Advisory on Corporate Finance Matters:
- Peers in the same sector (Sectors Industry).
- MLR - Some Return/Leverage effects multiple.
- Projecting balance sheet 4-5 years.
Top 3 Banks in USA - JP Morgan, Goldman & BOA.
- Interest Rate Movements - Fixed vs. Floating.
- Convertible dept.
- Tactical Share Repo.
Balancing Complexity with Simplicity:
Advisory - Keeping things simple is most Important.
- What we want to run (not using C# or R):
- MLR – Linest &
- MC – 1000 paths.
- Rank Correlation.
- Choskley – Eigen values.
- Financials of a company?
- Options? Excel vs VBA vs R – Everyone should be able to decript?
- What adds complexity in Excel? Mastery of data tables – support from VBA and not running it from VBA.
- What are we dealing with? Scale 50 data tables, 20 MB file, 1000 paths of many fundamental process.
Sell Side Investment Banking US - Quant Corporate Finance:
- Advisory on Optimal Leverage – levered repo.
- Forecasting companies financials.
- Sensitivity analysis – forecasting with fixed Multiple.
- MLR and regression with non stationary elements.
Monte Carlo Simulation - How to use Monte Carlo Simulation in quant corporate finance environment:
- Use data tables.
- Do in excel validate through R – Install R packages.
- Pull automated values using formulas of CIQ or Fact set.
- VBA toolkit for MC engine in Excel – Join split – Indexing – Choskley transform.
- LIBOR & 3ML & 10 UST.
- Trend and modeling perspective.
- Fixed vs. floating – why balance sheet projections become important here?
- Swap rates – where to pull – bloomberg / CIQ / compustat.
Contributions in Sectors:
- Does contribution of growth differs? Why tech has max contribution of growth and defense least – why return has most contribution in return in defense?
- EV/EBITDA for sectors how much things contribute in them.
- List of EV/EBITDA multiple for all companies – what does trend show.
- Regimes to regress EV/EBITDA and what are indicators of regime change.
Areas of Discussion:
- REGRESSION ANALYSIS – Coeff – contribution – p value - r-sq.
- SURPLUS CASH – projections – cost - utilization.
- PEER ANALYSIS – GRAPH Theory?
- TRANSFORM during Regression.
- VBA programs to make it work in Excel.
- Shutting and reactivating data tables.
- 3rd dimension to data tables by split join.
- Segregating risk or risk attributions.
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