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NEWSLETTER of January 19, 2018

 

The following content has been added at finexpert:


Studies > Corporate Finance

KfW

CREDIT MARKET OUTLOOK DECEMBER 2017

New lending from banks to businesses and self-employed persons rose by 3.9 % year-over-year in the third quarter. Although growth was not as strong as in the previous quarter, it remains clearly above average since the financial crisis. We expect momentum on the credit market for enterprises to remain high in the next quarters as investment picks up. >more

Studies > Alternative Investments

Ernst & Young

TRENDBAROMETER IMMOBILIEN-INVESTMENTMARKT 2018

The transaction volume of the real estate investment market (commercial and residential real estate) has increased by around 9.7 percent to 72.8 billion euros in 2017 (2016: 65.7 billion euros). This is one of the major results of the trend barometer for the Real Estate Investment Market 2018 of EY Real Estate. >more

Studies > Alternative Investments

KPMG

VENTURE PULSE: Q4 2017

KPMG Enterprise’s Global Network for Innovative Startups launched the Q4’17 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

Studies > Performance

Franklin Templeton

2018 LONG-TERM CAPITAL MARKET EXPECTATIONS

The investment experts of Franklin Templeton share their views as markets shift away from the recovery era of monetary accommodation amid synchronized global growth. These views represent Franklin Templeton’s global macro, fixed income, equity and multi-asset investment capabilities and are underpinned by capital markets forecast. >more

Studies > Jobs | Opportunities

CMS Hasche Sigle

UPDATE ARBEITSRECHT DECEMBER 2017

CMS Hasche Sigle regularly publishes updates and news concerning the German labor law. Amongst others, this edition features updates on the EU-Datenschutzgrundverordnung (DSGVO >more

Studies > Macro

World Economic Forum

THE GLOBAL RISKS REPORT 2018

Each year the Global Risks Report works with experts and decision-makers across the world to identify and analyze the most pressing risks that we face. As the pace of change accelerates, and as risk interconnections deepen, this year’s report highlights the growing strain we are placing on many of the global systems we rely on. >more


Research Papers > Corporate Governance

FOREIGN EXPERIENCE AND CEO COMPENSATION

Martin J.J. Conyon, Lars Helge Hass, Skrålan Vergauwe, and Zhifang Zhang
2016
This paper investigates the relation between foreign experience and CEO compensation. Using a sample of large UK firms from the FTSE 350 index from 2003 to 2011, we find that foreign-born CEOs and national CEOs with foreign working experience receive significantly higher levels of total compensation compared to those without these characteristics. We document that this foreign-CEO pay premium is stronger in firms that are more globalized. The results are robust to controlling for firm-specific economic and corporate governance characteristics as well as the endogenous CEO selection using propensity score matching. Our results show that the foreign-CEO pay premium is attributed to specialized foreign expertise rather than broader general managerial skills. >more

Research Papers > M & A

HOW HAS TAKEOVER COMPETITION CHANGED OVER TIME?

Tingting Liu, and J. Harold Harold Mulherin
2017
We study a random sample of completed and withdrawn takeovers during the 1981 to 2014 time period to provide new evidence on the role of takeover impediments such as poison pills, staggered boards and state antitakeover devices. Do such impediments act in the interest of management by promoting entrenchment or do they act in shareholder interest by improving bargaining power during the takeover auction process? We first confirm the growing trend of takeover impediments over time in our sample. We then relate these trends to changes in the takeover auction process over time. Although we corroborate prior findings of a decline in hostile takeovers and publicly reported takeover auctions between the 1980s and later time periods, we find that takeover competition across the entire auction process between deal initiation and completion has not declined. In effect, takeover competition via auctions has gone underground. Moreover, takeover premiums have not declined over time. We interpret the results to be consistent with the shareholder interest/bargaining power hypothesis and inconsistent with the management interest/entrenchment hypothesis. Our analysis highlights the usefulness of research sources for SEC merger documents including microfiche, Lexis Nexis and Thomson One Financial that provide historical information on the takeover auction process prior to the EDGAR filings that started in the mid-1990s. >more