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NEWSLETTER of June 1, 2018

 

The following content has been added at finexpert:


Studies > M & A

KPMG

M&A PREDICTOR: 2018 ANNUAL REPORT + 2018 Q1 UPDATE

Global M&A transactions lost some ground during 2017 when compared with 2016's activity but KPMG expects deal-making to regain some momentum in 2018. Based on M&A Predictor data, it anticipates an upward trend this year - and the first quarter of 2018 might offer a glimpse of what's ahead, as total M&A deal value increased while average deal value soared to a 10-year high. >more

Studies > M & A

Ernst & Young

CAPITAL CONFIDENCE BAROMETER: APRIL 2018

M&A appetite remains high and above long-term averages, and executives remain very confident about conditions for dealmaking. This is despite emerging challenges and potential regulatory and geopolitical headwinds. >more

Studies > Alternative Investments

Invest Europe

EUROPEAN PRIVATE EQUITY ACTIVITY REPORT 2017

This annual survey, undertaken on behalf of Invest Europe, collects comprehensive and robust activity data on fundraising, investment and divestment from about 1,250 private equity and venture capital firms in Europe. The 2017 statistics cover 89% of the €640bn capital under management on the European market. >more

Studies > Alternative Investments

Duff & Phelps

EUROPEAN REAL ESTATE MARKET STUDY - H2 2017 AND TRENDS FOR 2018

This edition of the European Real Estate Market Study provides an overview on the analysis of office, retail and logistic sectors in the European capital market during the past year and gives an outlook for upcoming months. >more


Research Papers > Corporate Governance

CORPORATE SOCIAL RESPONSIBILITY VERSUS CORPORATE SHAREHOLDER RESPONSIBILITY: A FAMILY FIRM PERSPECTIVE

Amal Abeysekera, and Chitru S. Fernando
2018
Recent literature suggests that some socially responsible corporate actions benefit shareholders while others do not. We study differences in policy toward corporate social responsibility (CSR) between family and non-family firms, using environmental performance as the proxy for CSR. We show that family firms are more responsible to shareholders than non-family firms in making environmental investments. When shareholder interests and societal interests coincide, i.e., when it comes to alleviating environmental concerns that have potential to harm society and elevate the firm’s risk exposure, family firms do at least as well as non-family firms in protecting shareholder interests. However, when shareholder and societal interests diverge, i.e., when it comes to making environmental investments that might benefit society but do not benefit shareholders, family firms protect shareholder interests by undertaking a significantly lower level of such investments than non-family firms. Our findings suggest that lack of diversification by controlling families creates strong incentives for them to act in the financial interest of all shareholders, which more than overcomes any noneconomic benefits families may derive from engaging in social causes that do not benefit non-controlling shareholders. >more

Research Papers > Corporate Finance

BEYOND FINANCING: CROWDFUNDING AS AN INFORMATIONAL MECHANISM

Jordana Viotto da Cruz
2016
Besides providing financial support for new ventures, crowdfunding can bring additional advantages for entrepreneurs. In this paper, we test the hypothesis that crowdfunding also serves as an informational mechanism. Using a unique dataset built with publicly available data from Internet-based sources, and after controlling for alternative explanations, we empirically show that even when not successful on crowdfunding, thus not accessing capital, project owners may still decide to release the product in the market if contributions suggest positive valuation of the “crowd”. >more