:
In this report, Catalyst Investors employs a top-down, macroeconomic analysis of radio, television and magazine advertising trends and discusses the implication for future revenue growth, valuation and private equity investment in the traditional media sector.
M&A Plans and Other Strategic Growth Initiatives
Date Published: July 1, 2009
Publisher:
Sponsor: Merrill Corp
Merrill DataSite™ and Financial Executives Research Foundation (FERF) joined together to conduct a survey on “M & A Plans and Other Strategic Growth Initiatives” and produced the first report of its kind based on the feedback from the interviews with hundreds of senior financial executives of Financial Executives International (FEI). Find out how the interviewees view the current recession and their company’s future in light of the current economic situation. Get your free copy of the survey and subsequent Executive Report that provide a framework for not only surviving the recession, but using it as an opportunity to grow stronger.
The Era of Globalized M&A: Winds of Change
Date Published: June 17, 2009
Publisher:
This joint study from Thomson Reuters and JPMorgan examines the M&A cycle from 1990 through May 2009. The report analyzes two distinct cycles of deal activity: the dotcom bubble of 1999-2000 and the leverage bubble of 2005-2007.
What Is the Impact of Private Equity Buyout Fund Ownership on IPO Companies' Corporate Governance?
Date Published: June 16, 2009
Publisher:
Private equity buyout firms on average do not implement superior corporate governance policies for the companies they take over, restructure, and then take public, according to this study commissioned by the Investor Responsibility Research Center Institute and conducted by The Corporate Library.
Risk Management In The Spotlight
Date Published: June 10, 2009
Publisher:
While some strides have been made, banks and other financial institutions may still have work ahead of them in their risk management efforts, according to this global survey released by Deloitte — particularly when it comes to integrating risk responsibilities into compensation goals, establishing integrated risk management processes and systems and improving model validation.
Ireland Expands Its Role As Regulated Fund Center
Date Published: June 1, 2009
Publisher:
Thanks to Ireland's dedication to providing cost-effective, efficient and highly skilled fund administration, its global reputation as a leader in international investment management continues to expand, according to this white paper from Kinetic Partners.
Effectiveness of Hybrid Boards
Date Published: May 26, 2009
Publisher:
This study from the Investor Responsibility Research Center Institute and PROXY Governance examines whether 'hybrid' boards -- boards formed when activist shareholders were able to elect dissident directors but did not win full control of a board -- create value for shareholders.
U.K. International Financial Services: The Future
Date Published: May 16, 2009
Publisher:
A reformed financial services sector will play an important role in Britain’s economic recovery, according to this report from the Financial Services Global Competitiveness Group, co-chaired by Chancellor Alistair Darling and former Citigroup Chairman Sir Win Bischoff.
The PE Breakdown: 2Q 2009
Date Published: May 8, 2009
Publisher:
PitchBook has published an analysis of private equity investment activity during the first quarter of 2009. The conservative pace of investment in the quarter shows that, despite having raised record amounts of capital over the last two years, investors are still waiting on the sidelines for economic conditions to stabilize, credit to loosen, and valuations to become more favorable.
2008 Compensation and Required Paradigm Shift
Date Published: March 16, 2009
Publisher:
Alan Johnson of Johnson Associates recently delivered this presentation to the Wall Street Compensation and Benefits Association.
A Global Financial System For The Next Generation
Date Published: March 6, 2009
Publisher:
Citigroup CEO Vikram Pandit delivered this speech, in which he discusses the need to restructure the global financial system, at the London School of Economics on March 5, 2009. He was introduced by Howard Davies, the school's director.
Four Ways to Optimize a Distressed Asset Sale: How a Virtual Data Room (VDR) Can Help You Seal a Better Deal, Faster
Date Published: February 17, 2009
Publisher:
Sponsor: Merrill Corp
Are you facing the prospect of a distressed asset sale? One thing is certain: you are about to find yourself in a highly competitive marketplace.
Learn How:
The PE Breakdown: 1Q 2009
Date Published: January 30, 2009
Publisher:
PitchBook Data, a private equity-focused research firm, has published a comprehensive set of statistics analyzing private equity investment trends for 2008.
Madoff: A Tale Of Two Funds
Date Published: December 22, 2008
Publisher:
This quantitative analysis of a Bernard Madoff hedge fund by Markov Processes International reveals a striking similarity between Madoff's scheme and another well-known case of fraud.
The Financial Crisis and The Collapse of Ethical Behavior
Date Published: December 2, 2008
Publisher:
Most assessments of the financial crisis identify as the source of the problem such issues as poor risk controls, too much leverage and an almost willful blindness to the bubble-like conditions in the housing market. However, Greycourt & Co. feels that the root cause was the gradual but ultimately complete collapse of ethical behavior across the financial industry.
The Future of the OTC Markets
Date Published: November 10, 2008
Publisher:
The global wholesale over-the-counter (OTC) markets are critical to the effective functioning of the worldwide financial system. The vast majority of financial asset classes only exist in the OTC environment. This white paper from ICAP assesses the current status of the trading, transaction processing and risk management infrastructure that supports the wholesale segment of the OTC markets and sets out some recommendations that the firm believes would improve the quality and robustness of this infrastructure.
Financial Institutions in a Time of Global Market Turbulence
Date Published: October 28, 2008
Publisher:
Financial markets and institutions are in the process of unprecedented structural change. Governments across the world have taken, and continue to take, a variety of extraordinary measures to deal with the global financial crisis. This report from Shearman & Sterling summarizes some of the most significant opportunities, issues and risks generated by these measures.
Risk Management In The Age Of Structured Products
Date Published: October 17, 2008
Publisher:
This report from Deloitte examines the recent experience with structured credit products to provide a perspective on lessons learned in risk management and how those lessons can be applied by financial institutions.
Post-Merger Integration: Overcoming Culture Shock
Date Published: September 24, 2008
Publisher:
Sponsor: Merrill Corp
As merger opportunities continue to present themselves in today’s stormy market, post-merger integration issues have moved to the forefront of everyone’s mind. Ideally, merging two companies is a seamless process, but in reality, most of the time, it is a bumpy ride at best. Recently, Mergers & Acquisitions, in conjunction with Merrill DataSite™, conducted a survey of their readership to see how post merger integration issues are affecting their deal making activities. Perhaps most telling is that 48% of respondents believe the complexity and other issues that arise when integrating two companies are the most common reasons why most mergers fail.
Sovereign Wealth and Sovereign Power
Date Published: September 15, 2008
Publisher:
America's current account deficit is financed by foreign purchases of such assets as Treasury securities and stakes in US firms. A good deal of these purchases today are made by the central banks and sovereign wealth funds of countries that do not share many American political values and foreign policy goals. This report from the Council on Foreign Relations addresses the potential strategic implications of US indebtedness.
Transforming The Syndicated Loan Market
Date Published: September 8, 2008
Publisher:
This white paper (copyright 2008 The Depository Trust & Clearing Corp.) describes the challenges facing the syndicated loan market and outlines the most recent proposals for solving the processing and settlement problems that come with syndicated lending.
Private Equity Investing
Date Published: September 2, 2008
Publisher:
Although private equity investing is not without its challenges, long-term historic returns argue strongly for exposure to this asset class for most significant investors. The purpose of this Greycourt & Co. paper is to summarize the opportunities in private equity investing, identify the key risks and outline a strategy for investing in private equity sensibly and profitably.
Demystifying The Credit Crunch
Date Published: August 8, 2008
Publisher:
This paper from the Private Equity Council and Arthur D. Little is an effort to contribute to a better understanding of the issues, terms and trends that gave rise to the credit crunch and which will continue to be relevant in the years ahead.
The Reemergence of Japan's M&A Activity
Date Published: July 30, 2008
Publisher:
While US and European firms have been benefiting from the global M&A boom, recording all-time highs in M&A activity in the past decade, Japan has been preoccupied with internal issues. However, the time has come for Japan to reemerge on the global M&A stage, according to this report from Lincoln International.
The Rise of Covered Bonds?
Date Published: July 28, 2008
Publisher:
This report from Paul, Hastings, Janofsky & Walker discusses covered bonds as well as obstacles to creating a market for the asset class in the US.
Mastering Finance In Government
Date Published: July 15, 2008
Publisher:
According to this report from Deloitte Research, only one-third of government leaders around the world believe they possess the financial management capabilities needed to address critical challenges.
EU-US Financial Market Integration: A Work In Progress
Date Published: June 11, 2008
Publisher:
More than ever before, greater financial market integration between the EU and the US and better regulatory cooperation have evolved into an important issue. Yet, there are a number of political challenges ahead, as this Deutsche Bank research report explains.
The Nation's Crumbling Infrastructure: Driving Growth in Construction
Date Published: May 30, 2008
Publisher:
This report from Lincoln International discusses how the crumbling infrastructure in the US is driving growth in the construction industry, and provides an update on valuation metrics and M&A activity in the sector.
Mortgage Bankers and Mortgage Brokers: Distinct Businesses Warranting Distinct Regulation
Date Published: May 20, 2008
Publisher:
To support policymakers working to improve the mortgage market, the Mortgage Bankers Association has prepared this paper explaining the functional, financial and regulatory differences between mortgage bankers and mortgage brokers.
Limited Partner Interest in Emerging Markets Private Equity
Date Published: May 14, 2008
Publisher:
Limited partner (LP) commitments to private equity fund managers in emerging markets will continue to grow, despite already significant increases in their commitments over the past few years. The Emerging Markets Private Equity Association's 2008 LP study finds that 74% of those surveyed expect greater commitments to emerging markets over the next three to five years.
European Banks: The Silent (R)Evolution
Date Published: April 29, 2008
Publisher:
Recent market turmoil and its consequences will negatively impact the earnings of European banks for a considerable time. This reverses a long period of improvements in profitability and efficiency. But, the current environment should not distract from the trends that have shaped the structure of the industry for the last 10 years and will continue to do so.
When Will The US Housing Market Bottom Out?
Date Published: April 24, 2008
Publisher:
In recent weeks, US economic indicators have continued to deteriorate. Inflation has surged on both sides of the Atlantic, driven up by rising oil and food prices; the financial crisis has worsened; and the dollar has dropped to alarming levels. There is hardly a doubt that the US is in recession. In contrast, growth remains moderate in the Eurozone, at least so far, and is still going strong in the developing countries. It is clear, however, that this cyclical decoupling will only be temporary.
Spending SWF Money
Date Published: April 16, 2008
Publisher:
Sovereign wealth fund (SWF) money is meant to be spent. Some countries may want to spend it today, while others have the luxury of saving it for future generations. In this report, Morgan Stanley proposes some key considerations to keep in mind when thinking about this issue, as spending SWF or reserve money on domestic projects has implications for inflation, the exchange rate and potential growth.
ECB Objectives and Tasks
Date Published: April 1, 2008
Publisher:
This research report from Deutsche Bank, adapted from a briefing paper prepared for the European Parliament's Committee on Economic and Monetary Affairs, examines the perceived conflict between different European Central Bank (ECB) roles and responsibilities. The report rules out a conflict between the objective of price stability and the lender-of-last-resort function because the ECB is not mandated to perform the role of a lender of last resort in the strict sense of the word.
Sovereign Wealth Funds: The New Power Brokers of Global Capitalism
Date Published: March 7, 2008
Publisher:
Over recent months there has been a perceptible shift of power in the world's financial markets. As volatility sweeps these markets and the flow of investment capital from traditional sources slows from a torrent to a trickle, the highly leveraged dealmakers that have shaped global capitalism over the last decade are being overshadowed by an emerging set of capital-rich investors.
Navigating The Compliance Labyrinth
Date Published: February 26, 2008
Publisher:
Financial institutions operating in the U.S. must comply with a myriad of requirements that have only grown in complexity in recent years. Regulation has been introduced with the objective of advancing important public policy goals such as the safety, stability and efficiency of the financial system; yet their combined effect has placed a substantial burden on financial institutions and left them with considerable challenges.
Commodity Heads Just Kept on Walking, Rising ... and Rolling
Date Published: February 19, 2008
Publisher:
The epic credit derivative tumult could not halt the speeding locomotives that are Wall Street commodities trading desks. These traders, at least the stars, continue to be exceptionally well-compensated.
Building the Organization To Support the 130/30 Opportunity
Date Published: October 22, 2007
Publisher:
Merrill explains why it expects strong growth in asset managers offering 130/30 portfolios this year, as the gap between traditional managers and hedge funds continues to narrow. The paper anticipates the 130/30 strategy to be extended to a growing variety of styles such as EAFE, growth or even sector funds, assuming the underlying securities can be shorted.
Developments in High-Risk Entity Screening
Date Published: October 12, 2007
Publisher:
As regulations are requiring more diligent screening of customers and transactions, new firms, industries, governments and countries are continuously being introduced to various anti-money laundering (AML) solutions. This expanding segment of the marketplace is entering an AML screening arena that is experiencing new product trends. Together, these new developments are shaping the future of high-risk entity screening.
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