Download PDF Introduction After two years of limited activity due to uncertainty surrounding interest rate policies, large valuation gaps, and geopolitical tensions, the leveraged finance market saw a major recovery in 2024, marking its busiest year since 2021. The combined issuance volume of leveraged loans and high-yield bonds in the Read more…
Download PDF Introduction In today’s fast-evolving mergers and acquisitions landscape, a hidden battleground is emerging—one where minority shareholders can challenge the terms of a merger and potentially unlock significant hidden value. This arena is defined by appraisal rights, a legal mechanism that empowers investors who oppose a deal to bypass Read more…
Download PDF Introduction Trading strategies revolve around several sources of edge, ranging from discretionary macro ideas, fundamental based stock picking to more sophisticated ones such as factors exposure or high-frequency algorithms. One area which the current literature pays little attention to is sentiment trading, which can be established in several Read more…
Download PDF Introduction Generative AI has gone mainstream at a blistering pace worldwide. OpenAI’s ChatGPT, launched in late 2022, reached 100m users in just two months and was valued at around $29bn by January 2023. Now, on the verge of finalizing a new funding round, its valuation is expected to Read more…
Download PDF Introduction/Recap: This article is intended to be a continuation of the previous “Well, CAN THEY PREDICT?” article which was focused upon developing methodology to price Kalshi weekly prediction contract probabilities of being in-the-money (specifically those functioning as a BTC digital option) using a risk-neutral framework upon stochastic processes. Read more…
Download PDF Introduction In this article, we determine whether recurrent neural networks can unlock any meaningful predictive power from a given feature set in forecasting corporate bond returns – or if the data is too noisy to yield reliable predictions. We explore whether these forecasts can be leveraged into building Read more…
Download PDF Introduction A retailer is a company or individual that sells goods or services directly to consumers, typically in small quantities for personal or household use. Positioned at the final stage of the supply chain, retailers reach consumers through brick-and-mortar stores, digital platforms, or a blend of both. While Read more…
Download PDF Introduction Geopolitics has become an increasingly influential factor in M&A, shaping and influencing deals whose rationale now goes beyond financial and strategic considerations, to national security concerns and soft power demonstration. Recent, and growing, geopolitical tensions between global powers, especially between the Western and the Eastern hemisphere, have Read more…
Download PDF USA The major U.S. indices ended the week on a negative note on Friday, due to heightened inflation fears and uncertainty surrounding trade policies. On Friday, the S&P fell by 2%, the Dow Jones dropped by 715 points, and the Nasdaq tumbled by 2.70%. The sell-off was led Read more…
Download PDF Introduction Last month, we published an article focusing on the APAC IPO market, with particular attention to India, and decided to extend our exploration of equity capital markets in different regions as there is a lot going on right now. This article will examine the European IPO market, Read more…
Download PDF USA Major U.S. indices managed to close in positive territory on Friday, recovering from earlier losses after President Trump suggested some flexibility on tariffs, while several megacap stocks had a comeback. The S&P 500 edged higher by 0.1%, the Dow Jones added 32 points, and the Nasdaq gained Read more…
Download PDF Introduction In this fourth episode of the Backtesting Series, we will get into Portfolio Construction & Portfolio Optimization processes with a deep focus on MVO. If you haven’t already, we recommend reading the first three episodes before proceeding with this article. Please note that the series will include Read more…
Download PDF Introduction Behavioral finance challenges traditional assumptions of rational investor decision-making as behavioral biases systematically influence investment decisions in the financial world. This article explores how these biases influence investment decisions and examines how financial product design can exploit or mitigate such biases. First, we explain the fundamental concept Read more…
Download PDF Introduction An easy and cheap way to access capital for value-creation, or maybe the first step towards imploding a business that worked for over 50 years? Popularised in the 1980s as an alternative form of financing for corporations amid high interest rates, asset sale-leasebacks have since found applications Read more…
Download PDF Introduction In an increasingly volatile geopolitical landscape, global defence markets are undergoing rapid and historic transformation. From the United States to Europe, military budgets are surging, procurement strategies are evolving, and investor interest is spiking. In the U.S., legacy defence giants are facing a wave of disruption from Read more…