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weekly puzzles


This page will carry the weekly challenges from each week of the corporate finance and equity classes this semester.

 Week & Topic

Stakeholders versus Stockholders

  1. The Business Roundtable Statement on Stakeholders
  2. My blog post on stockholders versus stakeholder wealth maximization

The set up & questions

Activist Investors

  1. My (old) blog post on activist investing
  2. My post on Softbank after the WeWork fiasco
  3. News story on Elliott Management targeting Softbank

The set up & questions

To diversify or not to diversify?

  1. The Case for Diversification (Markowitz)
  2. The Case for Concentration
  3. The Behavioral Evidence on Investor Behavior
  4. My blog post on whether to diversify

The set up & questions

How risk averse are you?

  1. As stocks gyrate, it is time to measure your risk tolerance.
  2. Measuring your risk aversion

The set up & questions

What's in a beta?

  1. GameStop's beta

The set up & questions

Sunk Costs: Theory and Reality

  1. The sunk cost fallacy
  2. My blog post on the Yankees' A Rod Problem & sunk costs
  1. The set-up and questions

Sector Risk

  1. Chevron's bet on gas does not pay off
  2. Oil and gas prices from 2009-2016
The set up & questions

The US tax code (pre 2017 tax reform)

  1. Taxes around the world (2015)
  2. The Perversity of the US tax code
  3. The Pfizer Allergan Deal
  4. The US Treasury's Bid to stop Inversions
  1. The set-up and questions

The Dark Side of Debt

  1. Valeant: My Blog Post (November 2015)
  2. Valeant spooks bondholders
  3. Valeant's debt rating may be cut
  4. Valeant: My Blog Post (March 2017)
  1. The set-up and questions