Bid Pricing Strategy: Part II Mergers & Acquisitions by Matt - August 31, 2018August 31, 20180 Certain bid pricing considerations were discussed in a previous post, illustrating what a financial advisor or investment banker would look at for a bid for a private company. Here, we look at other considerations. The bid price is just one of several things that the seller and their financial advisor will consider
Interview with: Big 4 Corporate Finance VP Interview Series by Karl - August 28, 2018September 5, 20180 What do you do on the corporate finance team in a big 4? The corporate finance team in a big 4 firm functions like a boutique investment bank that focuses on mid-market businesses. Most of the clients are private. The CF team serve as transaction advisors for acquisitions, divestitures, and capital
Fama French and Multi Factor Models Finance 101 by Karl - August 26, 2018December 31, 20180 In a previous article, we talked about CAPM and its applications. As a quick review, CAPM is a model used to calculate the expected return on a security, based on its market risk, commonly denoted as β (Beta). The model says that a security that is risky relative to the market
Renting in Downtown Toronto Life & Work by Karl - August 26, 2018August 27, 20180 Toronto is the financial capital of Canada, and like all financial centers, quite expensive to live in. On top of all the banking, sales & trading, and management consulting offices, there are 3 major universities with campuses downtown – UofT St George (Rotman), York (Schulich), and Ryerson. With such high
Investment Banking Interview Challenge Questions Interview Questions by Matt - August 26, 2018August 26, 20180 Was discussing what some of the more challenging questions a few mentees have been receiving from interviews at elite boutiques (Evercore/Moelis/Centerview) - just kidding, Centerview questions are much harder. Have a go and send in your answers for our great reveal next week. First person to answer them all right gets
Feedback for Investment Banking Summer Analysts Summer Analyst by Matt - August 25, 2018March 24, 20190 Summer Interns - Returns Offers Handed Out, What Did You Think? A lot of my contacts still slaving away on the sell side have seen summer interns come in and go while the new full time analysts and associates have started or are about to start. As for how the summers did?
Bid Pricing Strategy: Part I Mergers & Acquisitions by Matt - August 24, 2018August 24, 20180 Bid Considerations in a Sell-Side Process When an investment bank represents a potential buyer in a sale process, both parties are very motivated to be the winning bidder. However, the investment bank is more incentivised to bid to win as they are paid on a success fee whereas the potential buyer
A Comparison Of Spin-Outs Versus Carve-Out IPOs: Part II Equity Capital Markets by Matt - August 24, 2018March 20, 20190 Comparison Between Spin-Off and IPO There are reasons why a company may choose a spin-off versus an IPO. Depending on what shareholders prefer, this can either can be a good or bad option. An IPO results in cash proceeds for the parent. So if Alibaba carves out and IPOs Ant Financial, the
A Comparison of Spin-Outs versus Carve-Out IPOs: Part I Corporate Finance by Matt - August 22, 2018August 22, 20180 Spin-Out of Non-Core Assets For many corporates, there will be talk about non-core assets and their role under the broader company umbrella. These non-core assets may be divisions that do not fit into the business thesis that investors are looking for. As a very simple example, if a chain of coffee shops
Deal Protection in Mergers & Acquisitions Mergers & Acquisitions by Alexey - August 20, 2018August 25, 20180 Mergers and acquisitions are the bread and butter of investment banking. However, plenty of mergers and acquisitions fall through for various reasons. As such, the acquiring firm will want to employ strategies that ensure that they can consummate the transaction. Deal protection exists because acquiring companies want to be secure from