Knowledge and Training for Financial Decision Making!

NEWSLETTER of February 23, 2018

 

The following content has been added at finexpert:


Studies > Alternative Investments

Roland Berger Strategy Consultants

EUROPEAN PRIVATE EQUITY OUTLOOK 2018

The private equity industry anticipates more M&A transactions on the part of PE firms in 2018 than last year, confident that the favorable economic outlook will offset economic uncertainties like the ongoing Brexit negotiations. This is among the conclusions reached by the new "European Private Equity Outlook 2018", a study for which Roland Berger interviewed a cross-section of private equity professionals from around Europe. >more

Studies > M & A

PwC

DESTINATION DEUTSCHLAND: M&A AKTIVITÄTEN AUSLÄNDISCHER INVESTOREN 2017

From Linde's acquisition by its US-based competitor Praxair (EUR 40.5 billion), through Alstom's EUR 8.2 billion purchase of Siemens' rail business, to Finnish energy company Fortum's bid for E.ON spin-off Uniper (EUR 8.1 billion), 2017 was the year of the mega deal on Germany's M&A market. But international investors do not just have their sights set on major corporates – they are also continuing to eye mid caps. >more

Studies > M & A

PwC

M&A IN DER TRANSPORT- UND LOGISTIKBRANCHE: GESAMTJAHR 2017

The European and especially the German M&A market in the transportation and logistics industry is gaining momentum: 2017 was a record year with 271 deals. While European aviation could face a wave of consolidation, shipowners are fighting for funding. Digitalisation is also shaping the industry: logistics and trucking providers are increasingly targeting high-tech targets. >more

Studies > Macro

KKR

WHAT DOES POPULATION AGING MEAN FOR GROWTH AND INVESTMENTS?

Global populations are aging – on this there is little debate. However, what that means for growth, investment and social cohesion has been less often discussed. In this paper, KKR addresses the economic implications of aging, the levers countries may pull to counteract these challenges and the investment opportunities that arise as a result. >more


Research Papers > Corporate Governance

BUSY DIRECTORS AND FIRM PERFORMANCE: EVIDENCE FROM MERGERS

Roie Hauser
2017
This paper studies whether director appointments to multiple boards impact firm outcomes. To overcome endogeneity of board appointments, I exploit variation generated by mergers that terminate entire boards and thus shock the appointments of those terminated directors. Reductions of board appointments are associated with higher profitability, market-to-book, and likelihood of directors joining board committees. The performance gains are particularly stark when directors are geographically far from firm headquarters. I conclude that the effect of the shocks to board appointments is: (i) evidence that boards matter; and (ii) plausibly explained by a workload channel: when directors work less elsewhere, their companies benefit. >more

Research Papers > Risk Management

DEVIATIONS FROM COVERED INTEREST RATE PARITY

Wenxin Du, Alexander Tepper, and Adrien Verdelhan
2017
We find that deviations from the covered interest rate parity condition (CIP) imply large, persistent, and systematic arbitrage opportunities in one of the largest asset markets in the world. Contrary to the common view, these deviations for major currencies are not explained away by credit risk or transaction costs. They are particularly strong for forward contracts that appear on the banks' balance sheets at the end of the quarter, pointing to a causal effect of banking regulation on asset prices. The CIP deviations also appear significantly correlated with other fixed-income spreads and with nominal interest rates. >more