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NEWSLETTER of May 3, 2019

 

The following content has been added at finexpert:


Studies > Corporate Finance

Roland Berger

HABEN DIE BANKEN ALS FINANZIERER DER DEUTSCHEN WIRTSCHAFT AUSGEDIENT?

So far, if a German company has needed money, it has usually obtained it from banks. With the next economic downturn things could change in Germany because funds are increasingly outstripping financial institutions. This downturn may come sooner than expected. Nine out of ten experts surveyed for Roland Berger's "Restructuring Study 2019" believe that the number of restructuring cases continues to rise this year. According to the study, companies in the automotive and consumer goods industries will be particularly affected. >more

Studies > M & A

ZEW - Zentrum für Europäische Wirtschaftsforschung

M&A REPORT - APRIL 2019

The M&A Report is compiled jointly by the Centre for European Economic Research (ZEW) and Bureau van Dijk. The M&A Report semi-annually informs about current topics and developments in the field of worldwide mergers and acquisitions drawing on the Zephyr database. Zephyr provides detailed information on more than one million M&A, IPO and Private Equity transactions worldwide. >more

Studies > Alternative Investments

McKinsey & Company

CAN THE GOLD INDUSTRY RETURN TO THE GOLDEN AGE?

The gold industry today finds itself at an inflection point between the recent era of cost-out initiatives and balance sheet deleveraging, and an increasing need to focus on growth and the replenishment of depleting gold reserves. However, after a period of impairments, write-downs, and value destruction following the M&A frenzy of the last gold price boom, shareholders in search of improved returns and greater management accountability are unlikely to support significant M&A programs which have been the traditional mainstay of production growth and gold reserve expansion for major gold companies. The future strategic options to drive growth will differ across industry players, but all will need to consider a mix of organic and inorganic approaches if they want to return to growth in an economic and sustainable way. >more

Studies > Alternative Investments

KPMG

VENTURE PULSE: Q1’19 GLOBAL ANALYSIS OF VENTURE FUNDING

KPMG Enterprise’s Global Network for Innovative Startups launched the Q1’19 edition of the Venture Pulse Report. The report analyses the latest global trends in venture capital investment data and provides insights from both a global and regional perspective. This edition of the quarterly series provides in-depth analysis on venture capital investments across North America, EMA and ASPAC and will cover a range of issues such as financing and deal sizes, unicorns, industry highlights and corporate investment. >more


Research Papers > Corporate Valuation

SAME, SAME BUT DIFFERENT: HOW PREFERENTIAL CLAIMS SKEW RETURNS OF VENTURE CAPITAL INVESTMENTS

Julian Kaboth, Arnd Lodowicks, Maximilian Schreiter, and Bernhard Schwetzler
2019
Venture capital often involves complex equity contracts, which affect the allocation of cash flows among shareholdings at an exit liquidation. To facilitate economic impact analysis, we structure exit relevant preferential rights by their economic impact in a two-dimensional framework. Based hereon, we provide a model that allows to assess ex-ante value of such shares. We apply our model to a selected sample of ventures and find an average overvaluation on a share class basis of 22.1% (median 23.9%), where overvaluation is particularly severe for common and early-on investments. >more

Research Papers > Corporate Finance

GENDER, RACE, AND ENTREPRENEURSHIP: A RANDOMIZED FIELD EXPERIMENT ON VENTURE CAPITALISTS AND ANGELS

Will Gornall, and Ilya A. Strebulaev
2018
We study gender and race in high-impact entrepreneurship within a tightly controlled random field experiment. We sent out 80,000 pitch emails introducing promising but fictitious start-ups to 28,000 venture capitalists and business angels. Each email was sent by a fictitious entrepreneur with a randomly selected gender (male or female) and race (Asian or White). Female entrepreneurs received an 8% higher rate of interested replies than male entrepreneurs pitching identical projects. Asian entrepreneurs received a 6% higher rate than White entrepreneurs. Our results are not consistent with discrimination against females or Asians at the initial contact stage of the investment process. >more