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NEWSLETTER of March 2, 2018

 

The following content has been added at finexpert:


Studies > Corporate Finance

Ernst & Young

BOARD AGENDA 2018: TOP PRIORITIES FOR EUROPEAN BOARDS

The 2018 edition of EYs Board Agenda draws on the expertise of professionals to outline the most pressing topics and questions facing boards and audit committees: communicating effectively with stakeholders; developing a robust corporate reporting framework; optimizing decision-making around capital allocation; identifying, developing and retaining the best and brightest talent; anticipating and mitigating risks through internal processes and external partnerships; and developing potential board directors. >more

Studies > Alternative Investments

Ernst & Young

FAST GROWTH IN GERMANY: TECH START-UPS AND INVESTORS SETTING NEW BENCHMARKS

International investors and successful IPOs have lifted the German tech start-up scene to a new level in 2017. This report analyzes amongst other things the top 100 funded German start-ups, which had accumulated funding of more than USD 8b by the end of 2017 and set new benchmarks in Germany and Europe. About 70% of the raised venture capital was invested in Berlin-based start-ups and about half of the top 100 funded businesses are less than seven years old. >more

Studies > Alternative Investments

Preqin

PREQIN INVESTOR OUTLOOK: ALTERNATIVE ASSETS, H1 2018

This report presents the results of a series of interviews with over 550 global institutional investors in alternatives, conducted at the end of 2017. With the industry going from strength to strength in recent years as investors have allocated heavily to alternatives and developed a more sophisticated understanding of these investments, this report explores investors’ satisfaction with their investments, their key concerns and their planned activity for the year ahead. >more

Studies > Performance

Oliver Wyman

BANKENREPORT DEUTSCHLAND 2030

The German banking system faces radical changes: In 10-15 years, Germany will only have around 150 to 300 banks with sustainable and successful business models, compared to today's 1,600. Competition is increasing and more and more foreign banks, fintechs, market infrastructure providers and global technology groups are entering the German banking business. At the same time, digitization is making customers increasingly demanding. >more


Research Papers > Corporate Finance

DIRECTOR CONNECTEDNESS: MONITORING EFFICACY AND CAREER PROSPECTS

Vincent Intintoli, Kathleen M. Kahle, and Wanli Zhao
2017
We examine a specific channel through which director connectedness may improve monitoring: financial reporting quality. We find that the connectedness of independent, non-co-opted audit committee members has a positive effect on financial reporting quality and accounting conservatism. The effect is not significant for non-audit committee or co-opted audit committee members. Our results are robust to tests designed to mitigate self-selection. Consistent with connected directors being valuable, the market reacts more negatively to the death of highly connected directors than less connected directors. Better connected directors also have better career prospects, suggesting that they have greater incentives to monitor. >more

Research Papers > Corporate Finance

AGENCY CONFLICTS AROUND THE WORLD

Erwan Morellec, Boris Nikolov, and Norman Schürhoff
2017
We use a dynamic model of financing decisions to measure agency conflicts for a large panel of 12,652 firms from 14 countries. Our estimates show that agency conflicts are large and vary significantly across firms and countries. Differences in agency conflicts are largely due to differences in firm-level governance, ownership concentration, and other firm characteristics, including intangibles and cash. The origin of law is more relevant for curtailing governance excesses than for guarding the typical firm. Agency costs split about equally between wealth transfers and value losses from policy distortions, the latter being smaller in civil law countries where ownership is more concentrated.  >more