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NEWSLETTER of August 3, 2018

 

The following content has been added at finexpert:


Tutorials
QoD4

Question of doubt in corporate valuation QoD#4: Are pension reserves part of the equity bridge in DCF valuation? (Bernhard Schwetzler)

Including (unfunded) internal pension liabilities into DCF valuation not trivial. This video discusses potential pitfalls and shows consistent treatments of pension reserves in corporate valuation with respect to Free Cash flow, WACC and Net Debt
(August 3, 2018). >more


Studies > M & A

ZEW - Zentrum für Europäische Wirtschaftsforschung

M&A REPORT - MAY/JUNE 2018

The M&A Report is compiled jointly by the Centre for European Economic Research (ZEW) and Bureau van Dijk. 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

Studies > Alternative Investments

Goldman Sachs

AN ALTERNATIVE TO HEDGE FUND INVESTING: A RISK-BASED APPROACH

In this paper, Goldman Sachs analyzes the hedge fund universe, systematic drivers of hedge fund performance and discusses the efficacy of the weight estimation procedure. >more

Studies > Performance

Ernst & Young

BLOCKCHAIN IN FINANCIAL SERVICES – MEHR ALS NUR EIN HYPE?

When it comes to blockchain technology, German banks, insurers and asset managers tend to wait and see. Hardly any company aims to lead the way as a pioneer in the field of blockchain. Most people also want to keep their hands off cryptocurrencies. These are the results of a PwC survey among managers of 300 banks, insurers and asset managers. >more


External Seminars > Conferences

12. Jahreskonferenz der EACVA für alle Bewertungsprofessionals

22.-23.11.2018 in Düsseldorf-Neuss >more

External Seminars > Associations > IACVA

START-UP VALUATION – ANALYSE UND BEWERTUNG VON JUNGEN UNTERNEHMEN UND INNOVATIVEN GESCHÄFTSMODELLEN

17. September 2018 in Köln >more

ERTRAGSWERT MODELLING FÜR IDW S1 BEWERTUNGEN BEI KAPITAL- UND PERSONENGESELLSCHAFTEN

28. September 2018 in Frankfurt >more

 

CURRENT UPDATE IN VALUATIONS – DER CVA REFRESHER –   VERSION 3

9. Oktober 2018 in Köln >more

DISTRESSED VALUATION – UNTERNEHMENSBEWERTUNG BEI ERTRAGSSCHWÄCHE UND KRISE

10. Oktober 2018 in Köln >more

STRATEGIEBEWERTUNG FÜR UNTERNEHMENSBEWERTER

25. Oktober 2018 in Frankfurt >more


Research Papers > Corporate Finance

THE ORIGINS AND REAL EFFECTS OF THE GENDER GAP: EVIDENCE FROM CEOS' FORMATIVE YEARS

Ran Duchin, Mikhail Simutin, and Denis Sosyura
2018
CEOs allocate more investment capital to male managers than to female managers in the same divisions. Using data from individual Census records, we find that this gender gap is driven by CEOs who grew up in male-dominated families — those where the father was the only income earner and had more education than the mother. The gender gap also increases for CEOs who attended all-male high schools and grew up in neighborhoods with greater gender inequality. The effect of gender on capital budgeting introduces frictions and erodes investment efficiency. Overall, the gender gap originates in CEO preferences developed during formative years and produces significant real effects. >more

Research Papers > Corporate Finance

CORPORATE DEBT MATURITY PROFILES

Jaewon Choi, Dirk Hackbarth, and Josef Zechner
2017
We study a novel aspect of a firm's capital structure, namely the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these predictions we establish two main empirical results. First, using an exogenous shock to rollover risk, we document a significant increase in maturity dispersion for firms that need to roll over maturing debt. Second, we find strong support that maturities of newly issued debt are influenced by pre-existing maturity profiles. >more