Month: June 2024

Activists in financial markets and the corporate world

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Activists in financial markets and the corporate world

Nithisha CHALLA

In this article, Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management (MiM), 2021-2024) presents information how individuals and groups (financial activists) use their influence as shareholders to drive strategic, operational, and governance changes within companies to improve performance, enhance shareholder value, and promote ethical practices.

Introduction

Activism in financial markets and the corporate world refers to the efforts of individuals or institutions (like hedge funds) to influence a company’s behavior. Their objectives can include changes in management, strategy, financial structure, or operational practices. Activists aim to improve company performance, enhance shareholder value, or promote social, environmental, or governance (ESG) objectives.

History

The concept of shareholder activism dates back to the early 20th century, but it gained significant momentum in the 1980s. During this period, activist investors began buying substantial shares in underperforming companies to gain control and enforce changes. For example, Paul Singer and AT&T, where Paul Singer’s Elliott Management took a $3.2 billion stake in AT&T in 2019. Over the decades, activism has evolved, with various methods and strategies being adopted to exert influence on corporate boards and top management.

Types of Activism

There are different types of activism: shareholder activism, Environmental, Social, and Governance (ESG) activism, operational activism, and proxy fights.

Shareholder Activism

Shareholder activism focuses on improving company performance and shareholder returns through changes in governance, strategy, or financial practices.

For example, in the case of Apple in 2015, Carl Icahn’s activism led to increased share buybacks and dividend payments, enhancing shareholder returns.

Environmental, Social, and Governance (ESG) Activism

Environmental, Social, and Governance (ESG) activism aims to promote sustainable and ethical practices within companies, addressing issues like climate change, labor practices, and board diversity.

The most common ESG-related litigation is based on alleged false disclosures in securities filings. Statements in proxy materials about companies’ commitment to diversity could be false and misleading because there is a lack of diversity and/or the companies fail to follow through on promises to increase diversity.

For example, the SEC reached a US$35 million settlement with a gaming company in February 2023 after the company failed to maintain disclosure controls related to workplace misconduct. This settlement came after a wave of shareholders advocated for leadership changes within the company and its board.

Operational Activism

Operational activism involves pushing for changes in the company’s operations, such as cost-cutting measures, divestitures, or restructuring.

For example, in the case of Procter & Gamble (P&G) in 2017, Nelson Peltz’s Trian Partners waged a successful campaign for board representation, leading to significant cost-cutting and strategic refocus.

Proxy Fights

Proxy fights occur when activists seek to gain seats on the company’s board to directly influence decisions.

For example, in the case of Yahoo in 2017, activist pressures from several hedge funds, including Third Point led by Dan Loeb, resulted in major leadership changes and a shift in strategic direction.

Methods and Strategies

To achieve their goals, activists have different methods and strategies: engagement and dialogue with companies, public campaigns, proxy battles, litigation, and shareholder proposals.

Engagement and Dialogue with Companies

Activists may initiate discussions with the top management and the board of companies to induce changes.

Public Campaigns

Activists may use media and public statements to rally support from other shareholders and put pressure on the company.

Proxy Battles

Through proxy battles, activists may gain enough shareholder votes during general meetings to win board seats and implement changes directly.

Litigation

Activists may take legal action to force companies to comply with certain demands.

Shareholder Proposals

Activists may submit proposals to be voted on at the companies’ annual meetings.

Short Selling

Activists may sell borrowed shares of a company with the expectation that the stock price will decline. Activists may release reports highlighting issues such as accounting irregularities or poor governance to justify their short positions.

Notable Activists

  • Carl Icahn: Known for his aggressive tactics, Icahn has targeted companies like Apple, eBay, and Xerox, pushing for strategic changes to enhance shareholder value.
  • Bill Ackman: Founder of Pershing Square Capital Management, Ackman has influenced companies like Target and Valeant Pharmaceuticals through high-profile campaigns.
  • Elliott Management: Led by Paul Singer, Elliott Management has been involved in numerous activism campaigns, including those at AT&T, Twitter, and SAP.
  • Jim Chanos: Famous for short selling, Chanos is known for his early identification of problems at companies like Enron. His approach often involves detailed research and public reports that bring issues to light.

Impact on Companies

Activist interventions can have significant impact on companies, both positive and negative.

Positive Impact

Activism can lead to improved governance, better financial performance, and enhanced shareholder value.

For instance, the activist campaign by Trian Partners at Procter & Gamble resulted in cost-cutting measures and strategic shifts that boosted profitability.

Negative Impact

On the downside, activism can create instability, distract management, and lead to short-termism.

For example, the intense activist pressure on Yahoo! led to management upheavals and strategic uncertainty.

Impact of Short Selling

Short selling activism can expose weaknesses and unethical practices within companies, leading to regulatory investigations and changes in management. However, it can also lead to significant volatility and negative sentiment in the stock market.

For instance, Jim Chanos’s short selling and public exposure of Enron’s accounting fraud played a crucial role in revealing one of the largest corporate scandals in history

Conclusion

Activists in financial markets and the corporate world play a crucial role in shaping the future of companies. While their methods can be controversial, the influence of activists has led to significant changes in corporate governance and performance. By pushing for accountability, transparency, and strategic improvements, activists continue to be a powerful force in the corporate landscape.

Why should I be interested in this post?

This article provides a comprehensive overview of activism in the corporate world, with clear examples and explanations of key concepts. For management students, understanding and analyzing the corporate world is equally important as being a part of it and making changes in it.

Related posts on the SimTrade blog

   ▶ Akshit GUPTA Activist Funds

   ▶ Raphaël ROERO DE CORTANZE What is an Activist Investor?

Useful resources

The hedgefund journal Shareholder Activism

Hogan lovells Recent developments in ESG shareholder activism around the world and suggestions for risk mitigation

Fordham law school Yahoo! and Hedge Fund Activism

Harvard Business Review Types of Activist Investors and How to Spot Them

Wikipedia Shareholder activism

About the author

The article was written in June 2024 by Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management (MiM), 2021-2024).

Analysis of Visa’s Business Model and Market Prospects

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Analysis of Visa’s Business Model and Market Prospects

Liner SHI

In this article, Liner SHI (ESSEC Business School, Global Bachelor of Business Administration (GBBA) – Exchange Student, 2024-2025) shares her analysis about Visa’s business model, industry conditions, and future trends.

What is Visa

Visa is a specialized bank card clearing institution that resolves authorization and transaction issues between banks.

Logo of VISA.
Logo of VISA
Source: Visa.

How visa was built : In 1950s, under the trend of installment payments, Bank of America became a leading credit card company. However, due to US banking laws, expansion outside California faced challenges. To overcome this, Bank of America started a franchise model. To deal with initial complications arising from complex authorization and currency exchange between banks, National BankAmericard Inc. was established. In 1973, transaction settlement costs was significantly reduced due to automation of the authorization process and then NBI was renamed to Visa.

In essence, Visa operates as a professional payment technology company under a four-party clearing model: banks, merchants, consumers, and clearing institutions. In 2023,Visa boasts 4.3 billion users, collaborates with 14,000 financial institutions, and records a payment volume of $12.3 trillion.Visa gained net revenue of $32.7 billion in 2023, representing a 11% increase compared to the previous year.

Visa’s Business Model

A typical Visa payment transaction

Visa payment process.
Visa payment process
Source: VISA.
Source: Annual Report 2023

In a Visa C2B payment, the consumer uses a Visa card to buy from a merchant. The merchant sends the transaction to an acquirer, who sends it to VisaNet. VisaNet then checks with the issuer for authorization. Once authorized, the issuer pays the acquirer, minus fees. The acquirer pays the merchant, minus their fee. Visa earns by facilitating global money movement among consumers, merchants, and banks through innovative tech.

How Visa Makes Money—Visa’s Fee Structure

Visa earns revenue through various methods: transaction amount-based revenue and transaction count-based revenue.

Transaction Amount-based Revenue

  • Service Revenue ($14.8B in 2023): This includes income from Visa’s payment processing services and technological solutions like transaction processing, clearing, settlement, risk management, and security services.
  • International Transaction Revenue ($11.6B in 2023): Generated from cross-border transaction processing and currency conversion activities. Visa charges fees for these transactions due to their complexity, involving currency conversion and higher fraud risks.Nominal payment volume serves as a hedge against inflation, making it a primary revenue driver. If commodity costs rise, Visa’s revenue automatically increases.

Transaction Count-based Revenue

C.Data Processing Revenue ($16.0B in 2023): Visa earns revenue by processing transaction data and offering analytical services to partners. These services assist in customer behavior analysis, risk management, and marketing, thereby adding more value. In recent years, international transaction revenue has steadily increased while data processing revenue has slightly decreased, possibly influenced by inflationary growth.

Business Model Evaluation

Profitability

From 2017 to 2022, Visa’s average Return on Invested Capital (ROIC) stood impressively at 87%. This remarkable performance is primarily driven by a consistently high profit margin. Since 2011, Visa’s net profit margin has shown a steady increase, surpassing 50% after 2018. This growth is largely fueled by economies of scale. While Visa requires significant upfront capital investment, its operational costs per unit are comparatively low, almost negligible when compared to traditional banking institutions. Consequently, as Visa processes more transactions through its network, its profitability naturally expands. In the four-party model of bank card clearing, Visa avoids bearing customer acquisition costs and credit risks, thus enjoying the highest profit margins.

Business moat

  • Technology: Visa provides users with a network technology known for its high real-time performance and security. Notably, Visa excels in managing fraud by utilizing extensive labeled transaction data and advanced algorithms like neural networks, Bayesian, and SVM. This enables Visa to construct effective risk control models, preemptively intercepting risky transactions.
  • Brand and Switching Costs: In the payment industry, brand reputation significantly influences consumer choices. Visa’s strong brand power consistently attracts new customers. Moreover, existing customers are deterred from switching their bank cards to other clearing institutions due to substantial switching costs.
  • Economies of Scale: As transaction volume expands, the clearing industry benefits from economies of scale, leading to an oligopolistic competitive structure. Similar to logistics systems such as gas pipelines and highways, once convenient and cost-effective clearing networks are established in the market, new entrants find little to no space for market penetration.

Visa’s Future Assessment

Market Trends

Overview

The payments industry revenue pool expanded by 8.3% from 2017 to 2022 to reach $1.6 trillion. However, according to BCG, slower growth is on the way. Their estimates suggest that overall revenue growth will decline from today’s levels to a CAGR of 6.2% from now through 2027, increasing the global revenue pool to $2.2 trillion at the end of that period.

Global payment revenue trend.
Global payment revenue trend
Source: McKinsey.

Specific Analysis

  • Positive Factor 1: Personal consumption expenditure is the main driver behind the growth in payment transaction volumes. Over time, as living standards improve and inflation rises, personal consumption expenditure tends to increase. Technological advancements, such as the rise of contactless cards (NFC) and electronic wallets, make payment methods more convenient, leading to higher transaction frequencies for credit cards. Visa’s data shows that contactless bank cards have an average transaction frequency about 20% higher than regular bank cards, expanding the industry scale for clearing institutions. Moreover, following the COVID-19 pandemic, the surge in e-commerce adoption has shifted more people from cash to credit card payments, boosting the penetration rate of non-cash payments and driving payment amounts and volumes.
  • Positive Factor 2: At the same time, the global small-value payment systems’ total transaction volume stands at approximately $235 trillion, with B2B transactions accounting for about $125 trillion (53%), C2B transactions at $50 trillion (21%), and B2C transactions at $30 trillion (13%). Both the B2B and B2C payment markets still hold significant growth potential, offering opportunities for further scale expansion for clearing institutions like Visa.
  • Risk: Firstly, in the post-pandemic era, economic slowdown could lead to a decrease in transaction volume growth or even a decline. This presents challenges for clearing institutions on multiple fronts. They may face reduced revenue due to fewer transactions while also needing to navigate more stringent risk management and regulatory requirements. Secondly, according to the latest estimates from BCG, the emergence of new payment networks and the increasing popularity of electronic currencies may result in an overall reduction in scale. Market Trends

Competitive Analysis

Overview

Among existing competitors, Visa demonstrates robust performance, but concurrently, it may face threats from digital wallets and encrypted cryptocurrencies.

Specific Analysis

  • Existing competitors: Visa maintains a competitive edge over its rivals in market share, revenue performance, organizational efficiency, and technological prowess. Contrasting Visa with its primary competitor, Mastercard, between 2018 and 2022, Visa boasted an average Return on Invested Capital (ROIC) of 88% and a net profit margin of 48.5%, surpassing Mastercard’s 54% ROIC and 41.3% net profit margin. This superiority stems from Visa’s early market entry advantage, higher market penetration, and lower customer acquisition costs. Moreover, Visa exhibits greater efficiency in internal organizational management, particularly focusing on clearing operations, while Mastercard’s management expense ratio tends to be approximately 10 percentage points higher. In terms of technology, Visa’s transaction processing capability outshines Mastercard’s, with Visa processing 65,000 transactions per second compared to Mastercard’s 5,000 transactions per second.
  • Substitute competitors: Visa’s primary threat comes from other payment networks and digital wallets such as Apple Pay, Google Pay, and PayPal. These services are increasingly popular among consumers and may eventually erode Visa’s market share. Additionally, the rise of cryptocurrencies may lead to reduced demand for traditional payment networks like Visa.

Conclusion

Visa possesses a strong advantage in the current payment industry market development and competitive landscape. However, it is likely to be impacted in the short term by macro-market fluctuations and in the long term by the development of emerging payment technologies

Why should I be interested in this post?

This article will give you a better understanding of Visa as a company, while also providing you with more knowledge and information about similar clearing institutions and the payment industry. This will help you prepare for job interviews by equipping you with valuable insights into the workings of Visa and its counterparts, enabling you to demonstrate a deeper understanding of the industry during the interview process.

Related posts on the SimTrade blog

   ▶ Frederic ADAM Senior banker (coverage)

   ▶ Akshit GUPTA My apprenticeship experience within client services at BNP Paribas

   ▶ Snehasish CHINARA Bitcoin: the mother of all cryptocurrencies

Useful resources

BCG Global Payments Report 2023

Visa Annual Report 2023

McKinsey The-2023-mckinsey-global-payments-report

Goldmansachs 2008-entire-annual-report

About the author

The article was written in June 2024 by Liner SHI (ESSEC Business School, Global Bachelor of Business Administration (GBBA) – Exchange Student, 2024-2025).

My Intern Experience in Tencent Strategy Department

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My Intern Experience in Tencent Strategy Department

Liner SHI

In this article, Liner SHI (ESSEC Business School, Global Bachelor of Business Administration (GBBA) – Exchange Student, 2024-2025) shares her professional experience as an intern in Tencent Strategy Department.

About the company

Tencent is a leading technology company founded in 1998 with its headquarters located in Shenzhen, China. Tencent Group engages in a wide range of activities, offering both B2C and B2B services.

  • B2C: Tencent has released numerous globally popular video games and other high-quality digital content, providing rich interactive entertainment experiences for over 1 billion users worldwide by 2023.Here are specific B2C services that Tencent offers : famous games like Honor of Kings and Arena of Valor, popular social media apps like Wechat and QQ, other apps like QQ Music . Tencent has a wide user base in Asia, North America, and Europe.
  • B2B: Tencent offers a range of enterprise services including cloud computing, advertising, and financial technology, supporting partners in achieving digital transformation and facilitating business development.

Tencent has been listed on the Stock Exchange of Hong Kong since 2004. Tencent’s revenue in 2023 was $83.97 billion, representing a 10% increase compared to the previous year.

Logo of Tencent.
Logo of Tencent
Source: Tencent.

Introduction to WeCom Business

WeCom, also known as WeChat Work, is an enterprise communication and office collaboration tool developed by Tencent. Tencent created WeCom to provide businesses with a platform that integrates seamlessly with WeChat, allowing for efficient internal communication, project management, and customer engagement.

Logo of WeCom.
Logo of WeCom
Source: KRDS.

Currently, WeCom primarily features are:

  • Support for various communication methods between enterprises and customers, such as messaging, group chat, announcements, and short videos.
  • Collaboration tools and lightweight internal management solutions including online documents, enterprise cloud storage, calendar management, and attendance approval.
  • Lightweight customer management and upstream/downstream collaboration tools including personal profiles, mass messaging, customer moments, lead tracking, upstream/downstream contact lists, and application sharing.

My internship

I collaborated with my mentor on the 2023 China SaaS (Software as a Service) Dynamics Report. This report covered policy interpretations, listings and financing updates, AI(Artificial Intelligence) integration, and overseas expansion.Initially, I wasn’t clear about the relationship between WeCom and other domestic SaaS companies, which led to a lack of focus in my first report. After discussing with my mentor, I realized our research had two main goals: to provide market insights for WeCom’s development and to find suitable ecosystem partners. With this clarity, my analysis improved significantly. This taught me the importance of aligning business objectives with strategic research. Also in the process, I collected data from various platforms like Easy Disclosure and Wind Consulting and realized the significance of comparing information across channels.

Also, I participated in interviews and summarized customer retention issues WeCom faced after commercialization.In 2023, WeCom began charging customers for using its platform for the first time. Some customers may churn or reduce their demand for Wecom due to charges. Therefore, it is crucial to collect the attitudes of key customers towards the pricing model of WeCom. My responsibility was to organize and analyze the interview results, identify the most valued commercial needs and pain points of customers.

I summarized the research on major comparable companies (such as Lark and DingTalk) My mentor focused on their strategies regarding revenue, organizational dynamics, target markets, and business expansion. This experience honed my skills in concise summarization and provided valuable insights.

Financial concepts related my internship

There are three key concepts related to my work in WeCom. Since WeCom is a collaborative office and customer management application, there are key metrics of SaaS companies that we should pay attention to. These metrics include Net Promoter Score (NPS), Annual Recurring Revenue (ARR), and Automatic Delivery Rate (ADR).

Net Promoter Score (NPS)

NPS measures customer satisfaction and loyalty by asking about the likelihood of recommending a product or service. In SaaS companies, NPS is crucial because they often operate on a subscription model. A high NPS indicates that customers are likely to continue using and renewing services. NPS reflects the appeal of SaaS products for sustained customer use. We also track customer retention rate and contract renewal rate.

Annual Recurring Revenue (ARR)

ARR is the total revenue generated from subscription services within a year. It is a key metric for SaaS companies to measure subscription income, calculated by summing up subscription fees from each customer.

Automatic Delivery Rate (ADR)

The automatic delivery rate reflects the level of automation in services or products provided by SaaS companies. High automatic delivery rates enable SaaS companies to offer more convenient, efficient, and stable services, reducing customer using costs and risks. It’s an important metric for measuring operational efficiency and service quality in SaaS companies.

Why should I be interested in this post?

This article offers an opportunity to delve deeper into the intricacies of Tencent’s WeCom business and analogous SaaS products, providing a comprehensive understanding of their operational frameworks. Plus, I hope that by sharing my own experience, you’ll get a better feel for what it’s like to work as a strategic intern and what you should focus on in the role.

Related posts on the SimTrade blog

   ▶ All posts about Professional experiences

   ▶ Arthur EVERARD My experience as a Strategic Consultant at SGS

   ▶ Snehasish CHINARA My Experience as an External Junior Consultant with Eurogroup Consulting

   ▶ Theo SCHWERTLE My professional experience as B2B Project assistant manager at Dance

Useful resources

Tencent 2023 Annual Report

Tencent 2023 fourth quarter and annual results presentation

About the author

The article was written in June 2024 by Liner SHI (ESSEC Business School, Global Bachelor of Business Administration (GBBA) – Exchange Student, 2024-2025).

Datastream

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Datastream

Nithisha CHALLA

In this article, Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management (MiM), 2021-2024) presents information referring to a global financial dataset, which plays a vital role in today’s financial markets for making informed investment decisions.

Introduction

Datastream is a global financial dataset that contains current and historical time series data on stocks, indices, bonds, funds, futures, options, interest rates, commodities, currencies, and economic indicators for 175 countries and 60 markets. It is accessible via two platforms: WRDS and LSEG Workspace.

It is an industry-leading analytical data source that enables detailed exploration of relationships between data series: perform correlation and relationship analysis, test investment and trading ideas, and research countries, regions and industries with time series sometime available from the 1900s onwards.

History

Datastream was developed by Thomson Reuters, now part of Refinitiv, and has been a vital tool for financial professionals for several decades. It has continually evolved to incorporate more data and improve its user interface, reflecting advancements in technology and the increasing demand for comprehensive financial information.

With over 35 million individual instruments or indicators across all major asset classes, including 8.5 million active economic indicators and over 14 million economic time series every day. It features 120 years of data, across 175 countries – the information and tools you need to interpret market trends, economic cycles and the impact of world events.

Its history extends as far back as the 1900s for G7 countries, the 1970s for other major markets and the 1980s for smaller countries.

Uses of Datastream

There are different uses of Datastream such as for investment research, economic analysis, portfolio management, academic research and financial reporting.

Investment Research

Investors and analysts use Datastream to research and evaluate potential investments by analyzing historical performance and financial health. Refinitiv offers in-depth coverage of more than 12,500 global companies across 74 countries, with over 630 metrics and history dating back to 2002.

For example, Refinitiv MarketPsych ESG Analytics (a part of Datastream) are real-time data series which can easily be incorporated into your investment and analysis process, whether quantitative or qualitative. Refinitiv MarketPsych ESG data is available on 100,000+ public and private companies and 252 countries and regions, covering more than 250 strategic ESG data measures, structured into 10 categories underlying the four areas of corporate performance.

Economic Analysis

Economists and policy makers use the database to monitor economic trends, make forecasts, and formulate economic policies.

Economists uses Datastream to access historical GDP data, inflation rates, employment figures, and other relevant economic indicators.

Portfolio Management

Portfolio managers use Datastream to track the performance of assets, optimize asset allocation, and manage risks of their portfolios or funds.

The risk manager uses Datastream to analyze historical price volatility, correlations between assets, and economic indicators that impact market risk. Datastream has had a number of marked firsts within the industry and was a pioneer when it came to calculating indices’ relative data on a daily basis. Thanks to their vast coverage of constituents across the major asset classes, users can construct benchmarks tailored to their respective strategies. This means a fund’s relative performance can be tracked more accurately.

Datastream also offers extensive global coverage of historical end-of-day fund data, with over 30 years of history and a range of measures including net asset value, dividends and performance metrics, plus supporting and operating data such as classifications, identifiers and legal entity all sourced directly from Refinitiv Lipper.

Academic Research

Scholars and students in finance and economics use the extensive data for empirical research, thesis work, and academic publications.

Financial Reporting

Financial institutions use the data for internal reporting, regulatory compliance, and strategic planning.

Finance teams use Datastream to pull data on the company’s stock performance, compare it with industry benchmarks, and include relevant economic indicators.

Advantages of Datastream

To achieve their goals, Datastream is used by various entities and individuals for various reasons: comprehensive coverage, historical depth, user-friendly interface, reliable and timely data, and customization.

  • Comprehensive Coverage: One of the most extensive databases available, covering a wide range of financial instruments and global markets.
  • Historical Depth: Offers deep historical data, essential for long-term analyses and trend identification.
  • User-Friendly Interface: Intuitive tools and interfaces for data extraction, charting, and analysis.
  • Reliable and Timely Data: Provides accurate and up-to-date information, crucial for making informed financial decisions.
  • Customization: Users can customize data queries and reports to meet specific research and analysis needs.

Challenges of using Datastream

Given that Datastream deals with real-time or near-real-time data, there are several challenges in processing the streaming data:

  • Data Overload: The vast amount of financial data available can be overwhelming, making it difficult to filter relevant information.
  • Data Quality: Ensuring the accuracy and reliability of financial data is crucial, as incorrect data can lead to poor investment decisions.
  • Cybersecurity: Protecting financial data from cyber threats and unauthorized access is a significant concern for financial institutions and data providers.
  • Cost: Access to premium financial data services can be expensive, posing a challenge for individual investors and smaller firms.

Conclusion

Datastream plays a critical role in the modern financial ecosystem. By providing real-time access to a wide array of financial data, it empowers investors, analysts, and institutions to make informed decisions, enhance market transparency, and drive economic growth. As technology continues to evolve, the accessibility and quality of financial data will only improve, further transforming the landscape of financial markets.

Why should I be interested in this post?

This article provides a comprehensive overview of Datastream, with clear examples and explanations of key concepts. For management students, understanding and analyzing the corporate world is equally important as being a part of it and making changes in it.

Related posts on the SimTrade blog

   ▶ Louis DETALLE The importance of data in finance

Other financial data

   ▶ Nithisha CHALLA Bloomberg

   ▶ Nithisha CHALLA Morningstar

   ▶ Nithisha CHALLA S&P Global Market Intelligence

Useful resources

LSEG Refinitiv datastream

Princeton University Library Datastream

Thomson Reuters Thomson Reuters Datastream Economics

NYU libraries Datastream Guide

European University Institute (EUI) Datastream description

About the author

The article was written in June 2024 by Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management (MiM), 2021-2024).