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4 December 2024
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A resurgent Japanese stock market has a new generation of investors asking if shareholder-friendly governance reform is finally embedded into corporate culture there. This explores the issue and what it means for investors.
Australian companies worth billions of dollars are slipping into private hands at an alarming rate. This explores what’s driving the takeover binge, why it’s a worry, and what needs to be done to fix the problem.
Private equity has had a stellar decade as low rates drove investors to search for higher returns in less liquid assets. Can inflows into the asset class continue? Can PE's outperformance versus public markets continue?
Temporary changes to capital raising regulations during the pandemic gave companies easier access to capital. The changes had a lasting impact on company behaviour though, to the benefit of retail investors.
In proposing to prevent certain franked distributions that are funded by capital raisings, the Government is addressing the wrong problem, and the solution lies in this week's 2022 Budget announcement on buybacks.
Listed companies often raise capital around the same time they pay dividends and return capital to shareholders, but proposed legislation may prevent companies paying franked dividends during a capital funding.
It was a joy ride while it lasted but the free money era could not last. The consequences of the misallocation of capital into poor companies is now playing out and shareholders face billions of dollars in losses.
Some conglomerates include hidden assets that the market is not valuing properly. It may take a demerger to show their worth and there are good reasons why these work. How do investors identify the best demergers?
Major changes are underway in the methods used to distribute bank hybrids. Investor cannot rely on the previous ways of buying hybrids at IPO and now must be 'sophisticated', react quickly and know a broker.
Cash flow statements differ from income statements and balance sheets, and every company must balance payments to investors versus investing into the business. Cash flows drive the value of the business.
Bonus options issued by Listed Investment Companies (LICs) deliver many advantages but there is a potential dilutionary impact if options are exercised well below the share price. This must be factored in.
We do not agree with Treasury’s suggestion that institutional investors are overly influenced by the research provided by proxy advisors. Here's how active ownership works to serve the client's best interests.
It’s with heavy hearts that we announce Firstlinks’ co-founder and former Managing Editor, Graham Hand, has died aged 66. Graham was a legendary figure in the finance industry and here are three tributes to him.
Berkshire Hathaway’s third quarter earnings update reveals Buffett is selling stocks and building record cash reserves. Here’s a look at his track record in calling market tops and whether you should follow his lead and dial down risk.
Investing guru Howard Marks says he had two epiphanies while visiting Australia recently: the two major asset classes aren’t what you think they are, and one key decision matters above all else when building portfolios.
A recent ruling from The Australian Financial Complaints Authority may herald a new era for financial scams. For the first time, a bank is being forced to reimburse a customer for the amount they were scammed.
Most of us don't want to think about death. But there is a compelling reason why we do need to plan ahead, and that's because leaving our loved ones with a mess - financial or otherwise - is not how we want them to remember us.
Why has a succession of inquiries and reports, along with a plethora of academic papers, not led to effective action to improve housing affordability? Because the work has been aimless and unsupported by a national consensus.