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NEWSLETTER of January 26, 2018

 

The following content has been added at finexpert:


Capital Market Data

We updated the capital market data

(Multiples, Betas and Returns) as to January 15, 2018  >more


Studies > M & A

Ernst & Young

CHINESISCHE UNTERNEHMENSKÄUFE IN EUROPA: EINE ANALYSE VON M&A DEALS 2006-2017

In 2017, Chinese buyers invested a record amount of money in German companies with the total M&A volume amounting to just under 13.7 billion dollars. At the same time, the number of takeovers by Chinese investors declined by 21 percent to 54 transactions. >more

Studies > Performance

PwC

21ST CEO SURVEY: THE ANXIOUS OPTIMIST IN THE CORNER OFFICE

Despite record levels of short-term optimism in the global economy, CEOs worldwide report heightened levels of anxiety regarding the business, economic, and, particularly, the societal threats confronting their organisations. PwC’s 21st CEO Survey sheds light on this seeming contradiction and the factors contributing to CEOs’ anxiously optimistic outlook on 2018 and beyond. >more

Studies > Performance

European Investment Fund

EUROPEAN SMALL BUSINESS FINANCE OUTLOOK: DECEMBER 2017

This analysis provides an overview of the main markets relevant to the EIF. The report starts by discussing the general market environment for SME finance, then looks at the main aspects of equity finance and the SME guarantees / securitisation markets. Finally, it highlights important aspects of microfinance in Europe and – for the first time and due to the rising importance of the segment – of Fintechs. >more

Studies > Macro

BlackRock

DAVOS BRIEF

In this report, the BlackRock Investment Institute shares a sample of its global insights with respect to the macroeconomic outlook, geopolitics, financial markets and other relevant topics for portfolio managers. >more


Research Papers > Corporate Governance

CEO PERSONALITY AND FIRM POLICIES

Ian D. Gow, Steven N. Kaplan, David F. Larcker, and Anastasia A. Zakolyukina
2016
Based on two samples of high quality personality data for chief executive officers (CEOs), we use linguistic features extracted from conferences calls and statistical learning techniques to develop a measure of CEO personality in terms of the Big Five traits: agreeableness, conscientiousness, extraversion, neuroticism, and openness to experience. These personality measures have strong out-of-sample predictive performance and are stable over time. Our measures of the Big Five personality traits are associated with financing choices, investment choices and firm operating performance. >more

Research Papers  > Alternative Investments

IS PRIVATE EQUITY GOOD FOR CONSUMERS?

Cesare Fracassi, Alessandro Previtero, and Albert Sheen
2017
We investigate the effects of private equity on consumers using detailed price and sales data for an extensive number of consumer products. We find that firms acquired by private equity raise prices marginally---less than 1%---on existing products relative to matched control firms. Overall industry prices rise after buyouts, but again the price increase is on average very modest. More notably, target firms significantly increase sales due to more product additions and greater availability within and across cities. These results are stronger for private firm targets, suggesting that private equity could ease financial constraints and provide the expertise to manage growth. Contrary to the common view that private equity leads to substantial price increases, this evidence suggests that consumers could benefit from private equity deals through an increase in product variety. >more