Knowledge and Training for Financial Decision Making!

NEWSLETTER of July 13, 2018

 

The following content has been added at finexpert:


Tutorials
QoD1

Question of doubt in corporate valuation: WACC and target capital structure

Bernhard Schwetzler has started a Youtube channel titled „questions of doubt in corporate valuation”. In homemade video clips of max. length of 10 minutes he discusses and answers technical questions related to corporate valuation that may pop up in the day to day business of transaction advisors.  The first video in this sequence is discussing the question “WACC and target capital structure – gross debt or net debt?” >more


Studies > Alternative Investments

Preqin

PREQIN MARKETS IN FOCUS: ALTERNATIVE ASSETS IN EUROPE

In this comprehensive report, Preqin turns its attention to the evolving alternative assets industry in Europe, where the latest figures and trends are analyzed by Preqin’s own industry experts who give their views on where the private capital and hedge fund industries are headed. Also featuring exclusive commentary from alternatives professionals located throughout Europe, this report draws on our extensive data to provide a detailed overview of a changing market that is growing in both size and influence. >more

Studies > Performance

The Boston Consulting Group

THE 2018 VALUE CREATORS RANKINGS

When it comes to achieving superior performance over the long term, the firms topping BCG’s Value Creators rankings have perfected the art. For the past 20 years, BCG has been ranking companies on the basis of total shareholder return (TSR), a long-term metric that reflects the true bottom line for a company’s shareholders. >more

Studies > Performance

Deloitte

BLOCKCHAIN FOR FINANCE

Blockchain for Finance is a practical guide for finance organizations that want to understand options for blockchain and make effective decisions about moving forward. It features more than a dozen Frequently Asked Questions finance teams can use to make sense of blockchain technology, as well as a high-level roadmap for adoption. It also includes a seven-point checklist for CFOs who are thinking about embarking on the blockchain journey. >more

Studies > Macro

J.P. Morgan

GUIDE TO THE MARKETS - Q3 2018

Updated each quarter, the Guide to the Markets illustrates a comprehensive array of market and economic trends and statistics for Europe. This includes information about equities, fixed income and other asset classes as well as macroeconomic analyses. >more


Research Papers > Corporate Governance

CORPORATE GOVERNANCE OF BANKS AND FINANCIAL STABILITY

Deniz Anginer, Asli Demirgüç-Kunt, Harry Huizinga, and Kebin Ma
2017
We find that shareholder-friendly corporate governance is associated with higher stand-alone and systemic risk in the banking sector. Specifically, shareholderfriendly corporate governance results in higher risk for larger banks and for banks that are located in countries with generous financial safety nets as banks try to shift risk towards taxpayers. We confirm our findings by comparing banks to non-financial firms and examining changes in bank risk around an exogenous regulatory change in governance. Our results underline the importance of the financial safety net and too-big-to-fail guarantees in thinking about corporate governance reforms at banks. >more

Research Papers > Corporate Valuation

COMPANY STOCK PRICE REACTIONS TO THE 2016 ELECTION SHOCK: TRUMP, TAXES AND TRADE

Alexander F. Wagner, Richard J. Zeckhauser, and Alexandre Ziegler
2018
Donald Trump’s surprise election shifted expectations: corporate taxes would be lower and trade policies more restrictive. Relative stock prices responded appropriately. High-tax firms and those with large deferred tax liabilities (DTLs) gained; those with significant deferred tax assets from net operating loss carryforwards (NOL DTAs) lost. Domestically focused companies fared better than internationally oriented firms. A price contribution analysis shows that easily assessed consequences (DTLs, NOL DTAs, tax rates) were priced faster than more complex issues (net DTLs, foreign exposure). In sum, the analysis demonstrates that expectations about tax rates greatly impact firm values. >more