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The Vernimmen.com newsletter, which is sent out via the web every month, provides, in the spirit of the forthcoming book Corporate Finance, Theory and European Practice:

A conceptual approach to a current corporate finance topic ;
Statistics and/or tables that update the data in the book, and which you may find useful in your daily practice of corporate finance ;
A review of an article on financial research, with a concrete dimension ;
A question asked on the web site (out of the hundred or so that we receive every month) and the answer ;

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Date	N°	Topic	Statistics	Research	Q&A	PDF
April 2013	74	The financial analysis of Japanese companies	Global senior leverage loan volumes	Ownership structure and financial constraints	How to measure liquidity?
March 2013	73	Is the stock exchange playing its role of financing the economy?	Worldwide merger activity	Choice of financing: a question of character?	What are free riders in the financial field?
February 2013	72	The ABC of preferential subscription rights	P/E ratios in Europe	Value Creation and Drivers of Secondary Buyouts in France	Why is change in finished goods inventories recorded under income on some income statements?
January 2013	71	The risk-free rate – the time for change is now	Interest rate yield curves	Bond yields and economic disasters	Why have UK pension funds modified the composition of their asset portfolios?
November 2012	70	Should retail banks be separated from investment banks?	Corporate income tax rate around the world	Competition and the cost of debt	The failure of the EADS-BAE merger, or the problems you face when you go up against your shareholders
September 2012	69	A brief look at "Other comprehensive income"	Legal provisions of M&A transactions	Friends with money	What is a unitranche loan?
June 2012	68	High frequency trading	Sectorial CDS	Are all inside directors the same?	The free rider
April 2012	67	A few thoughts about compensation policy	Working capital in Europe	Post merger restructuring	What are USPPs?
March 2012	66	Cleaning up goodwill	Dividends and share buy backs in Europe	The influence of employees on company boards	Are changes in taxation a threat to LBOs?
February 2012	65	A fine example of financial policy: SEB	Corporate securities as % of total corporate borrowings	CFO versus CEO Equity incentives	The European project for a Financial Transaction Tax
January 2012	64	Accounting and valuation: six debatable points By François Meunier, former president of the French association of CFOs	Late payments in Europe	Nature or nurture in finance?	The locked box mechanism in M&A transactions By Alban Bouley, BNP Paribas – Corporate Finance
December 2011	63	The Bouygues share buy back	The composition of corporate boards of directors in Europe	Does the stock market harm investment incentives?	To sell assets or issue shares?
November 2011	62	To reform the tax code?	Corporate income taxe rates	Behaviour and financial decisions	CDSs and the cost of financing
Octobre 2011	61	The new 2011 edition of the Vernimmen The 10 eternal truths in finance (2)	9-year financing table	Why european firms make IPOs?	To buy an asset or a company?
August 2011	60	The 10 eternal truths in finance (1)	IPOs since 1990	The value of independent directors	What are ASRs?
July 2011	59	The failed takeover bid that achieves its objective, or how to combat Machavellianism	Working capital of the Eurostoxx 50	Performance persistence in entrepreneurship	Representation and warranty insurance
Mai 2011	58	Why cash on the balance sheet?	Volatility in Europe	Seasoned equity offering, market timing	Valuing Asset-Backed Securities ! Some lessons from the recent market collapse? by Mofdi Gassoumi – Vice President Houlihan Lokey's Financial advisory Services Group
April 2011	57	What if inflation is up again?	Dividends and share buy-backs in Europe	Why don’t US issuers demand European fees for their IPOs?	The Alcon-Novartis takeover bid, or happy end to “The Good, the Bad and the Ugly”
January 2011	56	Financial analysis of BRICs	A distribution policy example: Bouygues	The real effects of corporate cash	Why successfull group have so low a debt level?
December 2010	55	Accounting for operating and capital leases – a step 30 years backwards?	At its lowest point since 1752!	Agency problem at dual class companies	Assimilation clause
November 2010	54	Financial analysis of Russian groups	Corporate income tax rates	Renegotiation of financial contracts	Banking business lines
October 2010	53	Debt and control premiums	Changes in working capital for groups of the Eurostoxx 50	Why European firms carry out IPOs?	How do we calculate the ROCE of a firm with a negative capital employed?
September 2010	52	Financial analysis of Brazilian groups	Year-end dates	Reaction to the sale of an asset or a division	Steps of an M&A process
June 2010	51	Creating and sharing value in LBOs	Debt as a % of GDP	Competitive IPOs ⁽¹⁾	What is contingent convertible capital?
April 2010	50	How to value a company with operating real-estate?	Dividends and share buy backs in 2009	Creditor protection and features of bank loans	What are ETFs?
March 2010	49	Financial crisis and multiples: European evidences	AN HISTORICAL STUDY : The giant deal: AOL-Time Warner acquisition	The Life Cycle of Family Ownership: A Comparative Study of France, Germany, Italy and the U.K.	M&A: Seven steps to keep it safe
February 2010	48	Should one borrow at a fixed or floating rate?	M&A volume and premia in Europe since 2000	Why are LBOs levered ?	Comparison of takover rules in some countries
January 2010	47	Factoring risk into capital expenditure decision- making process	Capital structures	The capital structure of unlisted firms	Negative working capital
December 2009	46	New rules for allocating goodwill: key features for valuation by Jean Pierre Colle and Philippe Leduc (Grant Thornton Valuation services)	Liquidity and EBIT margins in times of crisis	Are investors better off backing management or the project, the jockey or the horse?	What are Tobin’s Q, Jensen’s α, Sharpe and Treynor ratios
November 2009	45	Making money out of one’s own decrepitude	Corporate income tax rates	Hedging and financial decisions
October 2009	44	A few valuations mistakes to be avoided	Breakdown of global private equity	How fair are fairness opinions?	What are profits or losses from dilution?
September 2009	43	The Cost of capital of greenfield projects by Muriel Atias (BNP Paribas) and Franck Bancel (ESCP Europe)	184 years of returns	The making of an investment banker	What is a free rider in finance?
July - August 2009	42	NEWS: Growth rate to perpetuity	Changes in working capital	Venture capital investment practices in Europe and the USA	What is an “Independent Business Review”?
May 2009	41	NEWS: Working towards change in the presentation of financial statements	Board chairmen in Europe	Do bankruptcy code matters ?	Crossword
March 2009	40	NEWS: The new Vernimmen edition and Financial analysis of India Inc. Financial analysis of India Inc.	Dividends and share buy backs	Law and institutions	Exit clause in shareholder’s agreements
February 2009	39	NEWS: How much dividend to pay in 2009?	Corporate default rates	Do managers listen to the market?	How to account for negative goodwill?
January 2009	38	A 10% equity risk premium?	P/E, EBIT and EBITDA multiples by sector in Europe, the USA and China	Liquidity in the pricing of syndicated loans	What is X B R L?
December 2008	37	Recent developments in corporate governance	Companies with a PBR below 1	Votes trading	What are the dark pools?
November 2008	36	Some thoughts about the financial crisis	Yield curves	Profits, dividend and share buybacks	What is the new regime governing crossbordermergers in Europe ?
October 2008	35	The death of the minority discount	Top 200 groups by market value	Loan syndication	What are Monoliners? by Estelle Ruiz, BNP Paribas –Group Risk Management
September 2008	34	Valuing liquidity risk	Corporate income taxes	The optimists	New developments in M&A accounting
June 2008	33	Being CEO of a company in crisis	ROCE and WACC	Hedge fund activism and corporate governance	Customer’s advance payments and value accounting
May 2008	32	How protection mechanisms can impact substantially on share prices?	P&L’s format	Dividend policy inside the multinational groups	So what’s a SPAC’s?
April 2008	31	Finance in Africa	Working capital around the world	Actual share purchases timing and liquiditiy	The MIFID directive
February 2008	30	Towards a worldwide accounting standard?	ROCE versus WACC in Europe	Why do firms issue equity?	Solvency opinion
December 2007	29	Are Chinese shares overvalued?	Share ownership structure in Europe	The role played by collateral in relationships between banks and SMEs	What is a debt push down?
November 2007	28	Behavioural finance	D / EBITDA ratios for LBOs	How are firms sold ?	What is a subprime loan?
October 2007	27	Kyoto and carbon trading	One share = one vote?	The impact of pension plans on betas	Should change in working capital be calculated as a gross or net figure on the cash flow statement?
July 2007	26	The equity risk premium	Corporate income tax rates in the world	Is comprehensive income useful?	What are Economic and regulatory capital?
June 2007	25	Managing a company under LBO	Free cash flow generation in Europe	Corporate financial policy and the value of cash	A few insurance terms
May 2007	24	managing climate-related risks	M&A statistics	Concentration and return	When using the comparables method, should multiples be calculated on the basis of the present or on the projected value of capital employed?
March 2007	23	Financial analysis of China Inc	Volatility and credit spread	CEO turnover after acquisitions	The Hart Scott Rodino Antitrust Improvements Act
January 2007	22	Microfinance	The 150 largest non-listed groups	Customers as shareholders of their suppliers	A small quizz (part II)
December 2006	21	Dow Jones versus Eurostoxx	P/E ratios	The small world of the coporate elite	A small quizz (Part I)
November 2006	20	Islamic finance	Yield curves	IPO theory and practice	What is staple financing?
October 2006	19	IFRS one year after	Recovery rates for defaulted debts	Family ownership and performance	What are mix and match offers?
September 2006	18	Football clubs and the stock exchange	Delisting from the Stock Exchange	Debt maturity and marketability	What are Vendor due diligences?
July 2006	17	10 mistakes to avoid in corporate finance (part two)	The M&A balance	Value and corporate governance in emerging markets	What is venture lending?
June 2006	16	10 mistakes to avoid in corporate finance (part one)	Working capital around the world	Local versus global or the home biais	What are earn out clauses?
April 2006	15	Hybrid securities	Corporate income tax rates worldwide	Are poison pills harmful?	Definition of some equity capital market terms
March 2006	14	Challenge ahead for LBOs (part two)	Large caps since 1975 in the USA and in Europe	The choice of payment methods in European M&A	Reverse factoring
February 2006	13	Challenge ahead for LBOs (part one)	IPO discount in 2005	Entrepreneurial spawning	Why delist?
January 2006	12	Are telecom groups enough into debt?	Key financial indicators	Hedging or market timing?	What are Second liens?
December 2005	11	Deferred taxation	Equity risk premiums accross the world	Stock options for all?	In a merger, how do you decide which company should be taken over and which should be doing the taking over?
October 2005	10	The changing loans market, or have the banks gone quite mad?	Some statistics about the debt market	Shareholder investment horizon	How does one go about choosing between dividends, share buybacks and capital reductions?
Septembre 2005	9	Should companies set a target rating?	Corporate income tax rates worldwide	Will Basel II induce a reduction in loans to small- and medium-sized companies?	The financial structure used by Procter & Gamble to acquire Gillette
July 2005	8	Is factoring out of the ghetto?	Shareholder structures in Europe	Cross country determinants of mergers and acquisitions	50 years of research in finance
June 2005	7	When valuing shareholders’ equity, should debt be taken at fair value?	$ 119,000,000,000,000	Corporate Finance in Europe: confronting theory with practice	How does one go about selling a block of shares in a listed company?
May 2005	6	What dividend to pay in 2005?	EGM across Europe	What do entrepreneurs pay for VC affilation?	What are EV / FCF Multiples?
April 2005	5	Communication regarding the switch to IFRS	Asset betas in Europe	Culture, openness and finance	What are credit derivatives?
March 2005	4	European directives on take-overs	Board of directors across Europe	Reaction to goodwill write-offs	What are PIPEs?
February 2005	3	Is there a limit to the growth of hedge funds?	Market outperformance in Europe over the last 20 years	Why are dividends back in fashion?	How to account for stock options?
January 2005	2	Purchase accounting or when financial common sense overcomes dogmatism	Criteria relied on by rating agencies	Private equity performance	Can managers have leverage on WACC?
December 2004	1	The European company - a new tool that will simplify cross-border mergers	Corporate income tax rates worldwide	How does joining or leaving an index affect a stock's price performance?	How to exit US stock exchanges?

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