Bucephalus Research: Exposing Creative Accounting
Our proprietary Governance, Accounting and Performance (GAP) reviews combine statistical analysis of reported data, with careful reading of company statements and management reports.
We generate investment ideas on the largest, most liquid companies
Help our clients manage risk and improve outcomes
Investors use our proprietary risk descriptors to asses the largest 8,000 companies in the Americas, Europe and Asia. This helps with:
Risk oversight: Our clients can review both whole portfolios and individual holdings to avoid reputational damage, accounting scandals and risk of permanent capital losses.
Ideas: We look for high returns when management presentations, market perceptions and business realities diverge.
Due diligence: We investigate Governance, Accounting and Performance issues even if companies are outside our core coverage.
Stewardship: Clients ask us to review corporate resolutions and provide recommendations to encourage best practice. We check to ensure that management incentives are truly aligned with all shareholders.
We generate investment ideas on the largest, most liquid companies
- When business realities diverge from management’s reports & accounts.
- Where incentives, behaviours and outcomes are being hidden from investors.
- And the market’s perception and valuations create opportunity
Help our clients manage risk and improve outcomes
Investors use our proprietary risk descriptors to asses the largest 8,000 companies in the Americas, Europe and Asia. This helps with:
Risk oversight: Our clients can review both whole portfolios and individual holdings to avoid reputational damage, accounting scandals and risk of permanent capital losses.
Ideas: We look for high returns when management presentations, market perceptions and business realities diverge.
Due diligence: We investigate Governance, Accounting and Performance issues even if companies are outside our core coverage.
Stewardship: Clients ask us to review corporate resolutions and provide recommendations to encourage best practice. We check to ensure that management incentives are truly aligned with all shareholders.
Our research reports come in three forms:
Thematics, investigating the use of key accounting concepts around the World. The reports are split into the three main regions: North America, Europe & Asia
Industry trends, a comparison of the biggest companies in a single industry across regions.
Companies, in-depth reports on single companies
Thematics, investigating the use of key accounting concepts around the World. The reports are split into the three main regions: North America, Europe & Asia
Industry trends, a comparison of the biggest companies in a single industry across regions.
Companies, in-depth reports on single companies
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Thematics
We investigate the methods used by managements to create an accounting fog in order to obscure the business reality. These reports keep our clients up to date with accounting issues and improve our Governance, Accounting risk and Peer performance (GAP) scores. |
Industry trends
We compare companies across an industry to reveal anomalies and trends, using ten years accounting data. This puts today's ratios in perspective and provides a global outlook. Assuming clients will have their own macro view, we use our GAP scores and valuations to identify pairs in each region. |
Companies
Investment ideas driven by a sufficient divergence between the market's perception, the business reality and management's presentation. Our core universe is companies with a market cap above US$2bn, daily turnover over US$2m and revenue that exceeds US$100m. |
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Our keynote speech presentation at the 2018 SEC AICPA & CIMA conference
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