Osler Corporate Finance & Securities Updates
Updated Daily - FOR PERSONAL USE ONLY
- CSA Review of Hedge Funds Identifies Areas for Further Study
- 2006 Year in Review: Corporate Finance & Securities
- U.S. Securities Act Reforms One Year Later: Assessing the Impact on Canadian Companies
- New Securities Transfer Regimes Passed in Ontario and Alberta
- Financing a Foreign Business Operating in Canada
McKinsey on Finance is a quarterly publication written by experts and practitioners in McKinsey and Company's Corporate Finance practice. This publication offers readers insights into value-creating strategies and the translation of those strategies into company performance. McKinsey on Finance articles are available online at www.mckinseyquarterly.com.
- How climate change could affect corporate valuations
Efforts to lower carbon emissions will affect different industries differently, depending on the level of carbon reduction required, industry responses to emerging technologies, changing customer behaviors, and regulation, and individual company current positioning and ability to respond. Executives should take steps immediately in order to be competitive in a low-carbon future. - Preparing for the next downturn
In our April 2007 podcast, Preparing for the next downturn, the authors looked at what capabilities and strategies enabled companies to endure—and even thrive—in past downturns.The text of this recording can be found at www.mckinseyquarterly.com. - Preparing for a slump in earnings
In our April 2008 podcast, Preparing for a slump in earnings, the authors observed that historic trends suggest earnings may fall more than most executives expect. Companies should prepare for steeper declines and take steps to strengthen their positions when times improve. The text of this recording can be found at www.mckinseyquarterly.com. - A better way to understand TRS
Traditional methods of analyzing TRS are flawed. There’s a better way. - Managing capital projects: Lessons from Asia
Some Asian companies are better at executing capital projects than are rivals elsewhere. What lessons can others learn from them? - Organizing for value
The division structure can mask big differences in the performance of smaller units. A finer-grained approach can better show where value comes from. - China's track record in M&A
China’s companies are expanding the focus of their outbound M&A, but so far they have struggled to create value. - Communicating with the right investors
Communicating with investors can take up a lot of an executive’s time. In our May 2008 podcast, the authors observe that executives spend too much time talking with those who don’t matter—and offer a prescription for identifying those who do. The text of this recording can be found at www.mckinseyquarterly.com. - Preparing for a slump in earnings
In our April 2008 podcast, Preparing for a slump in earnings, the authors observe that historic trends suggest earnings may fall more than most executives expect. Companies should prepare for steeper declines and take steps to strengthen their positions when times improve. The text of this recording can be found at www.mckinseyquarterly.com. - Running a winning M&A shop
The authors argue that picking up the pace of M&A requires big changes in a company’s processes and organization—even if the deals are smaller. The text of this recording can be found at www.mckinseyquarterly.com. - Taking stock: Ten years after the Asian financial crisis
This article is adapted from a speech given by the author in the summer of 2007 at a conference at the Federal Reserve Bank of San Francisco. The text of this recording can be found at www.mckinseyquarterly.com. - Is the M&A boom over?
Our data finds that reports of the demise of the M&A boom may be greatly exaggerated. But to keep it going, companies must work even harder to ensure that deals create value. - The new role of oil wealth in the world economy
Regulators may worry when Arab investors acquire stakes in western companies, yet vast reserves of petrodollars have kept down interest rates and buoyed financial assets. What's the broader effect of the surge in petrodollars? - How to improve strategic planning
It can be a frustrating exercise, but there are ways to increase its value. - Market fundamentals: 2000 versus 2007
When the S&P 500 stretched above 1,500 in May 2007, it returned to levels not seen since the tech bubble in 2000. While it has since subsided, at this writing it is still quite strong. - How to choose between growth and ROIC
Investors reward high-performing companies that shift their strategic focus prudently — even if that means lower returns or slower growth. - The granularity of growth
A fine-grained approach to growth is essential for making the right choices about where to compete. - The state of the corporate board, 2007: A McKinsey Global Survey
Corporate directors want more information about their companies and industries, and they say that investments by private-equity firms improve governance. - Preempting a hostile takeover
Companies that stick to valuation basics can preemptively capture any value that would make them attractive for takeover bids. - A Quiet revolution in China’s capital markets
Reforms that attracted little attention in the Western world mark a major step forward in the modernization of China’s capital markets. - Living with the limitations of success
Once companies reach a certain size, setting realistic performance aspirations gets a bit trickier. - Getting more out of offshoring the finance function
Companies aren’t getting the most out of their offshoring programs. Key design changes would help. - Preparing for the next downturn
In a buoyant economy, the next recession seems far off. But managers who prepare during good times can improve their companies’ chances to endure—or thrive in—the eventual downturn. - The new dynamics of managing the corporate portfolio
As investors demand that companies actively manage their business portfolios, executives must increasingly balance investment opportunities against the capital that’s available to finance them. - Why accounting rules shouldn’t drive strategy
When changes in accounting rules provide no new information, they don’t register with investors. Nor should they lead managers to shift focus. - The truth about growth and value stocks
Investors and fund managers build entire portfolios around the premise that growth stocks grow faster than value stocks. The problem is that they don’t. - Successful mergers start at the top
A cohesive top-management team is essential for integrating acquisitions successfully. - When should CFOs take the helm?
CFOs can bring much-needed skills to the CEO role, but the career path isn’t always a direct one. - Making capital structure support strategy
A company’s ratio of debt to equity should support its business strategy, not help it pursue tax breaks. Here’s how to get the balance right. - Shaping strategy from the boardroom
As companies turn their attention from compliance to growth and innovation, boards must focus on strategy. - A long-term look at ROIC
Finance theory isn’t enough when companies set their expectations for reasonable returns on invested capital. A long-term analysis of market and industry trends can help. - Are companies getting better at M&A?
The latest boom in merger activity appears to be creating more value for the shareholders of the acquiring companies. - How to make M&A work in China
The conditions are right for China’s nascent M&A market to flourish. Companies should try a new approach to deal making. - Capital discipline for Big Oil
The oil and gas industry has a history of over investing at the top of a cycle. This time it should break the habit. - Do fundamentals—or emotions—drive the stock market?
Emotions can drive market behavior in a few short-lived situation