December 2009
5 posts
Banks fear sovereign risk in 2010 →
Pre-budget report 2009
October 2009
3 posts
Wall Street’s Near-Death Experience
Exxon Said to Pay $4 Billion For Oil Field
October 6, 2009, 8:05 pm
via dealbook
The energy giant Exxon Mobil has agreed to pay about $4 billion for a minority stake in a oil field off the coast of Ghana, a region that has emerged as a major new petroleum province, a person with knowledge of the matter said Tuesday, The New York Times’s Jad Mouawad and Zachery Kouwe report.
Exxon’s acquisition of 23.49 percent of the...
Banking Panics: Déjà Vu All Over Again
October 5, 2009, 9:30 am
Gary Gorton is the Frederick Frank Class of 1954 professor of management and finance at the Yale School of Management.
In the movie “It’s a Wonderful Life,” shown each year on television around Christmastime, there is a bank run on the Bedford Falls Savings and Loan. For most people, this is the only reference point for understanding a banking panic, unless...
September 2009
3 posts
Mergers that stick
(via Harvard Biz review)
To many executives, it might seem like a shrewd move in a recession to swoop in and acquire firms on the cheap—buy low, cut costs, and defy the usual prediction that most mergers will fail to produce economic value in their first two years. And there’s a grain of truth to that assumption. While M&A activity has been severely depressed since 2008 and fell dramatically...
Morgan Stanley Ahead of Goldman in M&A League...
(via dealbook)
Morgan Stanley is outrunning archrival Goldman Sachs as 2009’s busiest adviser on mergers as optimism grows that the crippling effects of the financial crisis on deal-making may be easing.
Morgan has overtaken Goldman Sachs as the top-ranked adviser for global and United States mergers and acquisitions, working on deals worth $490.9 billion this year, as global M&A plummeted...
Boutiques Grab M&A Market Share From Big Firms
(via dealbook)
Wall Street’s biggest firms have seen their overall share of deal-making erode over the last decade as boutique and midsize firms lure away rainmakers and provide niche expertise.
In the first nine months of 2009, the so-called “bulge bracket” firms claimed a 35.8 percent share of merger advisory fees, down from 49.1 percent at the start of the decade, according to data from...