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NEWSLETTER of May 4, 2018

 

The following content has been added at finexpert:


Studies > M & A

Bain & Company

GLOBAL HEALTHCARE PRIVATE EQUITY AND CORPORATE M&A REPORT 2018

PE funds latched onto the fundamental forces that have long made healthcare such a compelling investment: an aging population, the rising prevalence of chronic disease, the continuous development of innovative drugs and devices, and a still fragmented and largely inefficient delivery system that is ripe for innovation, disruption and consolidation. With these currents propelling the industry, healthcare private equity had another banner year. >more

Studies > Performance

Strategy&

SINK OR SWIM: WHY WEALTH MANAGEMENT CAN’T AFFORD TO MISS THE DIGITAL WAVE

The ‘Sink or Swim: Why wealth management can’t afford to miss the digital wave’ report evaluates the relationship between wealth, technology and the role of the professional wealth managers from research conducted on over 1000 high net worth individuals with US$1 million+ in investable assets in Europe, North America and Asia Pacific. >more

Studies > Accounting

Ernst & Young

THE OUTLOOK FOR GLOBAL TAX POLICY IN 2018

Global and US tax reform, and the adoption of numerous international tax policy changes in 2018, are providing a catalyst for countries to pursue tax competitiveness in new and innovative ways. This is according to the EY The outlook for global tax policy in 2018, which combines insights and forecasts from EY tax policy professionals in 41 jurisdictions worldwide. >more


Research Papers > Corporate Governance

LEARNING FROM DIRECTORS’ FOREIGN BOARD EXPERIENCES

Peter Iliev, and Lukas Roth
2017
We study the transfer of governance across countries through overlapping boards. Companies converge to the governance characteristics and board practices of foreign firms through their directors’ foreign board experiences. Learning from foreign firms’ governance practices is as important as learning from connected domestic firms, and increases with the number of directors with foreign board appointments. This learning is stronger in firms domiciled in less-developed governance markets, suggesting a potential channel through which better governance practices are propagated. Our results are also obtained when we use an exogenous shock to board practices, are present in the time series, and don’t exist in in placebo samples. >more

Research Papers > Corporate Finance

THE AGENCY OF COCO: WHY DO BANKS ISSUE CONTINGENT CONVERTIBLE BONDS?

Roman Goncharenko, Steven Ongena, and Asad Rauf
2017
Why do banks issue contingent convertible debt? To answer this question we study comprehensive data covering all issues by publicly traded banks in Europe of contingent convertible bonds (CoCos) that count as additional tier 1 capital (AT1). We find that banks with lower asset volatility are more likely to issue AT1 CoCos than their riskier counterparts, but that CDS spreads do not react following issue announcements. Our estimates therefore suggest that agency costs play a crucial role in banks' ability to successfully issue CoCos. The agency costs may be higher for CoCos than for equity explaining why we observe riskier or lowly capitalized banks to issue equity rather than CoCos. >more