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NEWSLETTER of February 16, 2018

 

The following content has been added at finexpert:


Studies > Alternative Investments

McKinsey & Company

THE RISE AND RISE OF PRIVATE EQUITY

To understand the landscape, McK conducted the second annual review of private markets, drawing on new analyses from long-running research on private markets and conducting interviews with executives at some of the world’s largest and most influential general partners (GPs) and limited partners (LPs). The latest report summarizes all findings, looking at the industry’s capital flows in 2017, including fundraising, assets under management (AUM), and capital deployment. It also reviews the implications of these dynamics for the relationship between GPs and LPs as well as discusses ideas for finding continued success. >more

Studies > M&A

CMS Hasche Sigle

EMERGING EUROPE M&A REPORT 2017/2018

CMS is pleased to launch its Emerging Europe M&A Report 2017/18, published in cooperation with EMIS. The latest report analyses trends in 15 emerging CEE/SEE countries based on EMIS M&A data for 2012-2017, and takes a deeper dive into the hot topics and issues impacting M&A activity in the region. >more

Studies > Accounting

Ernst & Young

PROGNOSEÄNDERUNGEN IM PRIME ALL SHARE 2011 BIS 2017

Despite the economic boom, more and more listed companies make use of downward corrections for their forecasts: last year recorded 95 profit or turnover warnings - 44 percent more than in the previous year and the highest percentage since 2011, when the analysis was first carried out. >more

Studies > Performance

Invesco

2018 GLOBAL FIXED INCOME STUDY

Since the turmoil of the financial crisis, investors are navigating a great calm in fixed income markets. However, there is a sense that the prevailing period of calm is coming to an end as central bank intervention is withdrawn and investor behaviors and objectives subsequently change. The 2018 Invesco Global Fixed Income Study explores the key themes within this topical asset class through the views, opinions and experiences of 79 leading fixed income specialists across pension funds, sovereign investors, insurers and private banks around the world. >more


Research Papers > M&A

IS IT THE INVESTMENT BANK OR THE INVESTMENT BANKER? A STUDY OF THE ROLE OF INVESTMENT BANKER HUMAN CAPITAL IN ACQUISITIONS

Thomas J. Chemmanur, Mine Ertugrul, and Karthik Krishnan
2017
Using a novel data set that links individual investment bankers to the acquisition deals they advise on, we find that individual investment bankers with greater deal experience are associated with higher acquisition returns and post-acquisition operating performance, particularly for acquirers in complex and more opaque industries. The advisory fee on acquisitions is also positively associated with the investment banking team's experience. Finally, when more experienced investment bankers switch to a new bank, acquirers are more likely to move with them. Overall, our results suggest that the human capital of individual investment bankers is valuable to acquirers. >more

Research Papers > Corporate Finance

CORPORATE CREDIT RISK PREMIA

Antje Berndt, Rohan Douglas, Darrell Duffie, and Mark Ferguson
2017
We measure credit risk premia---prices for bearing corporate default risk in excess of expected default losses---using Markit CDS and Moody's Analytics EDF data. We find dramatic variation over time in credit risk premia, with peaks in 2002, during the global financial crisis of 2008-09, and in the second half of 2011. Even after normalizing these premia by expected default losses, median credit risk premia fluctuate over time by more than a factor of ten. Credit risk premia comove with macroeconomic indicators, even after controlling for variation in expected default losses, with higher premia per unit of expected loss during times of market-wide distress. Countercyclical variation of premia-to-expected-loss ratios is more pronounced for investment-grade issuers than for high-yield issuers. >more