All Special Report articles – Page 73
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Special Report
Special Report, The M&A Cycle: The M&A premium
There is no doubt that when M&A picks up, potential acquisition targets attract inflated bids. But Christopher O’Dea finds little evidence of a market-wide M&A premium, and even sectors that are usually targets are seeing prices driven much more by other factors
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Special ReportSpecial Report, The M&A Cycle: Turning the ratchet
Convertible bonds are not only a good way for fixed-income investors to protect themselves against the ravages of M&A. Martin Steward and Anthony Harrington find that they are a great risk-managed way to exploit the cycle, too
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Special ReportSpecial Report, The M&A Cycle: Credit over-reaching
Joseph Mayo advises bond investors on what to look out for during the ‘reach’ phase of the credit cycle – and what to do about it
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Special ReportSpecial Report, The M&A Cycle: When CEOs go shopping
The charts on this page, which you will find illustrating articles elsewhere in the January 2015 issue of IPE, tell of the M&A cycle that we explore in this month’s special report.
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Special ReportSpecial Report, The M&A Cycle: Big deals
Global M&A activity is increasing and mega-deals are leading the way. At a time when growth is sluggish and cash is piling up on balance sheets, Charlotte Moore looks at the trends in terms of regions, sectors and financing
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Special Report
Special Report, The M&A Cycle: Commodity bust signals M&A wave in mining – for the right assets
Lower Chinese demand for raw materials and sluggish growth in most industrialised economies have forced mining companies into extensive repair work to bring capital structures and spending plans in line at the end of the ‘commodities supercycle’.
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Special Report
Special Report, Fees & Costs: If the price is right
Surveys suggest that investors feel more could be done to make private equity fund terms fairer. But Jennifer Bollen finds that pension funds also recognise that simply squeezing costs may not be the wisest approach.
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Special Report
Special Report, Fees & Costs: Selling fees short
Hedge fund fees have fallen and managers have come around to the idea of negotiating on them, writes Joseph Mariathasan. But structures still need to be more sophisticated.
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Special Report
Special Report, Fees & Costs: Coming together to cut costs
Caroline Liinanki finds Danish pension providers merging and teaming up to cut investment costs as they reach the limits of what they can achieve themselves.
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Special Report
Special Report, Fees & Costs: Winds of change
Brendan Maton reports on the anxious vigilance around costs in pension fund management, but finds progress to be frustrated and incomplete.
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Special Report
Special Report – Outlook 2015: Political & Geopolitical Risk
It’s 2014, and geopolitical risk is back. It’s not as if nothing happened since the Berlin Wall came down, but the sudden confluence of a US government shutdown, Russia’s annexation of Crimea, the march of Islamic State and the polling successes of anti-EU parties, not to mention the threatened break-up of the UK, has concentrated minds. Citigroup research confirms there have indeed been more frequent elections and public protests since 2011 than in the preceding decade.
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Special Report
Special Report – Outlook 2015: A year of eerie calm
While geopolitical activity has picked up markedly, financial market volatility has remained well below long-term averages. Emma Cusworth asks, are investors ignoring a build up of risk, or has the nature of the geopolitical game changed?
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Special Report
Special Report – Outlook 2015: Giving up freedom for security
Among the many casualties of the financial crisis, perhaps the least heralded but potentially of greatest long-term impact is the modern orthodoxy of central bank independence. Charlotte Moore describes how a new orthodoxy has been written
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Special Report
Special Report – Emerging markets: Emerging markets in transition
The rise of the emerging world, and especially China, has transformed the global economy over the past generation, while the past decade has transformed investors’ attitudes to its markets. Daniel Ben-Ami assesses where we are in an ongoing transition
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Special Report
Special Report - Emerging Markets: Safety first?
Claims that emerging market investors herded into quality companies in the first half of 2014 raise concerns about troubled times ahead. But as Lynn Strongin Dodds finds, some of that trade has already unwound – and there is a strong counter-argument that investors were, in fact, looking for growth rather than safety
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Special Report
Special Report – Emerging markets: At the frontier
Beverly Chandler takes a closer look at some of the companies that make up the frontier markets opportunity, finding a rich mix of local consumer-finance, technology and manufacturing names that offer investors their last chance to buy into a secular growth trend
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Special Report
Special Report - Emerging Markets: Fed up with volatility
The Federal Reserve-sparked ‘taper tantrum’ of 2013 revealed how sensitive emerging market currencies could be to interest rates set in the developed world. Caroline Saunders asks whether that volatility told us more about investor sentiment than fiscal fundamentals
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Special Report
Special Report – Emerging markets: Buying opportunity, or structural setback?
Over the past six years, few investment themes have invited such gyrations in sentiment, or generated so much contention, as the emerging markets. After an initial sell-off during the worst of the 2007-08 financial crisis, they clearly outperformed through 2009-11.
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Special Report
Special Report - Emerging Markets: Building the emerging world
Bank disintermediation, and the opportunities it presents, is as strong a theme in emerging infrastructure markets as developed. But Jennifer Bollen finds the similarities may end there
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Special Report
Special Report - Emerging Markets: On borrowed time?
Warnings about China’s growing debt exposure abound. Beverly Chandler finds market players confident that the system is robust – but emphasising the importance of continued reform and rebalancing
