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NEWSLETTER of January 12, 2018

 

The following content has been added at finexpert:


Studies > Corporate Finance

Baker & McKenzie

CROSS-BORDER IPO INDEX 2017: GLOBAL IPO VOLUME HITS TEN-YEAR HIGH

The Global IPO market delivers its best performance in ten years as a more stable geopolitical environment in key financial centers sees value of listings reach over USD 206 million. >more

Studies > Alternative Investments

Ernst & Young

STARTUP-BAROMETER DEUTSCHLAND: JANUAR 2018

German start-ups attracted record amounts of money in 2017: the total value of investments climbed from 2.3 to 4.3 billion euros - an increase of 88 percent. Especially very large deals with a volume of more than € 100 million explain the 2017 surge. Such blockbuster deals have been entirely missing in the previous year. >more

Studies > Alternative Investments

Blackstone

A PRIMER FOR TODAY'S SECONDARY PRIVATE EQUITY MARKET

The secondary private equity market has evolved considerably over the past two decades, evolving from a niche market characterized by distressed sellers and significant discounts to a functional and active marketplace with increasingly sophisticated participants. This primer explores the history of secondary private equity and answers investors' concerns on what's ahead for the asset class. >more

Studies > Accounting

PwC / The World Bank

PAYING TAXES 2018: IN-DEPTH ANALYSIS ON TAX SYSTEMS IN 190 ECONOMIES

Now in its 12th edition, Paying Taxes is a unique report from PwC and the World Bank Group which uses a medium-sized domestic case study company to measure and assess the ease of paying taxes across 190 economies. This year the report explores how the digital revolution is transforming almost every aspect of paying taxes. It considers the methods companies use to pay their taxes, how tax administrations communicate with taxpayers, how they collect and use data and the ways in which they monitor tax compliance. >more

Studies > Macro

United Nations

WORLD ECONOMIC SITUATION AND PROSPECTS 2018

The world economy has strengthened as lingering fragilities related to the global financial crisis subside. In 2017, global economic growth reached 3 percent — the highest growth rate since 2011 — and growth is expected to remain steady for the coming year. The improved global economic situation provides an opportunity for countries to focus policy towards longer-term issues such as low carbon economic growth, reducing inequalities, economic diversification and eliminating deep-rooted barriers that hinder development. >more


Research Papers > Corporate Finance

DISAGREEMENT ABOUT INFLATION AND THE YIELD CURVE

Paul Ehling, Michael F. Gallmeyer, Christian Heyerdahl-Larsen, and Philipp K. Illeditsch
2017
We show that inflation disagreement, not just expected inflation, has an impact on nominal interest rates. In contrast to expected inflation, which mainly affects the wedge between real and nominal yields, inflation disagreement affects nominal yields predominantly through its impact on the real side of the economy. We show theoretically and empirically that inflation disagreement raises real and nominal yields and their volatilities. Inflation disagreement is positively related to consumers’ cross-sectional consumption growth volatility and trading in fixed income securities. Calibrating our model to disagreement, inflation, and yields reproduces the economically significant impact of inflation disagreement on yield curves. >more

Research Papers > M & A

THE EFFECTS OF INVESTMENT BANK RANKINGS: EVIDENCE FROM M&A LEAGUE TABLES

François Derrien, and Olivier Dessaint
2017
This paper explores how league tables, which are rankings based on market shares, influence the M&A market. A bank’s league table rank predicts its future deal flow, above and beyond other determinants of this future deal flow. This creates incentives for banks to manage their league table ranks. League table management tools include selling fairness opinions and reducing fees. Banks use such tools mostly when their incentives to do so are high: when a transaction affects their league table position or when they lost ranks in recent league tables. League table management seems to affect the quality of M&A transactions. >more