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NEWSLETTER of October 18, 2019

 

The following content has been added at finexpert:


Studies > Performance

J.P. Morgan

GLOBALE ETF STUDIE 2019

This survey is one of the most comprehensive ETF studies to date and covers 240 institutional investors worldwide. The results show that professional investors expect their ETF allocations to continue to rise, with passive, growth-oriented strategies the most popular. Investors appreciate the low cost and flexibility of trading ETFs, but see potential liquidity bottlenecks as a risk. Market volume is the most important trading criterion. >more

Studies > Performance

Oliver Wyman

FINANCIAL NEEDS-RESEARCH ABOUT BANKS

Traditional financial service providers are facing increasing competition from the neo-banks, most of which have emerged from start-ups. Younger and tech-savvy customers in particular are increasingly conducting their banking business via innovative FinTechs. At the same time, many established financial institutions still have some catching up to do in terms of digital transformation. However, the traditional banks still have the chance to prevail over the innovative newcomers. >more

Studies > M & A

Baker McKenzie

GLOBAL TRANSACTIONS FORECAST 2020: POWERING THROUGH THE DOWNTURN

We are delighted to launch the fifth edition of the Global Transactions Forecast, developed in conjunction with Oxford Economics. In the current report, we offer investors and corporations alike an overview of the latest global deals landscape, including predictions for M&A and IPO activity during 2020-2022, and a closer look at the macroeconomic and financial drivers that underpin projections of transactional appetite globally and regionally. >more

Studies > Macro

World Economic Forum

GLOBAL COMPETITIVENESS REPORT 2019: HOW TO END A LOST DECADE OF PRODUCTIVITY GROWTH

Ten years on from the global financial crisis, the world economy remains locked in a cycle of low or flat productivity growth despite the injection of more than $10 trillion by central banks. The latest Global Competitiveness Report paints a gloomy picture, yet it also shows that those countries with a holistic approach to socio-economic challenges, look set to get ahead in the race to the frontier. >more


Research Papers  > M&A

COMPETITION POLICY AND THE PROFITABILITY OF CORPORATE ACQUISITIONS

Gishan Dissanaike, Wolfgang Drobetz, and Paul P. Momtaz
2019
Merger control exists to help safeguard effective competition. However, findings from a natural experiment suggest that regulatory merger control reduces the profitability of corporate acquisitions. Uncertainty about merger control decisions reduces takeover threats from foreign and very large acquirers, therefore facilitating agency-motivated deals. Valuation effects are more pronounced in countries with stronger law enforcement and in more concentrated industries. Our results suggest that competition policy may impede the efficiency of the M&A market. >more

Research Papers  > Risk Management

THE TIME-VARYING DIVERSIFIABILITY OF CORPORATE FOREIGN EXCHANGE EXPOSURE

Alain A. Krapl
2019
Estimating co-movement measures for a large set of bilateral foreign exchange (FX) rates, I explore the relation between firm-level FX exposure and its time-varying diversifiability. For a sample of U.S. firms, the magnitude of FX exposure appears to increase during periods of low currency risk diversifiability. Additional results suggest that the introduction of the euro exacerbated the effect of diversifiability on developed market currency exposure. Moreover, the low diversifiability of emerging market currencies seems to have a stronger effect on FX exposure than the low diversifiability of developed market currencies. >more