Events

FIASI/Fordham Sustainable Finance in Fixed Income Research Competition 2024  Award Winner Research Paper Presentation

• Author: Mayank Kumar
• Ross School of Business, University of Michigan, Ph.D. in Finance candidate
• Title: Getting Dirty Before You Get Clean: Institutional Investment in Fossil Fuels and the Green Transition
• Abstract: Contrary to the prevailing notion that private equity investment in fossil fuels adversely affects environmental outcomes, this paper shows that it can facilitate the green transition by allowing cleaner technologies to develop. I show that private equity (PE) acquisitions of fossil fuel power plants are followed by an 8% higher likelihood of solar development and a 10% increase in the number of solar plants in the same county. This increase comes from institutional investment in solar, specifically from the investors related to the PE owners of fossil plants. I establish a causal link between the PE acquisition of fossil plants and solar development using the intensity of sunlight that falls on fossil plants as a measure of solar investment opportunity and the passage of the investment tax credits that made solar power commercially attractive. In a difference-in-differences setting, I show that PE firms are more likely to buy fossil plants that provide higher solar investment opportunities. These findings suggest that regulations prohibiting PE investment in fossil fuels may prevent clean energy financing and impede the green transition.

Date:  May 15, 2024 at 4:00 PM EST
Venue:  Virtual event only

Agenda:

1. Introductions
2. Presentation of research findings
3. Q&A

Register Online

Michael Gatto, CFA will speak about his recent book:

Michael's seven-step credit analysis process will prepare you for a career in credit investing at the top buy-side and sell-side firms on Wall Street by teaching you the technical skills needed to invest in the debt markets. Whether you are analyzing a loan origination in the private debt market, a new issue of a broadly syndicated loan (BSL), a high-yield bond (HY), or a secondary trade, the comprehensive knowledge gained from this book will equip you to make well-founded investment recommendations. Additionally, an entire section devoted to distressed debt investing incorporates a practitioner's perspective on the nuances of bankruptcy and restructurings to develop strategies to profit from opportunities in this opaque market. In clear, straightforward terms accessible to the layperson, Michael explains strategies pursued by distressed companies such as J. Crew and Serta that have led to creditor-on-creditor violence, giving you an insider’s perspective on some of the least understood transactions in the distressed arena.

You will:

• Gain In-Depth Knowledge: Understand the complexities of credit markets, from trading dynamics to historical credit cycles, allowing you to identify debt investment opportunities―and avoid pitfalls.
• Master the Analytical Framework: Learn Michael's seven-step process for analyzing credit investments, including qualitative industry and business analysis, financial statement analysis, forecasting, corporate valuation, relative value analysis, and debt structuring.
• Learn How to Write an Investment Recommendation: Review real-life credit memos to understand how analysts translate this framework into recommendations that drive investment decisions at the top credit funds.
• Discover Key Concepts and Terminology: leveraged buyout financings (LBOs), trading levels (price, yields, and spreads), shorting, and credit default swaps.
  Navigate Distressed Debt: Explore the strategies and nuances of distressed debt investing, including bankruptcy, subordination, creditor-on-creditor violence, and high-profile case studies from the past three decades of Chapter 11 restructurings.
• This book caters to finance majors pursuing investing careers, credit analysts seeking to enhance their skills, and seasoned professionals aiming to expand their expertise. Professors, researchers, lawyers, and advisors servicing the credit industry will also find immense value in this comprehensive guide.

As always, members' participation is free. Non-member fee is $60.00

• When: Thursday, May 30, 2024 at 6pm
• Where: Cornell Club | 6 East 44th Street | New York City
• Time: 
  • 6:00 pm to 6:30 pm - Refreshments and networking
  • 6:30 pm to 7:15 pm - Presentation
  • 7:15 pm to 7:30 pm - Q & A
  • 7:30 pm to 8:00 pm - Refreshments and networking

Register Online

Register Here

Annual Meeting, Cocktail Party and Celebration! 

SAVE THE DATE!  More information to come.....

• When: June 11, 2024 
• Where: Cornell Club | 6 East 44th Street | New York City
• Time: 
  • 6:00 pm to 6:30 pm - Refreshments and networking
  • 6:30 pm to 7:15 pm - Short business meeting
  • 7:15 pm to 8:00 pm - Refreshments and networking