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NEWSLETTER of March 22, 2019

 

The following content has been added at finexpert:


Studies > M & A

ValueTrust

EUROPEAN CAPITAL MARKET STUDY

ValueTrust presents the second edition of the European Capital Market Study, which serves as a comprehensive compilation of capital market parameters such cost of capital and implied as well as historical risk premiums for European countries. The study also includes trading multiples and total shareholder returns across a wide range of industries. >more

Studies > M&A

I-Advise

STUDIE ZUR BEWERTUNGSPRAXIS BEI GESELLSCHAFTSRECHTLICHEN ANLÄSSEN

The fifth edition of the study on German valuation practice in squeeze-outs, mergers and other legal measures according to German law has been complemented by reports with valuation dates in 2018 and analyses the development of valuation practice since 2010. The study can serve as a reference point for the most important parameters of valuations and offers an overview of solutions to a multitude of valuation questions by valuation professionals. >more

Studies > Performance

Ernst & Young

GLOBAL CORPORATE DIVESTMENT STUDY 2019

While geopolitical uncertainty dominates the headlines – from tariffs to trade wars, Brexit to border control – European companies are embracing divestment to strengthen their competitive edge and execute on their transformation agenda. According to the EY Global Corporate Divestment Study, 84% of European companies surveyed intending to divest within the next two years (the majority planning to do so in the coming 12 months), with the intent to streamline operating models for better agility. >more

Studies > Alternative Investments

Ernst & Young

START-UP-BAROMETER EUROPA: MÄRZ 2019

Last year, investors again invested record sums in European start-ups: The total value of start-up financing rose by 11 percent year-on-year to EUR 21.3 billion. The number of financing rounds increased by 15 percent to 4,199. Despite the threat of a Brexit, Great Britain was able to maintain its leading position within the European start-up scene: a total of 7.2 billion euros were invested in British start-ups, 12 percent more than in the previous year. German start-ups received 4.6 billion euros, 7 percent more than in 2017. >more


Research Papers > Corporate Governance

INDEPENDENT EXECUTIVE DIRECTORS: HOW DISTRACTION AFFECTS THEIR ADVISORY AND MONITORING ROLES

Luke C.D. Stein, and Hong Zhao
2019
Active corporate executives are a popular source of independent directors. Although their knowledge, expertise, and network can bring value to firms on whose boards they sit, independent executive directors may be more likely to be distracted than other directors due to their outside executive roles. Using newly constructed data linking independent directors to their employers, we identify periods when employers’ poor performance may distract them from board service. We find that firms with distracted independent executive directors have lower performance and value, higher CEO compensation, reduced CEO turnover–performance sensitivity, lower earnings quality, and lower M&A performance. These adverse effects are mainly driven by distracted directors who sit on relevant committees, and are stronger for small boards. >more

Research Papers  > Alternative Investments

FROM MINING TO MARKETS: THE EVOLUTION OF BITCOIN TRANSACTION FEES

David Easley, Maureen O'Hara, and Soumya Basu
2019
We investigate the role that transaction fees play in the Bitcoin blockchain’s evolution from a mining-based structure to a market-based ecology. We develop a game-theoretic model to explain the factors leading to the emergence of transactions fees, as well as to explain the strategic behavior of miners and users. Our model also highlights the role played by mining rewards and by volume, and examines how microstructure features such as exogenous structural constraints influence the dynamics and stability of the Bitcoin blockchain. We provide empirical evidence on the predictions of our model and discuss implications for Bitcoin’s evolution. >more