Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
Pensions Are Nothing Compared to Health Care Costs
November 6, 2006
Yes, Red Wine Holds Answer. Check Dosage. | www.nytimes.com
1. Healthcare expenses are rising and can potentially depress reported earnings in a significant way.
2. Extended life spans will cost companies more money if they offer post-retirement healthcare benefits to employees.
3. The "pension problem," as bad as it is expected to be, could be dwarfed by the looming healthcare crisis.
4. Companies that can help to keep healthcare costs from escalating out of control will likely be very appealing to investors.
Sick Accounting profession wants liability relief like Doctors
November 3, 2006
Booming Audit Firms Seek Shield From Suits | online.wsj.com
1. Other than payroll costs, legal costs are the largest expense in an accounting firm.
2. Doctors got medical malpractice relief last year and now the accountants want the same treatment.
3. But are the accountants willing to lower their billing rates, if they have less legal exposure?
Carbon Credits - The new confusing investment instrument
November 3, 2006
Offshore Tax Proposals May Deter Carbon Credit Trading | www.ft.com
There is complete confusion about how carbon credits are to be traded. This analysis looks at some of the aspects of this new carbon confusion regime, its operation and effects on industry and investment.
Kyoto Protocol - Carbon Trading - The New Industrial Currency
November 2, 2006
The Carbon Economy | www.cfo.com
The environment and the effect of industrial pollution on the ozone layer and the air we breathe has been recognized as a global problem.
The ability of industries and nations to manage within their assigned limits on emission of greenhouse gases is a major threat as well as opportunity to the development of industries and the growth of employment opportunities across the globe.
The Kyoto protocol - an agreement to reduce greenhouse gas emissions across the globe - also provides for the trading of carbon credits across countries.
This analysis takes a look at the possible effects of the Kyoto protocol on global industry and the emergence of the market in carbon credits.
Reference:
http://unfccc.int/resource/docs/convkp/kpeng.html
Kyoto Protocol to the UN Framework Convention on Climate Change
November 1, 2006
SEC's Cox hails corporate handling of stock-option scandal | www.marketwatch.com
An academic conference sponsored by Stanford University addressed a number of issues in the backdating scandal that have not yet emerged strongly, and also broached the subject: who's at fault here?
Hedge Funds - Going Public - The smokescreen dissolution
November 1, 2006
Fortress Plans First Hedge Fund IPO in US | www.ft.com
The report that Fortress Investment Group plans to go public with a hedge fund IPO marks a major milestone for the hedge fund industry.
The fact that a major hedge fund is going public is not as important as the fact that the hedge fund industry is amenable to subject itself to public regulation.
Hedge funds control vast amount of private investors funds as well as funds of various trusts. This analysis looks at the challenges facing this all important and fast evolving global industry as it takes the first nascent steps towards using public money and being subject to public regulation.
Great article from the tax conscience acquirer view
November 1, 2006
Tax-Efficient Cross-Border M&A | www.businessfinancemag.com
During an international acquisition, an acquirer must consider several areas, before completing the purchase. This article collectively highlights several areas to consider such as tax credits, structure, pre-existing subsidiary structure, foreign tax laws, and wording in the LOI/definitive agreement. But what should the acquiree do to make itself more attractive?
M&A strategies run deeper than the press headlines
November 1, 2006
M&A Synergies? Don't Count On It | www.businessfinancemag.com
This article, like most others written about M&A’s, assumes acquisitions are conducted purely to enhance a company’s revenue stream. Most purchases of this nature are in fact completed to either take out a competitor (negating market share erosion), expand a product line (which may be unproven depending on the stage of the acquiree), expand international markets (assuming traction and synergies), or use of idle funds.
DA! You must be dumb, blind and stupid
October 31, 2006
Cheney Echoes Recent Concerns on Sarbanes-Oxley | online.wsj.com
1. Sarbanes Oxley has cost US businesses billions of dollar, making the cost of doing business in the US higher than other capital markets around the world.
2. The biggest benefactor of Sarbanes Oxley is the big 4 accounting firms who also got a windfall from the demise of Arthur Andersen. The combination of expanded scope and smaller pie has increased their profitability to record levels.
Minority Shareholders of Arcelor: Engage
October 30, 2006
Mittal Makes Below-Market Offer to Buy Brazil Unit | www.bloomberg.com
Minority Shareholders of Arcelor got really disapointed with the suggested Tender Offer price for Arcelor Brazil shares and are ready to discuss it before Brazilian courts.
Shares have been traded recently for R$ 39,00. Tender offer corresponds to about R$ 32,70. Expected price was R$ 52,00. If Brazilian Securities Exchange Comission fails to protect them, who will do so? Once again we are about to see some big dogs' fight here.
Working Capital - Internal Audit and Control - Accounting Standards
October 30, 2009
Central Bank Policy - Gold - Dollar - Accounting and the Gold Standard
October 8, 2009
September 6, 2009