The letter

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Letter number 110 of February 2018

News : Managing the risk, returns and voting rights of a stake in a listed company

Statistics : Exit EBITDA multiples in M&A for 2017

Research : IPOs: the virtues of bookbuilding

Q&A : What is the reinvestment risk for a fixed-interest bond?


Letter number 109 of January 2018

News : Are capital expenditures and dividends mutually exclusive?

Statistics : Bond betas

Research : Directors that are truly independent?

Q&A : Is assessing economic activities based on their profitability in the best general interest?


Letter number 108 of December 2017

News : The new 2017 edition of the Vernimmen

News : ICOs, the future of listing?

Statistics : Value creation in Europe

Research : Human capital, a key factor in the financing of start-ups

Q&A : 2 questions regarding the scope of consolidation


Letter number 107 of October 2017

News : Why have the main European banking and insurance groups listed – or why are they planning to list – some of their subsidiaries?

Statistics : Yield curves in some major countries

Research : IPOs: the virtue of the greenshoe clause

Q&A : What is structural subordination?

New : Comments posted on Facebook

Letter number 106 of September 2017

News : Blockchain applications for finance: just a passing fad or is this a revolution?

Statistics : The size of banks' balance sheets around the world

Research : The economic effects of credit ratings

Q&A : Q&A

New : Comments posted on Facebook

Letter number 105 of 105 July 2017

News : Do you want to improve your corporate finance skills?

News : Investor reaction to a capital increase

Statistics : Corporate income tax rates around the world

Research : Childhood and psychology of CEOs

Q&A : What are the main reasons for the variability in the apparent income tax rate?


Letter number 104 of May 2017

News : Strategy in the digital age

Statistics : Average maturity of government debt

Research : Investments: the CEO cycle

Q&A : What is the cost of capital for a bank?

New : Comments that we have recently posted on the Vernimmen Facebook page

Letter number 103 of April 2017

News : A few thoughts on Heinz Kraft's contemplated takeover bid on Unilever

Statistics : Liquidity premium in the USA

Research : The performance of private equity fund managers: increasingly less persistent

Q&A : Why don't we calculate the rates of return required by investors after they have been taxed?

New : Comments posted on Facebook

Letter number 102 of March 2017

News : Interview with the CFO of Touax

Statistics : Average maturity of bonds issued by US firms

Research : Survey of private equity investors

Q&A : Does discounting the future free cash flows of a firm which is planning on making a heavy investment that has not yet been financed, result in a pre- or a post-money value?

New : Comments that we have recently posted on the Vernimmen Facebook page

Letter number 101 of February 2017

News : Calculating the cost of capital in an emerging country: the case of Ivory Coast

Statistics : Non-performing loans as percentage of total loans to non-financial corporations in Southern Europe

Research : Disasters and the psychology of managers

Q&A : What are CNAV, VNAV and LVNAV funds? Or just a little bit more than rounding off figures

New : Comments posted on Facebook

Letter number 100 of January 2017

News : How Air Liquide, Danone and SEB financed their 2016 acquisitions?

Statistics : Payment periods

Research : Human capital and financial distress

Q&A : Translation differences

New : Comments posted on Facebook

Letter number 99 of December 2016

News : Managing with zero or negative interest rates

Statistics : Recovery rates and length of insolvency proceedings in Europe

Research : Trade receivables and the risk of bankruptcy: what happens at trucking companies

Q&A : Q&A posted on Facebook

New : Comments posted on Facebook

Letter number 98 of November 2016

News : Facebook

News : Do German listed companies perform better than French companies?

Statistics : Performance of the 10 top market capitalisations in the USA and in Europe since 1975

Research : Value or growth: what are the underlying factors of an investor's style

Q&A : Q&A posted on Facebook

Letter number 97 of October 2016

News : The latest on the main clauses contained in SPAs for small and medium-sized M&A deals

Statistics : The volume of annual reports worldwide

Research : Convertible bonds: a farewell to call delays

Q&A : Why do LBO funds make use of revolving credit lines?

Letter number 96 of September 2016

News : Financial analysis of French listed groups

Statistics : Corporate income tax rates around the world

Research : IPOs and acquisitions of unlisted companies

Q&A : How does a fall in share price impact on the balance sheet of a company and a bank?

Letter number 95 of July 2016

News : Should the big oil groups reduce their dividends?

Statistics : Debt private placements

Research : Determining credit spreads

Q&A : Auctions or private negociations?

New : Time to improve your mastering of strategy?

Letter number 94 of May 2016

News : Whether or not to finance pension obligations

Statistics : EBITDA margins in Europe

Research : Six centuries of joint stock companies

Q&A : Who said what?

Letter number 93 of March 2016

News : Hybrid products: investment bankers just showing off or a real asset class?

Statistics : Bankruptcy rates

Research : The instability of capital structure

Q&A : How do listed companies buy back their shares?

Letter number 92 of January 2016

News : A conversation with a CFO

Statistics : How long do LBO funds keep a company under LBO

Research : A single cost of capital used by corporates?

Q&A : What is a green bond?

Letter number 91 of December 2015

News : Does paying dividends make shareholders wealthier?

Statistics : Interest rate curves around the world

Research : Company mergers: their consequences in terms of the price and quality of products sold

Q&A : Should listed companies be forced to adopt a code of corporate governance?

Letter number 90 of November 2015

News : The financial analysis of US groups

Statistics : LBO financing ratios to EBITDA in Europe

Research : The virtues of securitization

Q&A : When calculating the ratio of working capital / turnover, should turnover be taken before or after VAT?

Letter number 89 of October 2015

News : Is integrated reporting a solution to the information avalanche?

Statistics : Share price and discount on capital increase with preferential subscription rights

Research : Rating agencies: stricter for companies!

Q&A : Do you reduce your cost of capital by owning your real estate?

Letter number 88 of September 2015

News : A look at factoring

Statistics : Corporate income tax around the world

Research : The influence of peer firms on financial policy

Q&A : What is a lead director?

Letter number 87 of July 2015

News : What changes at a startup after a fundraising

Statistics : EV/EBITDA multiples for companies with EV between €15m and €150m and market prices

Research : Strategic acquirers and financial acquirers: their favourite targets

Q&A : What is a portability clause in a loan contract?

Letter number 86 of February 2015

News : Financing start-ups – there is equity and then there is equity!

Statistics : Sales multiples and level of operating margins for the main listed European groups

Research : How firms manipulate press releases

Q&A : How does debt impact on the growth rate of EPS?

Letter number 85 of December 2014

News : The new 2014 edition of the Vernimmen

News : The treatment of the target's cash in acquisitions

Statistics : EV/EBIT and EV/EBITDA multiples for the top listed European groups

Research : The determinants of financial leverage in LBOs

Q&A : Why do derivatives make provision for a cash or physical settlement when they fall due?

Letter number 84 of October 2014

News : Four mistakes to be avoided at all costs when financing a start-up

Statistics : Cash & cash equivalents as a % of total asset

Research : Access to the equity markets: a tool for growth and innovation

Q&A : How do we take customer risk into account when choosing an investment?

Letter number 83 of September 2014

News : Managing a firm’s finances during a deflationary period

Statistics : Corporate income tax rates around the world

Research : The influence of a lender’s situation on the severity of covenants in loan agreements

Q&A : What is the basis of tax inversion transactions?

Letter number 82 of May 2014

News : Basel III

Statistics : The €/$ exchange rate since 2000 and the price of 12 month €/$ calls at the money

Research : Credit default swaps: a positive role for financing companies

Q&A : Why not take the value of equity as opposed to its book value in order to calculate its returns?

Letter number 81 of April 2014

News : what are the pillars of financial theory that have been seriously undermined?

Statistics : Employees representation on boards of directors

Research : Credit crisis or demand shock

Q&A : How should investment subsidies be treated in financial analysis?

Letter number 80 of Januray 2014

News : Some thoughts on valuation practices

Statistics : EV/EBITDA ratio for mid cap transactions and stock market indexes

Research : The power of managers internally – a source of inefficiency?

Q&A : Who is who?

Letter number 79 of December 2013

News : The financial analysis of Chinese groups

Statistics : Default rates for listed debts since 1991

Research : Do mergers and acquisitions create value?

Q&A : Who is who?

Letter number 78 of November 2013

News : Crowdfunding

Statistics : Net debt to EBITDA ratios for European LBOs

Research : Say on Pay: what are the consequences for firms?

Q&A : When calculating net present value, why not capitalise intermediary flows at the rate at which they will be reinvested and not at the cost of capital?

Letter number 77 of October 2013

News : Accounting for operating and capital leases – Errare humanum est sed perseverare diabolicum!

Statistics : ROE and ROCE for the largest European listed companies

Research : the case of pro-active increases in debt levels

Q&A : Why do investment funds prefer to use the IRR and the initial investment multiple than the NAV?

Letter number 76 of September 2013

News : The financial policy of AGAP2, a start-up which has become a medium-sized company

Statistics : Corporate income tax rates around the world

Research : The role of creditors in corporate governance

Q&A : What is a ratchet clause?

Letter number 75 of July 2013

News : The case of goodwill non-impairments

Statistics : ROCE, WACC and share prices of European listed groups

Research : Taxation of shareholders and investment

Q&A : Can one dollar of Apple’s cash reasonably be valued at one dollar?

Letter number 74 of April 2013

News : The financial analysis of Japanese companies

Statistics : Global senior leverage loan volumes

Research : Ownership structure and financial constraints

Q&A : How to measure liquidity?

Letter number 73 of March 2013

News : Is the stock exchange playing its role of financing the economy?

Statistics : Worldwide merger activity

Research : Choice of financing: a question of character?

Q&A : What are free riders in the financial field?

Letter number 72 of February 2013

News : The ABC of preferential subscription rights

Statistics : P/E ratios in Europe

Research : Value Creation and Drivers of Secondary Buyouts in France

Q&A : Why is change in finished goods inventories recorded under income on some income statements?

Letter number 71 of January 2013

News : The risk-free rate – the time for change is now

Statistics : Interest rate yield curves

Research : Bond yields and economic disasters

Q&A : Why have UK pension funds modified the composition of their asset portfolios?

New : REVIEW OF A BOOK: Corporate Financial Risk Management

Letter number 70 of November 2012

News : Should retail banks be separated from investment banks?

Statistics : Corporate income tax rate around the world

Research : Competition and the cost of debt

Q&A : The failure of the EADS-BAE merger, or the problems you face when you go up against your shareholders

Letter number 69 of September 2012

News : A brief look at "Other comprehensive income"

Statistics : Legal provisions of M&A transactions

Research : Friends with money

Q&A : What is a unitranche loan?

Letter number 68 of June 2012

News : High frequency trading

Statistics : Sectorial CDS

Research : Are all inside directors the same?

Q&A : The free rider

Letter number 67 of April 2012

News : A few thoughts about compensation policy

Statistics : Working capital in Europe

Research : Post merger restructuring

Q&A : What are USPPs?

Letter number 66 of March 2012

News : Cleaning up goodwill

Statistics : Dividends and share buy backs in Europe

Research : The influence of employees on company boards

Q&A : Are changes in taxation a threat to LBOs?

Letter number 65 of February 2012

News : A fine example of financial policy: SEB

Statistics : Corporate securities as % of total corporate borrowings

Research : CFO versus CEO Equity incentives

Q&A : The European project for a Financial Transaction Tax

Letter number 64 of January 2012

News : Accounting and valuation: six debatable points
By François Meunier, former president of the French association of CFOs

Statistics : Late payments in Europe

Research : Nature or nurture in finance?

Q&A : The locked box mechanism in M&A transactions
By Alban Bouley, BNP Paribas – Corporate Finance

Letter number 63 of December 2011

News : The Bouygues share buy back

Statistics : The composition of corporate boards of directors in Europe

Research : Does the stock market harm investment incentives?

Q&A : To sell assets or issue shares?

Letter number 62 of November 2011

News : To reform the tax code?

Statistics : Corporate income taxe rates

Research : Behaviour and financial decisions

Q&A : CDSs and the cost of financing

Letter number 61 of Octobre 2011

News : The new 2011 edition of the Vernimmen

News : The 10 eternal truths in finance (2)

Statistics : 9-year financing table

Research : Why european firms make IPOs?

Q&A : To buy an asset or a company?

Letter number 60 of August 2011

News : The 10 eternal truths in finance (1)

Statistics : IPOs since 1990

Research : The value of independent directors

Q&A : What are ASRs?

Letter number 59 of July 2011

News : The failed takeover bid that achieves its objective, or how to combat Machavellianism

Statistics : Working capital of the Eurostoxx 50

Research : Performance persistence in entrepreneurship

Q&A : Representation and warranty insurance

Letter number 58 of Mai 2011

News : Why cash on the balance sheet?

Statistics : Volatility in Europe

Research : Seasoned equity offering, market timing

Q&A : Valuing Asset-Backed Securities ! Some lessons from the recent market collapse?
by Mofdi Gassoumi – Vice President Houlihan Lokey's Financial advisory Services Group

Letter number 57 of April 2011

News : What if inflation is up again?

Statistics : Dividends and share buy-backs in Europe

Research : Why don’t US issuers demand European fees for their IPOs?

Q&A : The Alcon-Novartis takeover bid, or happy end to “The Good, the Bad and the Ugly”

Letter number 56 of January 2011

News : Financial analysis of BRICs

Statistics : A distribution policy example: Bouygues

Research : The real effects of corporate cash

Q&A : Why successfull group have so low a debt level?

Letter number 55 of December 2010

News : Accounting for operating and capital leases – a step 30 years backwards?

Statistics : At its lowest point since 1752!

Research : Agency problem at dual class companies

Q&A : Assimilation clause

Letter number 54 of November 2010

News : Financial analysis of Russian groups

Statistics : Corporate income tax rates

Research : Renegotiation of financial contracts

Q&A : Banking business lines

Letter number 53 of October 2010

News : Debt and control premiums

Statistics : Changes in working capital for groups of the Eurostoxx 50

Research : Why European firms carry out IPOs?

Q&A : How do we calculate the ROCE of a firm with a negative capital employed?

Letter number 52 of September 2010

News : Financial analysis of Brazilian groups

Statistics : Year-end dates

Research : Reaction to the sale of an asset or a division

Q&A : Steps of an M&A process

Letter number 51 of June 2010

News : Creating and sharing value in LBOs

Statistics : Debt as a % of GDP

Research : Competitive IPOs (1)

Q&A : What is contingent convertible capital?

Letter number 50 of April 2010

News : How to value a company with operating real-estate?

Statistics : Dividends and share buy backs in 2009

Research : Creditor protection and features of bank loans

Q&A : What are ETFs?

Letter number 49 of March 2010

News : Financial crisis and multiples: European evidences

Statistics : AN HISTORICAL STUDY : The giant deal: AOL-Time Warner acquisition

Research : The Life Cycle of Family Ownership: A Comparative Study of France, Germany, Italy and the U.K.

Q&A : M&A: Seven steps to keep it safe

Letter number 48 of February 2010

News : Should one borrow at a fixed or floating rate?

Statistics : M&A volume and premia in Europe since 2000

Research : Why are LBOs levered ?

Q&A : Comparison of takover rules in some countries

Letter number 47 of January 2010

News : Factoring risk into capital expenditure decision- making process

Statistics : Capital structures

Research : The capital structure of unlisted firms

Q&A : Negative working capital

Letter number 46 of December 2009

News : New rules for allocating goodwill:
key features for valuation
by Jean Pierre Colle and Philippe Leduc
(Grant Thornton Valuation services)

Statistics : Liquidity and EBIT margins in times of crisis

Research : Are investors better off backing management or the project, the jockey or the horse?

Q&A : What are Tobin’s Q, Jensen’s α, Sharpe and Treynor ratios

Letter number 45 of November 2009

News : Making money out of one’s own decrepitude

Statistics : Corporate income tax rates

Research : Hedging and financial decisions

Letter number 44 of October 2009

News : A few valuations mistakes to be avoided

Statistics : Breakdown of global private equity

Research : How fair are fairness opinions?

Q&A : What are profits or losses from dilution?

Letter number 43 of September 2009

News : The Cost of capital of greenfield projects by Muriel Atias (BNP Paribas) and Franck Bancel (ESCP Europe)

Statistics : 184 years of returns

Research : The making of an investment banker

Q&A : What is a free rider in finance?

Letter number 42 of July - August 2009

News : NEWS: Growth rate to perpetuity

Statistics : Changes in working capital

Research : Venture capital investment practices in Europe and the USA

Q&A : What is an “Independent Business Review”?

Letter number 41 of May 2009

News : NEWS: Working towards change in the presentation of financial statements

Statistics : Board chairmen in Europe

Research : Do bankruptcy code matters ?

Q&A : Crossword

Letter number 40 of March 2009

News : NEWS: The new Vernimmen edition and Financial analysis of India Inc.

News : Financial analysis of India Inc.

Statistics : Dividends and share buy backs

Research : Law and institutions

Q&A : Exit clause in shareholder’s agreements

Letter number 39 of February 2009

News : NEWS: How much dividend to pay in 2009?

Statistics : Corporate default rates

Research : Do managers listen to the market?

Q&A : How to account for negative goodwill?

Letter number 38 of January 2009

News : A 10% equity risk premium?

Statistics : P/E, EBIT and EBITDA multiples by sector in Europe, the USA and China

Research : Liquidity in the pricing of syndicated loans

Q&A : What is X B R L?

Letter number 37 of December 2008

News : Recent developments in corporate governance

Statistics : Companies with a PBR below 1

Research : Votes trading

Q&A : What are the dark pools?

Letter number 36 of November 2008

News : Some thoughts about the financial crisis

Statistics : Yield curves

Research : Profits, dividend and share buybacks

Q&A : What is the new regime governing crossbordermergers in Europe ?

Letter number 35 of October 2008

News : The death of the minority discount

Statistics : Top 200 groups by market value

Research : Loan syndication

Q&A : What are Monoliners?
by Estelle Ruiz, BNP Paribas –Group Risk Management

Letter number 34 of September 2008

News : Valuing liquidity risk

Statistics : Corporate income taxes

Research : The optimists

Q&A : New developments in M&A accounting

Letter number 33 of June 2008

News : Being CEO of a company in crisis

Statistics : ROCE and WACC

Research : Hedge fund activism and corporate governance

Q&A : Customer’s advance payments and value accounting

Letter number 32 of May 2008

News : How protection mechanisms can impact substantially on share prices?

Statistics : P&L’s format

Research : Dividend policy inside the multinational groups

Q&A : So what’s a SPAC’s?

Letter number 31 of April 2008

News : Finance in Africa

Statistics : Working capital around the world

Research : Actual share purchases timing and liquiditiy

Q&A : The MIFID directive

Letter number 30 of February 2008

News : Towards a worldwide accounting standard?

Statistics : ROCE versus WACC in Europe

Research : Why do firms issue equity?

Q&A : Solvency opinion

Letter number 29 of December 2007

News : Are Chinese shares overvalued?

Statistics : Share ownership structure in Europe

Research : The role played by collateral in relationships between banks and SMEs

Q&A : What is a debt push down?

Letter number 28 of November 2007

News : Behavioural finance

Statistics : D / EBITDA ratios for LBOs

Research : How are firms sold ?

Q&A : What is a subprime loan?

Letter number 27 of October 2007

News : Kyoto and carbon trading

Statistics : One share = one vote?

Research : The impact of pension plans on betas

Q&A : Should change in working capital be calculated as a gross or net figure on the cash flow statement?

Letter number 26 of July 2007

News : The equity risk premium

Statistics : Corporate income tax rates in the world

Research : Is comprehensive income useful?

Q&A : What are Economic and regulatory capital?

Letter number 25 of June 2007

News : Managing a company under LBO

Statistics : Free cash flow generation in Europe

Research : Corporate financial policy and the value of cash

Q&A : A few insurance terms

Letter number 24 of May 2007

News : managing climate-related risks

Statistics : M&A statistics

Research : Concentration and return

Q&A : When using the comparables method, should multiples be calculated on the basis of the present or on the projected value of capital employed?

Letter number 23 of March 2007

News : Financial analysis of China Inc

Statistics : Volatility and credit spread

Research : CEO turnover after acquisitions

Q&A : The Hart Scott Rodino Antitrust Improvements Act

Letter number 22 of January 2007

News : Microfinance

Statistics : The 150 largest non-listed groups

Research : Customers as shareholders of their suppliers

Q&A : A small quizz (part II)

Letter number 21 of December 2006

News : Dow Jones versus Eurostoxx

Statistics : P/E ratios

Research : The small world of the coporate elite

Q&A : A small quizz (Part I)

Letter number 20 of November 2006

News : Islamic finance

Statistics : Yield curves

Research : IPO theory and practice

Q&A : What is staple financing?

Letter number 19 of October 2006

News : IFRS one year after

Statistics : Recovery rates for defaulted debts

Research : Family ownership and performance

Q&A : What are mix and match offers?

Letter number 18 of September 2006

News : Football clubs and the stock exchange 

Statistics : Delisting from the Stock Exchange

Research : Debt maturity and marketability

Q&A : What are Vendor due diligences?

Letter number 17 of July 2006

News : 10 mistakes to avoid in corporate finance (part two)

Statistics : The M&A balance

Research : Value and corporate governance in emerging markets

Q&A : What is venture lending?

Letter number 16 of June 2006

News : 10 mistakes to avoid in corporate finance (part one)

Statistics : Working capital around the world

Research : Local versus global or the home biais

Q&A : What are earn out clauses?

Letter number 15 of April 2006

News : Hybrid securities

Statistics : Corporate income tax rates worldwide

Research : Are poison pills harmful?

Q&A : Definition of some equity capital market terms

Letter number 14 of March 2006

News : Challenge ahead for LBOs (part two)

Statistics : Large caps since 1975 in the USA and in Europe

Research : The choice of payment methods in European M&A

Q&A : Reverse factoring

Letter number 13 of February 2006

News : Challenge ahead for LBOs (part one)

Statistics : IPO discount in 2005

Research : Entrepreneurial spawning

Q&A : Why delist?

Letter number 12 of January 2006

News : Are telecom groups enough into debt?

Statistics : Key financial indicators

Research : Hedging or market timing?

Q&A : What are Second liens?

Letter number 11 of December 2005

News : Deferred taxation

Statistics : Equity risk premiums accross the world

Research : Stock options for all?

Q&A : In a merger, how do you decide which company should be taken over and which should be doing the taking over?

Letter number 10 of October 2005

News : The changing loans market, or have the banks gone quite mad?

Statistics : Some statistics about the debt market

Research : Shareholder investment horizon

Q&A : How does one go about choosing between dividends, share buybacks and capital reductions?

Letter number 9 of Septembre 2005

News : Should companies set a target rating?

Statistics : Corporate income tax rates worldwide

Research : Will Basel II induce a reduction in loans to small- and medium-sized companies?

Q&A : The financial structure used by Procter & Gamble to acquire Gillette

Letter number 8 of July 2005

News : Is factoring out of the ghetto?

Statistics : Shareholder structures in Europe

Research : Cross country determinants of mergers and acquisitions

Q&A : 50 years of research in finance

Letter number 7 of June 2005

News : When valuing shareholders’ equity, should debt be taken at fair value?

Statistics : $ 119,000,000,000,000

Research : Corporate Finance in Europe: confronting theory with practice

Q&A : How does one go about selling a block of shares in a listed company?

Letter number 6 of May 2005

News : What dividend to pay in 2005?

Statistics : EGM across Europe

Research : What do entrepreneurs pay for VC affilation?

Q&A : What are EV / FCF Multiples?

Letter number 5 of April 2005

News : Communication regarding the switch to IFRS

Statistics : Asset betas in Europe

Research : Culture, openness and finance

Q&A : What are credit derivatives?

Letter number 4 of March 2005

News : European directives on take-overs

Statistics : Board of directors across Europe

Research : Reaction to goodwill write-offs

Q&A : What are PIPEs?

Letter number 3 of February 2005

News : Is there a limit to the growth of hedge funds?

Statistics : Market outperformance in Europe over the last 20 years

Research : Why are dividends back in fashion?

Q&A : How to account for stock options?

Letter number 2 of January 2005

News : Purchase accounting or when financial common sense overcomes dogmatism

Statistics : Criteria relied on by rating agencies

Research : Private equity performance

Q&A : Can managers have leverage on WACC?

Letter number 1 of December 2004

News : The European company - a new tool that will simplify cross-border mergers

Statistics : Corporate income tax rates worldwide

Research : How does joining or leaving an index affect a stock's price performance?

Q&A : How to exit US stock exchanges?