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NEWSLETTER of June 15, 2018

 

The following content has been added at finexpert:


Studies > Corporate Finance

Ernst & Young

DIGITALISIERUNG IN DER INVESTOR RELATIONS PRAXIS

How has digitization changed capital markets and the investor relations environment? In this study, EY summarizes the results of a joint study with the German Investor Relations Association. >more

Studies > Performance

Russell Investments

2018 GLOBAL MARKET OUTLOOK — Q2 UPDATE

Volatility is back, the U.S. Federal Reserve (the Fed) is picking up the pace of hiking and trade war threats are increasing. But global growth is still strong and the U.S. economy is getting a jolt of fiscal stimulus. The tailwinds still outweigh the headwinds for now; however, this balance could shift as the year progresses. >more

Studies > Jobs | Opportunities

CMS Hasche Sigle

UPDATE ARBEITSRECHT JUNI 2018

CMS Hasche Sigle regularly publishes updates and news concerning the German labor law. Amongst others, this edition features updates on temporary contract extensions after reaching regular age limits as well as the employer's liability when refusing to reintegrate employees. >more

Studies > Macro

Goldman Sachs

MUCH ADO ABOUT SOMETHING? DEMOGRAPHICS, INFLATION AND ASSET PRICES

Based on the analysis presented in this paper, GS draws two main conclusions: 1) demographics are probably overstated as a driver of inflation and asset prices; 2) over the next decade, demographics are likely to be modestly supportive for US inflation and modestly negative for equities and bonds. >more


Research Papers > Corporate Finance

CASH SAVINGS AND CAPITAL MARKETS

R. David McLean, and Mengxin Zhao
2018
Previous studies find that U.S. firms make large equity issues when stock prices are high for the purpose of building precautionary cash savings. We find these effects internationally, but only in countries where it is less costly to issue equity. In countries where external finance is costlier, high precautionary motive firms do not build cash with equity issues, suggesting the benefits of building cash via external finance are outweighed by issuance costs. These effects are economically important; the previously documented relation between precautionary motives and cash savings is no longer significant if the proceeds from net equity issues are removed from cash. Our findings show that capital market development has a first order impact on cash policy. >more

Research Papers  > Alternative Investments

BUSINESS CYCLES AND START-UPS ACROSS INDUSTRIES: AN EMPIRICAL ANALYSIS OF GERMAN REGIONS

Alexander Konon, Michael Fritsch, and Alexander Kritikos
2018
We analyze whether start-up rates in different industries systematically change with business cycle variables. Using a unique data set at the industry level, we mostly find correlations that are consistent with counter-cyclical influences of the business cycle on entries in both innovative and non-innovative industries. Entries into the largescale industries, including the innovative part of manufacturing, are only influenced by changes in the cyclical component of unemployment, while entries into small-scale industries, like knowledge intensive services, are mostly influenced by changes in the cyclical component of GDP. Thus, our analysis suggests that favorable conditions in terms of high GDP might not be germane for start-ups. Given that both innovative and non-innovative businesses react counter-cyclically in ‘regular’ recessions, business formation may have a stabilizing effect on the economy. >more