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NEWSLETTER of June 29, 2018

 

The following content has been added at finexpert:


Studies > M & A

White & Case

GLOBAL MERGER CONTROL: CROSSING THE FINISH LINE

Global economic growth is back on the agenda and companies are once again looking to position themselves for success by pursuing mergers and acquisitions. But what are the prerequisites for success in an increasingly disrupted world? >more

Studies > Performance

Roland Berger Strategy Consultants

VENTURE CAPITAL: TREIBSTOFF FÜR INNOVATIONEN, WACHSTUM UND WETTBEWERBSFÄHIGKEIT

There is not enough venture capital in Germany. This means that there is a lack of funds for start-ups and innovations, which are indispensable for surviving the competition with other technology locations. In this study, Roland Berger, the Internet Economy Foundation and the Bundesverband Deutscher Kapitalbeteiligungsgesellschaften show how critical the situation is and what can be done. >more

Studies > Performance

Deloitte

CFO SURVEY: FRÜHJAHR 2018

The CFO Survey is a barometer of corporates’ sentiment and strategies that aims at identifying trends and trend breaks. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing. >more

Studies > Performance

Ernst & Young

EY BANKENBAROMETER DEUTSCHLAND JUNI 2018

Loans for corporate customers will most likely become more expensive in the upcoming months: One third of the banks in Germany expects to be able to raise corporate and installment loans this year; in the case of real estate loans, interest rates are even expected to rise by 41 percent. By contrast, hardly any bank manager expects interest costs for customers to fall. >more


Research Papers > Corporate Governance

MITIGATING EFFECTS OF GENDER DIVERSE BOARD IN COMPANIES MANAGED BY OVERCONFIDENT CEOS

Suman Banerjee, Ronald W. Masulis, and Arun Upadhyay
2018
Prior literature examines the matching of firm-types with board composition, but very little research focuses on the matching of CEO types with directors' skill sets. We examine whether a gender-diverse board helps to mitigate the negative impacts of overconfident managers, thus improving firm performance. Specifically, we argue that female directors have different viewpoints, approach, and skills vis-`a-vis their male counterparts, which helps to provide a more nuanced atmosphere inside the boardroom and consequently, improves board effectiveness. We find support for our hypothesis when CEOs are overconfident and the female directors are independent, i.e. not gray or executive directors. Our results imply that simpler governance-improving mechanisms may be in many cases equally effective in achieving desirable changes in CEO behavior. >more

Research Papers >     M & A

THE IMPACT OF ECONOMIC NATIONALISM IN EUROPE ON THE RETURNS TO RIVALS OF CROSSBORDER M&A BIDS

Ronan Powell, Sarah Prendergast, and Ruchira Sharma
2017
We examine the wealth effects of economic nationalism on domestic and foreign rivals using a novel sample of government blocked EU cross-border takeover bids. Regressions show a significantly larger net contagion effect of 0.73% (€31m) on bid announcement for domestic rivals relative to foreign. Government intervention results in larger negative returns, which become even more negative at bid resolution, especially for domestic rivals. Domestic rivals lose significantly more (€23m) over the whole bid period, likely consistent with lower future takeover likelihood. We show that economic nationalism has a significant cost, which is not only confined to the EU blocking country. >more