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Bernhard Schwetzler

Tutorial videos on corporate valuation:
1. DCF-valuation and Multiple-valuation
2. Terminal Value
3. Tax Shields
4. Cash-Holdings
All videos are accessible for finexpert Premium-members. 
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SEMINARS VALUATION | UNTERNEHMENSBEWERTUNG >Finanzplanung | DCF | LBO Strukturierung | Merger Modellierung

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NEWS: STUDIES > Performance

BATTLE OF THE BANKS: THE FIGHT FOR PROFITABLE BUSINESS MODELS IN EUROPE

Bain & Company
European banks as a whole are running hard just to stand still. Sure, in light of the higher capital buffers they have erected, the banks might appear to be fairly resilient when viewed through recent stress tests by regulators. But in reality, re?ections on average for European banks are next to useless in a continent of many distinct markets. These conclusions emerge from Bain & Company’s 2017 health check of the banking system, the fourth annual analysis covering 111 banks in the base study. >more

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NEWS: STUDIES > Jobs | Opportunities

UPDATE ARBEITSRECHT SEPTEMBER 2017

CMS Hasche Sigle regularly publishes updates and news concerning the German labor law (in German). >more (PDF)

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STUDIES > Performance

STARTUP-UNTERNEHMEN IN DEUTSCHLAND IM JAHR 2017

PwC
Anyone who starts running an own company usually takes on a number of risks and uncertainties. PwC wanted to know what the German start-ups care about and asked 450 companies about their motivation to start a business, their location satisfaction, their sources of financing and the risks they face. >more

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STUDIES > Performance

BEYOND FINTECH: A PRAGMATIC ASSESSMENT OF DISRUPTIVE POTENTIAL IN FINANCIAL SERVICES

World Economic Forum
Building on the findings of the 2015 World Economic Forum report “The Future of Financial Services,” this document considers the evolution and impact of fintech firms on financial services to date and presents a series of contrasting outlooks for the future of the industry. Our findings suggest that fintechs have materially changed the basis of competition in financial services, but have not yet materially changed the competitive landscape. They play a critical role in defining the pace and direction of innovation across the sector but have struggled to overcome the scale advantages of large financial institutions. >more

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MULTIPLE REPORT 2017

finexpert | ValueTrust
The multiple report gives a comprehensive overview over the market valuation of different indices of the German Prime All Share. It combines 5 different multiple definitions, 4 market indices, 15 industry indices, 3 aggregation methods and 2 different time dimensions (trailing vs. forward). Our data coverage starts in 2009 to ensure that data can be used for historical valuations and to exhibit time series trends. Detailed sector compositions for previous valuation data and further information on valuation as well as capital market issues are at finexpert available.(Teaser) >more

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STUDIES > Performance

THE IMPACT OF THE UK’S EXIT FROM THE EU ON THE UK-BASED FINANCIAL SERVICES SECTOR

Oliver Wyman
Following the UK referendum vote to leave the EU, Oliver Wyman has produced a fact base to quantify the possible impacts of Brexit on the UK financial services sector. The report analyses a suite of information around the financial services industry to model exactly what it looks like today, and what different regulatory and access outcomes from Brexit could do to it. The modelling includes a breakdown of where the business is transacted – domestically, at a European level, and internationally – and provides broad estimates of changes to the number of jobs the sector can support in the UK, its contribution to tax income, and added value to the UK economy. >more

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FINEXPERT COMMUNITY

We welcomed our 1.500th member! (July 2017) >more

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UPDATE CAPITAL MARKET DATA

We updated the capital market data (Betas, Multiples, Returns) as to July 14, 2017 for basic and premium members. >more
Premium members have additional access to our data archive (Multiples, Betas, Returns, Yield Curve) containing data as of 2007.

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STUDIES > M&A

CHINESISCHE UNTERNEHMENSKÄUFE IN EUROPA: JULI 2017

Ernst & Young
After the record-breaking year 2016, M&A activity of Chinese companies in Germany went down somewhat. M&A volume in the first half of the year was almost 62% higher one year ago. Same holds true for the absolute number of transactions. >more

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STUDIES > Macro

BALANCING FINANCIAL STABILITY, INNOVATION, AND GROWTH

World Economic Forum / Oliver Wyman
In an effort to understand better the implications of the Fourth Industrial Revolution – a technology-led transformation that is fundamentally altering the way people work, live and relate to one another – the World Economic Forum has prioritized a review of the financial system through the launch of a new initiative: Balancing Financial Stability, Innovation, and Economic Growth (FSIEG). >more

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STUDIES > M&A

CHANGE MANAGEMENT IN MERGER INTEGRATION

Bain & Company
The value in mergers and acquisitions is undisputed. Bain & Company analysis of deals over an 11-year period has shown that as a group, companies that engaged in M&A activity averaged higher shareholder returns than inactive companies. But while they may have the best of intentions to use M&A to supplement their organic efforts, many executives get derailed in merger integration. Business leaders put people, culture, change management and communication as the top reasons for integration failure, yet few companies completely understand how to tackle those issues head-on. >more

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STUDIES > Performance

FINTECHS IM BANKENGESCHÄFT: DISRUPTION ODER EVOLUTION?

Finance / CMS / Deloitte / ING Wholesale Banking
103 out of 544 Fintechs target at wholesale banking. Almost two-thirds of the B2B fintechs are concentrated on financing and about one third on payment transactions. These are the main results of this first study on the German Fintech B2B segment. >more

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STUDIES > Alternative Investments

ANNUAL PRIVATE EQUITY SURVEY: REPLACING A PORTFOLIO COPMANY CEO COMES AT A HIGH COST   

Alix Partners
Alix' second annual private equity survey, performed jointly with executive search firm Vardis, focuses on the critical relationships between PE owners and portfolio company CEOs. The 104 survey respondents across the US and EMEA included PE investors (38%) and PE-owned-portfolio company executives (62%). The report explores why PE–CEO relationships unravel so frequently and why it’s important to shore up these relationships—long before the deal closes. >more

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STUDIES > Performance

CHIEF RESTRUCTURING OFFICER 2017: THE SILENT TRANSFORMATION

Roland Berger Strategy Consultants
Corporate performance programs are in vogue. The levers to get a company back on track for success are very similar to those for restructuring. If corporate performance programs in a company gain in significance, the job profile for the CRO must reflect this. But what expertise is required? >more

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STUDIES > Macro

EY’S ATTRACTIVENESS SURVEY: DEUTSCHLAND MAI 2017

Ernst & Young
EY's Attractiveness program focuses on insights derived from understanding growth from a foreign direct investment (FDI) perspective into countries and regions across the globe. The surveys use custom-designed methodology and explores both developed and emerging markets. The program helps public sector and business leaders to make economically sound strategy and policy decisions — and ultimately helps us to build a better working world. >more

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STUDIES > Alternative Investments

CRACKING THE CODE IN PRIVATE EQUITY SOFTWARE DEALS

The Boston Consulting Group / HHL Leipzig Graduate School of Management
Private equity firms have set their sights on a new wave of software companies hitting the buyout market. Although investments in such companies have the potential to generate high returns, success is far from assured. PE firms just getting into the game must rapidly “crack the code” of software deals in order to capture the outsize returns enjoyed by many investors with industry expertise. >more

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STUDIES > Corporate Finance

RESTRUKTURIERUNGSSTUDIE 2017

Roland Berger Strategy Consultants
Since 2001, Roland Berger annualy publishes the results of a survey on restructuring activity in Germany, Austria and Switzerland. In 2017, they focus on non-performing loans. Especially for banks, the importance of NPL sales increases as a restructuring alternative. Roland Berger interviewed 800 restructuring experts, who shared their assessment of the restructuring environment and economic development, and evaluated current restructuring trends and measures. >more

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UPDATE CAPITAL MARKET DATA

We updated the capital market data (multiples, betas and returns) as to April 14, 2017 for basic and premium members. >more
Premium members have additional access to our data archive (Multiples, Betas, Returns) containing data as of 2007.

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VALUETRUST MUNICH | VIENNA

Marion Swoboda-Brachvogel joined ValueTrust on April 1st, 2017, as a Director and will co-head the office together with Prof. Dr. Christian Aders. Marion Swoboda-Brachvogel will be responsible for the expansion of ValueTrust’s Vienna office und be the local contact for the clients in Austria.>more

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STUDIES > Performance

CORPORATE BANKING 2020

Roland Berger Strategy Consultants
This exclusive study is based on research, data analysis and expert interviews, and provides core statements on the corporate banking business of banks. The results indicate that a one-size-fits-all bank will most likely disappear. Banks will generally be forced to differentiate their corporate banking business models. >more

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STUDIES > Performance

DEUTSCHLANDS TOP500: GLOBALES WACHSTUM IN ZEITEN DER RENATIONALISIERUNG

Accenture has been analyzing the development of the 500 largest companies in Germany for years. Export is the most important growth driver of these globally-oriented corporations, which generate at least a billion sales per year. But the weakening of the economy in important boom countries and worldwide increasing reservations about the free trade threaten to stutter this engine. >more

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STUDIES > M&A

A DEAL-MAKING STRATEGY FOR NEW CEOS

McKinsey & Company
More than half of new CEOs of S&P 500 companies launch some form of transaction during their first two years in office. Whether acquisition, merger, or divestiture, deal making is the second most likely strategic action for a new CEO to undertake, we’ve found. Few are able to maintain the pace of deals over the course of their tenure, though, and this appears to be a missed opportunity. >more

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STUDIES > Alternative Investments

CAPITALIZING ON THE NEW GOLDEN AGE IN PRIVATE EQUITY

The Boston Consulting Group
By many measures, the private equity (PE) industry is in a golden age right now. Never have there been so many PE firms and so many new players. The amount of uninvested capital, or dry powder, is at an all-time high, and funds continue to outperform most other asset classes—keeping investors happy. Yet maintaining these returns is anything but guaranteed, thanks to emerging challenges on multiple fronts. >more

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STUDIES > Macro

GUIDE TO THE MARKETS: EUROPE Q2 2017

J.P. Morgan
Updated each quarter, the Guide to the Markets illustrates a comprehensive array of market and economic trends and statistics for Europe. >more

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GERMAN TAKEOVER REPORT 2017

finexpert | ValueTrust
The finexpert-ValueTrust German takeover report 2017 covers all takeover bids according to the German takeover code WpÜG of the year 2016 and provides extensive information on relevant variables like bid types, premia offered, market reaction of target’s and (if available) on bidder’s stock prices. In addition our extensive database allows to compare last year´s  yxfigures of these variables against the moving average of the preceding years and thus to highlight trends and long term developments. Finally the finexpert German takeover report contains a unique and extensive analysis of fairness opinions and statements of management and supervisory board of the target company (§27 WpÜG), allowing for a detailed analysis of the relationship of these factors upon target stock price reaction and success rates of the takeover bid. Our results indicate 2016 as a year with an average number of offers, but with above average premia and bid volume. The latter is due to the extraordinary merger attempt of Deutsche Börse and London Stock Exchange. Market reaction on the offer announcements was on average 20.8% on the targets (-+1 day-CAR). Our Fairness Opinion analysis reveals an increasing importance of consultants as providers. (Teaser) >more

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STUDIES > M&A

KAPITALMARKTSTUDIE ÖSTERREICH

ValueTrust and the Institute for Accounting and Auditing of the Johannes Kepler University Linz released the third edition of the Austrian capital market report as per December 31, 2016. The report includes cost of capital estimates and multiples for the Austrian capital market. >more

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STUDIES > Performance

20TH ANNUAL GLOBAL CEO SURVEY: 20 YEARS INSIDE THE MIND OF THE CEO...WHAT'S NEXT?

PwC
Over the past 20 years CEOS have witnessed tremendous upheavals as a result of globalisation and technological change. In the 20th CEO Survey, nearly 1,400 CEOs share their views on the impact of these forces on growth, talent, trust and society. >more

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STUDIES > Alternative Investments

A ROUTINELY EXCEPTIONAL YEAR FOR PRIVATE EQUITY: GLOBAL PRIVATE MARKETS REVIEW

McKinsey & Company
A new report from McKinsey finds that in 2016, private markets again defied expectations. But competition is getting tougher for both managers and investors. >more

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STUDIES > Accounting

PROGNOSEÄNDERUNGEN IM PRIME ALL SHARE: 2011-2016

Ernst & Young
Despite all the political and economic turmoil, more companies have upward-adjusted their profit and sales forecasts in the last year. EY records a total of 87 cases where companies exceeded the previously projected values as compared to only 67 profit or revenue warnings. >more

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STUDIES > Performance

CRUNCH TIME: FINANCE IN A DIGITAL WORLD

Deloitte
From cloud computing and robotics to analytics, artificial intelligence and automation, a new class of digital disruptors is transforming how business gets done. Expect these disruptors to have a big impact on the future of finance organizations. But what exactly will their impact be? What is the future of finance in the face of these developments? >more

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STUDIES > M&A

EMERGING EUROPE M&A REPORT 2016/17

CMS Hasche Sigle
CMS has launched the report “Emerging Europe M&A Report 2016/2017” in cooperation with EMIS. The report pulls together data around the biggest M&A transactions in the CEE/SEE region in 2016. CMS partners also share their market insight and recent experiences, looking at trends and developments impacting the region’s transactions over the last year, and where deals are expected to emerge in 2017. >more

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FINEXPERT COMMUNITY

We welcomed our 1.400th member! (February 2017) >more

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STUDIES > Alternative Investments

BUILDING MOMENTUM IN VENTURE CAPITAL ACROSS EUROPE

KfW
Venture Capital is important for financing innovative start-ups. In a joint study the National Promotion Institutions of France, Germany, Italy, Spain and the United Kingdom identify four main areas where further actions are paramount for boosting EU venture capital to the next level: Increasing the supply of funds for VC investments, reducing the fragmentation within the European VC markets, increasing quantity and quality of demand for VC and finally improving exit routes for VC investments. To build momentum in VC across Europe, activities in these fields on both the EU as well as the national level are needed. >more

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STUDIES > Performance

SURVIVAL OF THE FITTEST: DEFINING FUTURE LEADERS IN ASSET MANAGEMENT

Deloitte
In “Survival of the Fittest: Defining Future Leaders in Asset Management,” Casey Quirk from Deloitte outlines how money managers must change to compete in a new age. Some of the defining characteristics in the marketplace now are lower capital market returns, shrinking growth in assets to manage and widespread portfolio derisking. >more

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RESEARCH PAPERS > Alternative Investments

DOES CULTURE AFFECT OPERATING PERFORMANCE IN PRIVATE EQUITY BUYOUTS?

Benjamin Hammer, Heiko Hinrichs, and Bernhard Schwetzler 2016
Using a dataset of 583 private equity (PE) leveraged buyouts (LBOs) from 14 European countries, we examine the moderating impact of national culture on the operating performance of PE portfolio companies. We argue that high performance orientation of a society positively affects operating performance development because it aligns incentives with PE sponsors who need to satisfy high return expectations in a short period of time. In our baseline estimates, we find that PE-backed firms outgrow their respective industries significantly in terms of total assets and employment post-LBO. A country’s performance orientation reinforces this effect: A one standard deviation increase in countries’ performance orientation is associated with an industry-adjusted rise of about 11% in total assets and more than 6% in employment over the course of four years, respectively. Independent of a country’s performance orientation, PE-backing does not meaningfully impact post-LBO profitability, which suggests a growth profitability tradeoff. We also test whether growth comes at the expense of higher leverage and thus higher risk, but cannot find a significantly higher debt burden in performance oriented societies. Thus, our findings indicate that portfolio firms in performance oriented societies grow faster but at similar risk as their peers in non-performance oriented societies. >more

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CAPITAL MARKET REPORT 2016

finexpert | ValueTrust
The capital market report contains cost of capital developments over the last year, 1 and 2 Year Beta estimates since 2014 for the Prime All Share indices as well as Yield Curve estimates. The report is meant to be a comprehensive reference for cost of capital estimates where finexpert users can find sector-specific information for valuation purposes. We also provide an update about the newest academic research on cost of capital and related topics. The three papers that we present discuss the difficulties of finding the right models for cost of capital assessments, the timely development of the equity risk premium and the efficiency of the market portfolio.(Teaser) >more

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STUDIES > Corporate Finance

FUNDING EUROPEAN BUSINESS: STRENGTHENING ALTERNATIVES

Allen & Overy
Europe is on track to create a single private placement (PP) market, where corporates from all over the region can source alternative forms of capital from willing investors. While domestic alternative finance providers still rule the roost, an increased appetite to tap investors across borders is evident. >more

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STUDIES > Performance

FINTECHS IN EUROPE: CHALLENGER AND PARTNER

Roland Berger Strategy Consultants
The dynamic FinTech scene heralds big changes for the financial services market. Trends like digital customers, as well as the emergence of new technologies and regulations, are creating ideal conditions for FinTech companies. Even established organizations stand a good chance against the competition. The new study “FinTechs in Europe – Challenger and Partner to Banks”, surveyed 248 FinTechs from 18 European countries. It reveals insights into the current FinTech climate. >more

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STUDIES > Corporate Finance

KAPITALKOSTEN NEWSLETTER

KPMG
This newsletter provides you with the most recent data, helpful advices as well as explicit analyses from the current Cost of capital study by KPMG. >more

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STUDIES > M&A

M&A REPORT - OCTOBER 2016

ZEW - Zentrum für Europäische Wirtschaftsforschung
The M&A Report is compiled jointly by the Centre for European Economic Research (ZEW) and Bureau van Dijk (BvD). The M&A Report semi-annually informs about current topics and developments in the field of worldwide mergers and acquisitions drawing on the Zephyr database. Zephyr provides detailed information on more than one million M&A, IPO and Private Equity transactions worldwide. >more

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RESEARCH PAPERS > Corporate Valuation

THE IMPACT OF TERM STRUCTURE AND TERM TRANSFORMATION STRATEGIES ON THE CORPORATE VALUE OF BANKS – A COMPARISON BETWEEN CONTROLLING-BASED VALUATION CONCEPTS AND DCF-MODEL

Bernhard Schwetzler
2016
This paper compares two different concepts for bank valuation: a controlling-based concept splitting the bank into three parts (credit-, deposit-, and treasury bank) and valuing them separately, against a standard DCF-Flow to Equity valuation model. The controlling-based concept allows to separate current realized and future expected interest income generated by term transformation, i.e. by exploiting differences between different maturities via maturity mismatch of assets and liabilities, from the bank´s excess interest income (or interest savings) against market interest rates with the same TM. The results show that depending on the shape of the term structure and the term transformation strategy chosen by the bank´s management significant differences between the corporate values derived by the two valuation models may occur when being applied upon the same bank. >more

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STUDIES > Performance

AN INTRODUCTION TO FINTECH: KEY SECTORS AND TRENDS

S&P Global Market Intelligence
In this primer, we will highlight four fintech areas — digital lending, payments, blockchain and digital wealth management — that are of particular interest due to their rapid pace of growth, technological disruption, and regulatory and other risks. While some of these areas represent fintech sectors themselves, blockchain is a technology that carries the potential for innovation across multiple segments of the financial landscape. >more

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STUDIES > Performance

EY GLOBAL CONSUMER BANKING SURVEY 2016: WELCHE BEDEUTUNG UND RELEVANZ HABEN BANKEN FÜR IHRE KUNDEN NOCH?

Ernst & Young
Our 2016 Global Consumer Banking Survey of 55,000 consumers in 32 countries reveals that traditional banks are under threat and their relevance with consumers is waning. Therefore, traditional banks need to rethink – and in some cases even revolutionize – their approach to consumer relationships. >more

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STUDIES > Corporate Finance

START-UPS AND THEIR FINANCING IN EUROPE

Deutsche Bank Research
The new Deutsche Bank research EU monitor looks at Start-ups and their financing situation in Europe. How could the Capital Market Union contribute to improve the funding environment for start-ups in Europe? >more

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STUDIES > Corporate Finance

KFW-KREDITMARKTAUSBLICK: SEPTEMBER 2016

According to estimates by KfW Research, new lending in Germany to companies and self-employed professionals fell only slightly in the second quarter of 2016. The sideways movement is likely to continue in the latter half of the year. On the supply side, potential for further improvements to financing conditions is largely exhausted. Fresh impetus is not coming from the demand side either as the Brexit vote dampens the propensity to invest. Furthermore, capital markets provide attractive funding alternatives for large companies. >more

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STUDIES > Alternative Investments

HY AFRICA REMAINS RIPE FOR PRIVATE EQUITY

The Boston Consulting Group
The rapid growth in Africa’s private equity market has raised concerns that a bubble is building as too many funds chase the same targets. In fact, great growth opportunities still await funds that take a fresh approach and adapt to the needs of the continent’s rapidly evolving market. >more

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STUDIES > Jobs | Opportunities

UPDATE ARBEITSRECHT SEPTEMBER 2016

CMS Hasche Sigle regularly publishes updates and news concerning the German labor law. Amongst others, this edition features legal options to secure operational know-how. >more

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FINEXPERT COMMUNITY

We welcomed our 1.300th member! (September 2016) >more

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STUDIES > Corporate Finance

WORKING CAPITAL 2016: FLÜSSIGE MITTEL UND GEBUNDENES KAPITAL

Deloitte
For the third time, Deloitte analyzes the working capital performance of German companies. The lock-in period of working capital has increased in most companies to at least one day, the net working capital has increased by 5 percent to 243 billion euros. >more

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RESEARCH PAPERS > Corporate Valuation

DIE IMPLIZITE MARKTRISIKOPRÄMIE AM ÖSTERREICHISCHEN KAPITALMARKT

Christian Aders, Ewald Aschauer, and Markus Dollinger 2016
This paper empirically estimates the implicit market risk premium for the Austrian capital market and presents average returns of the ATX index. >more

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MULTIPLE REPORT 2016

finexpert | ValueTrust
The multiple report concentrates on market multiples of the German stock market and gives a comprehensive overview over the market valuation of different German capital market and industry indices. It combines 5 different multiple definitions, 4 market indices, 15 industry indices, 3 aggregation methods and 2 different levels of timeliness (trailing and forward). Our data coverage starts in 2009 and can therefore be used for historical valuations. Detailed sector compositions for previous valuation data and further information on valuation as well as capital market issues are available at finexpert.info. Finally our research corner provides a summary of two recently published papers.(Teaser) >more

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STUDIES > Alternative Investments

WHAT IS HOLDING BACK RETURNS OF EUROPEAN PRIVATE EQUITY?

Roland Berger Strategy Consultants
Despite the economic growth of the EU that is driving PE performance in recent years, the annual performance of European private equity portfolios is still below pre-crisis levels. Three potential drivers behind the lower performance were examined: price levels, debt financing (leverage rates and costs of debt) and portfolio duration. Price levels and leverage rates are lower than before the crisis, but are increasing again, while costs of debt are historically low - these factors seem to be driving the short-term improvement in PE performance in recent years. Portfolio durations have risen with a factor 2.5 to record lengths from 1.8 years in 2007 to 4.6 years in 2014, across all industries, regions´and PE firms. >more

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STUDIES > Risk Management

2016 EU-WIDE STRESS TEST

European Banking Authority
The European Banking Authority (EBA) recently published the results of the 2016 EU-wide stress test of 51 banks from 15 EU and EEA countries covering around 70% of banking assets in each jurisdiction and across the EU. The objective of the stress test is to provide supervisors, banks and other market participants with a common analytical framework to consistently compare and assess the resilience of large EU banks to adverse economic developments. Along with the results, the EBA is providing again substantial transparency of EU banks' balance sheets, with over 16,000 data points per bank, an essential step towards enhancing market discipline in the EU. >more

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STUDIES > Corporate Finance

DEATH OF THE RISK-FREE RATE

Research Affiliates
The risk-free rate is central to both finance theory and investment practice. Today, however, we are confronted with growing evidence that the real world is so far away from offering a meaningfully positive risk-free rate that much of this finance theory is of doubtful merit. Abandoning our theoretical construct of a risk-free rate importantly changes our understanding of money, monetary policy, investment risk, and most importantly for investors, our optimal portfolio allocations. >more

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STUDIES > M & A

CHINESISCHE UNTERNEHMENSKÄUFE IN EUROPA

Ernst & Young
Chinese investors are penetrating the European market. In the first half 2016, they acquired as many companies in Germany and Europe as in the whole year 2014 - a record for a first half year. If acquisition activity remains that high, the year 2016 will easily exceed the 183 (39) European (German) acquisitions of 2015. >more

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STUDIES > Macro

GLOBAL ECONOMIC PROSPECTS: JUNE 2016

The World Bank is revising its 2016 global growth forecast down to 2.4 percent from the 2.9 percent pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows. Commodity-exporting emerging market and developing economies have struggled to adapt to lower prices for oil and other key commodities. Growth in these economies is projected to advance at a meager 0.4 percent pace this year, whereas growth in commodity importers has been more resilient. Projections are subject to substantial downside risks, including additional growth disappointments in advanced economies or key emerging markets and rising policy and geopolitical uncertainties. >more

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STUDIES > Performance

EY FINTECH ADOPTION INDEX – GERMANY

Ernst & Young
Driven by innovative startups and major technology players, the booming FinTech industry is capturing traditional market share by offering customers easy-to-use and compelling products and services. We surveyed digitally active people to better understand the overall rate of FinTech adoption, which users are adopting which products and the outlook for future usage. >more

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STUDIES > Jobs | Opportunities

UPDATE ARBEITSRECHT JUNE 2016

CMS Hasche Sigle regularly publishes updates and news concerning the German labor law. Amongst others, this edition features the termination of employment and "Sozialauswahl". >more

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STUDIES > Performance

CHIEF RESTRUCTURING OFFICER – COACH OR COMMANDER?

Roland Berger Strategy Consultants
The demands on Chief Restructuring Officers (CROs) are rising. For one thing, their role is ever more international, almost all major companies having activities outside the domestic market today. And for another, change management is now an increasingly significant element in restructuring projects. Communications and leadership skills for companies' chief restructurers are therefore more important than ever, according to the findings of a recent Roland Berger survey of Germany's top restructurers entitled "Chief restructuring officer – Coach or commander?". >more

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STUDIES > Performance

GUT GEFÜHRT? MIT CORPORATE GOVERNANCE AUF KURS

KPMG
Still, corporate governance is not a top priority in many companies. Whether the standards for good corporate governance are met, is mostly checked by parties outside the company although corporate governance is much more than mere compliance with the rules. >more

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STUDIES > Alternative Investments

SPLIT DECISIONS: INSTITUTIONAL INVESTMENT IN ALTERNATIVE ASSETS

Mergermarket
FT Remark is pleased to present Split Decisions: Institutional investment in alternative assets, published in association with BNY Mellon. Based on interviews with 400 senior executives from global pension funds, investment managers, and insurance funds (as well as a side survey of 50 hedge fund managers), the report finds institutional investors are seeking to allocate more of their capital to alternative strategies in a quest for strong returns in the low-interest-rate environment. >more

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STUDIES > Macro

THE PANAMA PAPERS

Duff & Phelps
The authors discuss the issues that the Panama Papers raise, specifically the regulatory implications, the increased scrutiny and potential fallout around the use of shell corporations (whether legally or illegally), cyber security concerns, and what we can expect going forward. The paper references several graphs (produced by ICIJ) and tables to demonstrate the scope of this industry, including countries with the most active Intermediaries, the "10 Most Popular Tax Havens" in the Panama Papers, and "Country Rankings" by largest average Illicit Financial Flows. >more

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STUDIES > Corporate Finance

Valuation of innovative business models

Bernhard Schwetzler
A talk on the valuation of innovative business models given at the annual meeting 2016 German Academic Association for Business Research (VHB) at the technical university of Munich TUM. (in German) >more

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STUDIES > Macro

DIE BREXIT STRATEGIE

KPMG
On June 23, 2016 the UK decides whether Britain should remain in the European Union. It is largely unclear how the future relations between the EU and the UK would look like in case of a "Brexit". The present focus analysis examines possible scenarios, such as how trade could develop and how German companies may be affected. >more

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STUDIES > Corporate Finance

PREDICTING VOLATILITY

Lazard
An understanding of the different approaches used to forecast volatility and the implications of their assumptions and dependencies provides a robust framework for the process of risk budgeting. In this paper, we will examine the art and science of volatility prediction, the characteristics which make it a fruitful endeavor, and the effectiveness as well as the pros and cons of different methods of predicting volatility. >more

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STUDIES > Accounting

KURS HALTEN, EUROPA STÄRKEN - STANDORT DEUTSCHLAND 2016: THE EY ATTRACTIVENESS SURVEY

Ernst & Young
In 2015, Europe attracted record levels of foreign direct investment, even amidst the migration crisis and sluggish growth. What has Germany's role been? Learn about this and more in the 2016 EY Attractiveness report. >more

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STUDIES > Macro

EUROPEAN ELECTIONS AND THEIR EFFECT ON LOCAL EQUITY MARKETS

Lazard
Elections are often perceived to influence the performance of capital markets across the globe. In 2015, political risk came back to prominence in the euro zone, after early elections in Greece prompted a change in government which, according to some, derailed the economic recovery in the country. While views on political risk may differ on a case-by-case basis, the objective of this paper is to provide a data-driven historical analysis on the topic for a more objective assessment. >more

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STUDIES > Corporate Finance

RESTRUKTURIERUNGSSTUDIE 2016

Roland Berger Strategy Consultants
This report by Roland Berger Strategy Consultants reveals that the German economy, despite its strong growth, faces serious challenges. Especially China's slumping economic development, the Brexit threat and uncertainties in the context of the immigration wave could slow down the German growth path. >more

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STUDIES > Performance

US COMPANIES DOMINATE THE WORLD’S TOP VALUE CREATORS

The Boston Consulting Group
US companies took seven of the top ten spots for global large-cap companies in the 2016 Value Creators rankings. Four of the top ten are in biopharma. See the leaders worldwide and in 28 industries in the rankings, which BCG has published since 1999. >more

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STUDIES > Accounting

THREE IMPORTANT TAX DEVELOPMENTS FOR BOARDS

Ernst & Young
The European Commission (EC) is questioning individual EU governments on tax arrangements, and Organisation for Economic Co-operation and Development (OECD) member countries and others have instituted, or will be instituting soon, unprecedented information sharing of tax data across countries. To help boards stay informed of emerging tax developments, the EY Center for Board Matters provides an overview of three tax topics in the spotlight. >more

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STUDIES > Alternative Investments

VENTURE PULSE: Q1 2016

KPMG Enterprise’s Global Network for Innovative Startups and CB Insights (the ‘go to’ name for insights related to venture capital investment) launched the 3rd edition of the Venture Pulse Report. The report analyses the latest global trends in venture capital investment data and provides insights from both a global and regional perspective. This edition of the quarterly series provides in-depth analysis on venture capital investments across North America, EMA and ASPAC and will cover a range of issues such as financing and deal sizes, unicorns, industry highlights and corporate investment. >more

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STUDIES > M&A

KAPITALMARKTSTUDIE ÖSTERREICH

ValueTrust
ValueTrust and the Institute for Accounting and Auditing of the Johannes Kepler University Linz release the first issue of the Austrian capital market report as per December 31, 2015. The report includes cost of capital estimates and multiples for the Austrian capital market. >more

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STUDIES > Alternative Investments

ZUR WIRTSCHAFTLICHEN ENTWICKLUNG VON BETEILIGUNGSKAPITALFINANZIERTEN UNTERNEHMEN IN DEUTSCHLAND

Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK)
Companies financed with venture capital exhibit an annual sales growth that is up to three times larger than that of comparable companies without an investment company as a partner. In the key indicators such as turnover, number of employees and equity ratio, the portfolio companies outperform their macroeconomic reference group. >more

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FINEXPERT GERMAN TAKEOVER REPORT 2016

The  finexpert - ValueTrust German takeover report 2016 covers all takeover bids according to the German takeover code WpÜG of the year 2015 and provides extensive information on relevant variables like bid types, premia offered, market reaction of target’s and (if available) on bidder’s stock prices. In addition our extensive database allows to compare last year´s figures of these variables against the moving average of the preceding years and thus to highlight trends and long term developments. Finally the finexpert German takeover report contains a unique and extensive analysis of fairness opinions and statements of management and supervisory board of the target company (§27 WpÜG), allowing for a detailed analysis of the relationship of these factors upon target stock price reaction and success rates of the takeover bid. > more (Teaser) >more

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STUDIES > Alternative Investments

EUROPEAN PRIVATE EQUITY OUTLOOK 2016

Roland Berger Strategy Consultants
The continued availability of inexpensive debt financing and positive sentiment concerning the overall economic situation in Europe serve to roll the cautiously optimistic mood in the private equity (PE) industry over into 2016. Almost two thirds (64%) of companies anticipate more M&A transactions with PE involvement, especially in Germany, Iberia and Italy. Growing numbers of PE managers also think that their industry is back to being as robust as it was before the financial crisis. Nevertheless, 40 percent of firms believe their business model still needs adaptation and improvement. These are the key findings of the "European Private Equity Outlook 2016", for which the experts from Roland Berger conducted a poll of industry professionals, as in previous years. >more

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FINEXPERT COMMUNITY

We welcomed our 1.200th member! (February 2016) >more

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STUDIES > Alternative Investments

THE POWER OF BUY AND BUILD: HOW PRIVATE EQUITY FIRMS FUEL NEXT-LEVEL VALUE CREATION

The Boston Consulting Group / HHL Leipzig Graduate School of Management
The share of PE deals that include add-on acquisitions has climbed steadily in recent years. Research on the top-performing buy-and-build deals points to several lessons: small is beautiful, experience pays, crossing borders creates value, and depth is better than breadth. >more

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STUDIES > Alternative Investments

DISRUPTION CAUSES SEISMIC SHIFT FOR PRIVATE EQUITY: 2016 GLOBAL PRIVATE EQUITY FUND AND INVESTOR SURVEY

Ernst & Young
In this report, we seek to understand the effects of an evolving regulatory landscape confronting both private equity funds and investors. We are confident these insights will help CFOs and fund managers make more informed decisions as they develop strategies for the future. >more

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STUDIES > M&A

CHINESISCHE UNTERNEHMENSKÄUFE IN EUROPA: 2005-2015

Ernst & Young
Germany remains the preferred investment destination of Chinese capital within Europe: 2015 recorded 36 Chinese acquisitions of German companies. Therewith, Germany was the most attractive destination, followed by the UK, France, Italy and Spain. >more

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STUDIES > Alternative Investments

VENTURE PULSE: Q4 GLOBAL ANALYSIS OF VENTURE FUNDING

KPMG Enterprise’s Global Network for Innovative Startups and CB Insights (the ‘go to’ name for insights related to venture capital investment) launched the 3rd edition of the Venture Pulse report. The report analyses the latest global trends in venture capital investment and provides insights from both a global and regional perspective. >more

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STUDIES > Macro

ANNUAL MEETING 2016: MASTERING THE FOURTH  INDUSTRIAL REVOLUTION

World Economic Forum
At the Annual Meeting 2016, under the theme Mastering the Fourth Industrial Revolution, technology shifted from a supporting role to the spotlight. More than 2,500 participants from all walks of life came together in Davos to prepare for a future of exponentially disruptive change as assumptions about growth models were overturned, the international balance of power continued to fray, and scientific and technological breakthroughs stood poised to transform economies and societies. >more

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STUDIES > Alternative Investments

START-UP BAROMETER DEUTSCHLAND: JANUAR 2016

Ernst & Young
Investments in German startups have reached a new record level in 2015. Investors pumped a total of almost 3.1 billion Euro into German startups, which is almost twice as much as last year's 1.6 billion Euro and almost five times as much as in 2013. >more

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STUDIES > Corporate Finance

EUROPEAN DISTRESSED DEBT MARKET OUTLOOK 2016

Rothschild / Debtwire
2016 is primed for European distressed opportunities, with funds boosting their asset allocation to distressed investing, according to Debtwire Europe’s 12th European Distressed Debt Market Outlook, produced in association with Rothschild and Orrick. Other highlights of the report include: The vast majority of respondents (78%) expect an increase in high yield-related restructurings in the next 18 months. >more

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STUDIES > Performance

MODULAR FINANCIAL SERVICES: THE NEW SHAPE OF THE INDUSTRY

Oliver Wyman
Financial services companies have gone through major changes over the last 10 years. Nonetheless, while the turmoil in financial services has been dramatic, other industries have been more radically transformed. For example, digital technology has destroyed established business models in music and publishing. Such a transformation may now be on the horizon for financial services. We believe financial services are becoming “modular”, with digital distribution platforms, new product providers, alternative sources of capital and a growth in outsourcing fundamentally reshaping the industry. >more

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STUDIES > Corporate Finance

PRIVATE FINANCING OF ROLLING STOCK

Roland Berger Strategy Consulting
Railways and public transport companies traditionally have been financed by governments. This is currently undergoing a significant change. Currently about 13% of rolling stock investments are privately funded (22% of the projects). This is equal to about EUR 1.5 bn of private capital per year out of total procurement of close to EUR 11 bn. Our investigation shows a correlation between the degree of liberalization in a country and share of private financing. With further liberalization expected, and government budgets under strain private financing will inevitably grow. >more

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STUDIES > Corporate Finance

JAHRESRÜCKBLICK NEUEMISSIONEN 2015

Blättchen & Partner
Like every year, Blättchen & Partner critically reviews new issues of securities of the past year. 2015 recorded 14 new issues (previous year: 10) with a public offering. The total placement volume amounts to around 6.1 billion EUR (previous year: EUR 3.2 billion ), making it the highst since 2007. >more

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FINEXPERT BETA REPORT 2015|Q4

finexpert | ValueTrust
The research corner provides a short description of two important academic papers. Our industry beta estimates tables are followed by a graphical representation of the “rolling” estimate for 1y and 2y betas including the corresponding model power. You as a reader may use this graphs to further analyze the development and stability
of the different industry beta estimates. Finally our estimate of the Svensson
yield curve for the German market closes this report. (Teaser) >more

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STUDIES > Performance

DEUTSCHLANDS BANKEN 2015: DIE 25-MILLIARDEN-ERGEBNISLÜCKE

Bain & Company
A look at the sector's profitability more than highlights the challenging conditions still underlying German banks. Only around six percent of the credit institutions are still managing to earn their cost of equity that has fallen slightly due to the drop in the risk-free interest rate. The after-tax return on equity averaged out at 2.1 percent. Thus, compared with the cost of equity of an average 7.7 percent, this translates into an after-tax earnings gap of a total € 25 billion for 2014. >more

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STUDIES > Corporate Finance

KAPITALKOSTENSTUDIE 2015

KPMG
This year's study focuses on the incorporation of performance and risk drivers in budgeting and cost of capital. The relevance of the study for practice was once again confirmed by the high number of participants: A total of 148 companies have participated in the study including 22 DAX 30 companies. >more

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STUDIES > Alternative Investments

LIQUIDITY MEETS PERSPECTIVE: VENTURE CAPITAL AND START-UPS IN GERMANY 2015

Ernst & Young
Liquidity is following smart business ideas and is as global as the ventures itself. The fact that financing rounds of EUR 10m and above are predominantly led by foreign investors indicates the strong appreciation of global investors with regard to the German ecosystem. Corporates have realized the huge potential from digital business ideas and therefore increasingly complement the investors’ landscape. >more

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STUDIES > Jobs | Opportunities

UPDATE ARBEITSRECHT DEZEMBER 2015

CMS Hasche Sigle regularly publishes updates and news concerning the German labor law. Amongst others, this edition features the right to strike and regulations regarding minimum wages. >more

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STUDIES > Alternative Investments

PRIVATE EQUITY ANALYST: GUIDE TO THE SECONDARY MARKET

DowJones
This report examines how secondary buyers are positioning themselves in today’s competitive market and where they see the greatest potential for deal flow growth. >more

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STUDIES > Macro

FINANCIAL STABILITY REVIEW 2015

European Central Bank
The financial system has proved resilient during bouts of market volatility in the second half of the year. However, it also highlights the increased chance of an abrupt rise in global risk premia as concern shifts to emerging markets. >more

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STUDIES > Alternative Investments

JOINING FORCES: THE CO-INVESTMENT CLIMATE IN PRIVATE EQUITY

Pepper Hamilton / Mergermarket
Private equity (PE) firms are becoming increasingly hungry to offer limited partners (LPs) the chance to invest and are being more proactive than reactive, according to a new study Joining forces: The co-investment climate in private equity. Pepper Hamilton commissioned Mergermarket to interview 50 PE executives from across the United States that have co-invested with an institutional investor within the previous three years (fund sizes managed by the interviewees were equally split between US$250m-US$500m and US$501m-US$999m). >more

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STUDIES > M & A

RETHINKING M&A VALUATION ASSUMPTIONS

Bain & Company
As superabundant capital is likely to keep investor return expectations low for a while, the assumptions behind many M&A models may be too onerous. Reevaluating investor expectations may expand the universe of investments and provide clarity on the investments worth pursuing. >more

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STUDIES > Corporate Finance

MCKINSEY ON FINANCE: AUTUMN 2015

McKinsey & Company
Articles in this issue include: "Are share buybacks jeopardizing future growth?", "A better way to understand internal rate of return", and "Building a better partnership between finance and strategy". >more

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STUDIES > Corporate Finance

RESTRUKTURIERUNGSSTUDIE 2015

Roland Berger Strategy Consultants
Although the German economy shows signs of stability, different factors raise concerns. Because of the weaker economy in Europe and China, low commodity prices and interest rates pose significant risks for German companies. Experts from Roland Berger discuss these risks in the "Restructuring Study 2015". The study, based on a survey of 1,100 industry experts in Germany, identifies key challenges that German companies are currently facing. >more

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STUDIES > M&A

FROM BUYING GROWTH TO BUILDING VALUE: INCREASING RETURNS WITH M&A

The Boston Consulting Group
The indications of recovery early in 2014 proved prescient. The full year saw the global number of M&A deals and total deal value return almost to 2005 and 2006 levels, which were surpassed only by the heights achieved prior to the dot-com collapse in 2000 and the financial crisis in 2008. >more

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FINEXPERT MULTIPLE REPORT 2015|Q3

The new “finexpert & ValueTrust Multiple Report” is a modified version of the “Capital Market Data Report” that entirely focuses on multiple valuation topics. The report is a detailed booklet with five different multiples for the Prime All Share Standard and its sub-indices. Every index has its own chapter with detailed analyses of the historical valuation, valuation sensitivity and future prospects.  (Teaser 1 | 2) >more

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FINEXPERT GERMAN TAKEOVER REPORT 2015|Q2

The first finexpert - ValueTrust German takeover report covers all takeover bids according to the German takeover code WpÜG of the preceding year and provides extensive information on relevant variables as bid types, premia offered, market reaction of target´s and (if available) on bidder´s stock price. In addition our extensive database allows to compare last year´s figures of these variables against the moving average of the preceding years and thus to highlight trends and long term developments. Finally the finexpert German takeover report contains a unique and extensive analysis of fairness opinions and statements of management and supervisory board of the target company (§27 WpÜG), allowing for a detailed analysis of the relationship of these factors upon target stock price reaction and success rates of the takeover bid. > more (Teaser) >more

Lecture VIDEO

Tax Shields - Part 1

Bernhard Schwetzler
We´ve added a tutorial video on the impact of debt related tax shields on PE-performance. An example shows that cutting interest tax deductibility may even increase PE´s IRR (June 2013). >more

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