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NEWSLETTER of April 30, 2021


The following content has been added at finexpert:


Studies > Performance

KPMG
MASTERING A COMEBACK: HOW FAMILY BUSINESSES ARE TRIUMPHING OVER COVID-19
The impact of COVID-19 was felt almost immediately in most industries and regions of the world. We believed that the first indicator of the impact of COVID-19 on family and non-family businesses would be reflected in their revenue and that proved to be correct. The impact of COVID-19 has varied from company to company, industry to industry and region to region. However, the one constant among family businesses has been the commitment to entrepreneurship that triggers their resilient instincts. >more

Studies > Performance

Deutsche Bank Research
DEUTSCHLAND-MONITOR BAUFINANZIERUNG Q2/2021
The curbs on private consumption caused by the lockdown are likely to have been even more pronounced in the first quarter of 2021 than in the fourth quarter of last year. We expect GDP to contract by 2%. With a rise in temperatures and initial successes with vaccinations, the economy is likely to pick up strongly thereafter. For 2021, we expect growth of 3.7%. Compared to the high interest rates at the beginning of the cycle, homeownership remains affordable from an interest rate perspective. Affordability is expected to fall somewhat in 2021 due to sideways mortgage rates, weak income development and presumably further rising house prices. >more

Studies > M & A

Alvarez & Marsal
YOUR NEXT DEAL WILL BE DIFFERENT: M&A IN A COVID-19 ADJUSTED ECONOMY
As the COVID-19 pandemic spread across the globe in early 2020, its impact on M&A volume was immediate. M&A activity rebounded with announced volumes for the 4th quarter of 2020 exceeding 2019 levels. Still, the pandemic recalibrated the ways in which buyers and sellers analyze and value targets. In the second installment of A&M’s Your Next Deal Will Be Different series, we examine common COVID-19 adjustments that buyers and sellers are making to EBITDA, trends in valuation and forecasts, and trends in contingent consideration provisions. >more

Studies > Alternative Investments

McKinsey & Company
GLOBAL PRIVATE MARKETS REVIEW 2021: A YEAR OF DISRUPTION
Private markets rebounded in 2020 after a turbulent first half, but performance varied by investment type. Meanwhile, diversity and new ways of working are central to a changing business environment. Updated annually, the Private Markets Review offers the best of McK research and insight into private equity, private real estate, and other private markets. >more

Studies > Macro

KfW Research
KFW-INTERNATIONALISIERUNGSBERICHT 2021: CORONA-KRISE LÄSST DAS AUSLANDSGESCHÄFT DES MITTELSTANDS EINBRECHEN
The Corona pandemic and the associated containment measures in Germany and abroad have also left their mark on German SMEs. Small and medium-sized enterprises, which generate part of their sales abroad, were particularly affected. They were significantly more likely to experience declines in sales, reductions in sales territory and supply chain disruptions than SMEs that generate all their sales in Germany. >more


Research Papers > Corporate Finance

LIFE AFTER LIBOR
Sven Klingler, and Olav Syrstad
2020
We examine the alternative reference rates that are set to replace the London Interbank Offered Rate (LIBOR) as benchmark rate by the end of 2021. After providing the relevant background, we show that: (i) depending on the marginal lenders, tighter regulatory constraints can either increase or decrease the alternative benchmarks; (ii) increases in the amount of government debt outstanding increase the alternative benchmarks, more so for collateralized rates; (iii) more central bank reserves lower the alternative benchmarks. In addition, we show that term rates based on the alternative reference rates can be detached from banks' marginal funding costs. >more

Research Papers > Alternative Investments

ANGELS AND VENTURE CAPITALISTS: SUBSTITUTES OR COMPLEMENTS?
Thomas F. Hellmann, Paul Schure, and Dan Vo
2019
Understanding an entrepreneurial finance ecosystem requires an appreciation of how different investors interact with each other. Angels and venture capitalists constitute two very important investors in start-ups. We develop and empirically test hypotheses about the interactions between these two investor types. The focus is on the dynamics of the funding path of start-up companies. We ask whether angels and VCs are complements or substitutes, and also whether funding decisions are primarily investor- or company-led. Using a unique database from British Columbia, Canada, we show that angel and VCs are dynamic substitutes. An instrumental variable approach based on available tax credits for investors suggests that the substitutes relationship is company-led. >more

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