Practical analysis for investment professionals

Corporate Finance


Weekend Reads for Investors: Wake Up from the Summer Doldrums Edition

Jason Voss, CFA, provides his picks for Weekend Reads for Investors. This edition curates stories on the potential repeal of the tax deduction corporations in the United States receive on debt payments, the end of Big Oil, how we can recognize machine consciousness, and more.

The Financial Industry: A New Discipline of Ownership

The finance industry, long plagued by public distrust, has reached a tipping point, says Stephen Davis. The public’s anger, fueled by a belief that investors have been unjustly “separated from their money,” has helped to usher in a new “discipline of ownership.”

The C-Suite Speaks: Dog Days of Summer

The dog days of summer continue to see sluggish economic growth, with the longed-for rebound slow to materialize. It is difficult to imagine any acceleration in growth rates without inflation, says Scott Krisiloff, CFA, in his latest roundup from the C-suite.

The C-Suite Speaks: Industry Restocking

There were signs that inventories have been sufficiently depleted, and that industry is cautiously beginning to restock again. However, Scott Krisiloff, CFA, cautions, if inventories are restocked and demand doesn't concurrently rebound, companies will shortly find themselves in a precarious position once again.

The C-Suite Speaks: Department Store Rebound?

Department stores don't provide the same read on the economy as they did in the past, but, overall, activity is still depressed, says Scott Krisiloff, CFA. Yet there are signs of a possible upturn. And while the presidential election has been a source of uncertainty, the polls may be starting to give an indication of who is likely to win without having to wait until Election Day.

The C-Suite Speaks: No One Called This an Expansion

While we won't refer to this environment as being expansionary, there is some growth, and oil prices may have finally bottomed out.

The Microsoft-LinkedIn Deal and “The Nature of the Firm”

Matthew Borin explores the Microsoft-LinkedIn acquisition through the prism of Ronald Coase's "The Nature of the Firm." His conclusion? Neither classical reasoning nor market dominance can explain the deal. If market synergy is the motivation, the odds of success do not look promising.

Jack L. Treynor and the Birth of the Quants

Imagine for a moment an investment world without the accomplishments of Jack L. Treynor. In this imaginary Treynor-less world, mass casino psychology and fund manager guru-worship might rule, unchallenged by any metrics other than crude popularity and marketing spend.

The C-Suite Speaks: Looking for a Curveball

Based on recent earnings calls, the economy appears to be okay overall, says Scott Krisiloff, CFA, not deteriorating, but not robust either.

Book Review: Get Rich with Dividends

This book is a worthwhile contribution to the retail literature on investing in dividend-growth stocks that offers a credible investment strategy along with a wealth of supporting data and background information.



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