Download PDF Introduction A potential $40bn merger between The Estée Lauder Companies Inc. [NYSE: EL], the skincare giant, and Puig [BME: PUIG], a fragrance-focused portfolio company, is poised to reshape the global beauty industry. On 23 March 2026, early-stage discussions were confirmed between the two groups concerning the creation of Read more…
Download PDF Introduction In this article we present a conditional latent factor approach to decompose US equities returns into systematic latent components and idiosyncratic residuals. The aim of the article is to expand on previous research by the Bocconi Student Investment Club by presenting an alternative approach to the traditional Read more…
Download PDF Introduction Across different asset classes, volatility surfaces all tell different stories: in this article we let the data tell them unfiltered, building each surface directly on market quotes through interpolation rather than through the lens of a parametric model. Implied volatility surfaces are among the most informative objects Read more…
Download PDF Introduction The success of GLP-1 drugs, most notably Ozempic and Mounjaro, has made peptides one of the most commercially attractive therapeutic areas in the world and, therefore, a key pillar in Big Pharma’s strategy moving forward. Peptides, short chains of amino acids between traditional small-molecule drugs and larger Read more…
Download PDF USA US equity markets had a remarkable week. S&P 500 rose by 4.54% WoW, hitting a new record high on Wednesday, and DJIA grew by 3.20% WoW, jumping nearly 868 points in a single session. Marked by a swift de-escalation in the US-Iran tensions, markets have thus experienced Read more…
Download PDF Introduction Venezuela sits on top of the world’s largest proven oil reserves, encompassing over 300bn barrels. Nevertheless, its citizens suffer under one of the most severe economic collapses of the 21st century, where GDP has contracted around 65%, hyperinflation has reached millions of percent, and over 8m citizens Read more…
Download PDF USA US equity markets closed out the final week of Q1 under sustained selling pressure, as the Iran conflict entered its fourth week with the Strait of Hormuz still closed and no clear resolution in sight. The sell-off was broad-based across all major indices and growth-oriented names bearing Read more…
Download PDF Introduction A persistent feature of short-term interest rate markets is that the rate implied by STIR futures systematically exceeds the corresponding forward rate derived from the swap curve, despite both referencing the same underlying fixing. This article examines this, known as the convexity bias which arises from the Read more…
Download PDF Introduction With nearly $60bn of global capital flowing into core women’s health segments between 2020 and 2025 alone, reproductive health has become one of healthcare’s most active spaces, drawing increasing interest from private investors attracted by a highly fragmented market, favourable margin profiles, rapid technological advances, and demand Read more…
Download PDF Introduction “Taxes are the price we pay for a civilized society.” – Oliver Wendell Holmes Jr. One of the first lessons in any basic economics course covers trade and specialization. The idea is simple: people are more efficient when focusing on one range of tasks, and exchanging the Read more…
Download PDF Introduction Options are among the most information-rich instruments in financial markets. Unlike traditional asset classes, such as equities or bonds, whose prices reflect a single point estimate of value, options are priced across a continuum of strikes and maturities, which means they embed an entire probability distribution over Read more…
Download PDF Legacy Betting Industry: the Post-PASPA Landscape For the better part of the last three decades, sports betting in America existed in a legal paradox. The games were everywhere, but the ability to wager on them legally was restricted to a single state. PASPA – the Professional and Amateur Read more…
Download PDF Introduction The yacht manufacturing industry occupies a unique position within the broader manufacturing sector, characterised by an extreme form of high-value, low-volume production where a single commission can reach hundreds of millions of euros. While this may resemble other advanced industrial sectors, the key distinction lies in the Read more…
Download PDF Introduction Beer has long been a quintessential part of British culture. However, rising living costs and growing health-consciousness have threatened this tradition. British pubs are disappearing rapidly, with numbers now at only a quarter of their 2001 levels. This decline in drinking and pubs has had a considerable Read more…
Download PDF USA March’s initial market regime is dominated by a sudden and aggressive return of geopolitical risk premiums and supply-side energy shocks. The American equity markets faced a period of pronounced defensive positioning this week, as the optimism that defined the early weeks of the year has been tempered Read more…