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Institutional Research Group


The Institutional Research Group (IRG) was formed in January of 2008 to produce equity research focused on “special situation” investments, and global equities.  Investors in these areas continue to be disadvantaged by the dearth of quality research from traditional Wall Street sources.  The area of "special situations", which encompasses a wide range of corporate restructurings, provide little motivation for coverage from major Wall Street institutions.  IRG publishes research which seeks to capitalize on the market inefficiencies that inevitably result from this situation. 
 


Steve Ferazani, CFA - Director of Research - Senior Analyst

Steve has more than a decade of experience writing about and analyzing financial markets. Prior to authoring The Spin-Off Report, he spent the previous five years as a generalist for small-cap research firm Sidoti & Co., covering a wide variety of stocks in the oil services, engineering and construction and industrials sectors. Prior to Sidoti, Steve was a financial writer for Standard & Poor's analyzing global macro trends across a multitude of industries. He was previously a reporter for Upside.com and JagNotes.com adding insight and perspective to the day's major market events. Steve is a graduate of Dartmouth College, has an MA in journalism from New York University and is a CFA charter holder.  



Michael Wolleben- Senior Analyst

Michael has spent the past five years at Sidoti & Co. serving as lead analyst with sole responsibility to author research reports and in charge of identifying time sensitive investment opportunities within the food services industry. In 2009, Wall Street Journal ranked Michael as #2 (of 33) in the restaurant sector in their "Best on the Street" column. Prior to Sidoti, Michael held positions as a Software Engineer at IntraSphere Technologies and as Software Developer at StageBuilder. He holds an MBA from Boston University and a BA in Computer Science from Villanova. 

 


Services Published by the Institutional Research Group

The Spin-Off Report
The Spin-Off Report, authored by Murray Stahl, Steve Ferazani and Michael Wolleben, monitors the progress of all U.S. spin-offs from announcement date through when-issued trading, and continues coverage through the first quarter of trading. The service provides comprehensive research reports with fair value estimates on both subsidiaries and parent companies prior to divestiture. The Spin-Off Radar Screen, published monthly, provides an overview of companies believes to be potential spin-off candidates. In addition, clients receive the Bits & Pieces report; a monthly supplement to the service that identifies mispriced stub securities, tracking stocks and other arbitrage opportunities. The Spin-Off Report Compendium provides Murray Stahl with an effective forum to discuss the market environment for spin-offs, as well as investment ideas outside the traditional spin-off space, such as carve-outs and tracking stocks. Murray will also discuss spin-offs that have fallen out of favor with investors.
PDF June 2011 Spin-Off Calendar
PDF August 2011 Spin-Off Radar Screen
PDF April 2011 Spin-Off Comprehensive on Marathon Oil Corporation
Bits & Pieces
The Bits & Pieces Report is a monthly arbitrage supplement that identifies opportunities that occur when substantial fluctuations in the value of a company’s public and private holdings create an undervalued “stub” security.  Given the signficant cross-ownership of companies in international markets, many published ideas will be focused on international companies.  Pronounced valuation discrepancies may provide a more efficient means to gain exposure to equities held by the parent, or may be exploited by the use of pair trades or similar strategies. These situations are highlighted and monitored on a continuous basis.
PDF September 2009 Bits & Pieces Report
PDF June 2011 Spin-Off Bits & Pieces
The Bankruptcy Calendar
Authored by the Institutional Research Group, The Bankruptcy Calendar monitors the progress of all U.S. listed companies with over $250 million in assets expected to emerge from bankruptcy. The Bankruptcy Calendar routinely publishes full reports on companies that are poised for a near-term exit from bankruptcy, as well as recently emerged companies that present investors with compelling return potential. Upon request the authors will produce bespoke work for clients requesting analysis of individual companies.
PDF July 2011 Bankruptcy Calendar
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