As the industry leader, Duff & Phelps felt a responsibility to elevate the conversation around fairness opinions, an important industry practice relied upon by corporate boards. While Duff & Phelps could speak to its own client work, the firm needed empirical evidence to demonstrate the utility of fairness opinions as an industry practice.
The solution required analyzing thousands of pages of data filed with the U.S. Securities and Exchange Commission (which could only be done using artificial intelligence). The result was a report entitled, “In Defense of Fairness Opinions: An Empirical Review of Ten Years of Data”. Greentarget partnered on the thought leadership campaign, including the research program, content development and media outreach. The report injected sorely needed empirical data into the conversation around fairness opinions and provided corporate boards with a tool to evaluate the fairness opinions they receive when assessing an offer.
Coverage in outlets including the Financial Times, Agenda, PE Hub, Corporate Board Member, and CFO.
Harvard Law School’s Forum on Corporate Governance and Regulation blog republished the report in its entirety.
Won The Holmes Report’s 2018 Diamond SABRE award for Superior Achievement in Research and Planning.