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NEWSLETTER of April 1, 2022


The following content has been added at finexpert:


Studies > Performance

Deloitte
FOOTBALL MONEY LEAGUE 2022
Welcome to a milestone edition of the Deloitte Football Money League (‘DFML’). Every year, DFML profiles the financial performance of the highest revenue generating clubs in world football. This year’s edition is a landmark publication for more reasons than one, as it marks 25 years of DFML and covers the first season (2020/21) to be impacted by COVID-19 from start to finish. Published less than twelve months after the end of the 2020/21 season, the Money League is the most contemporary and reliable independent analysis of the featured clubs’ relative financial performance. >more

Studies > Alternative Investments

McKinsey & Company
GLOBAL PRIVATE MARKETS REVIEW 2022
Private markets rally to new heights. After a year of pandemic-driven turbulence that suppressed fundraising and deal activity, private markets rebounded across the board. Fundraising was up by nearly 20 percent year over year to reach a record of almost $1.2 trillion; dealmakers were busier than ever, deploying $3.5 trillion across asset classes; and assets under management (AUM) grew to an all-time high of $9.8 trillion as of July, up from $7.4 trillion the year before. >more

Studies > Macro

Bank for International Settlements
BIS QUARTERLY REVIEW: MARCH 2022
The March 2022 BIS Quarterly Review showcases research that highlights the key issue of the funding sources of financial intermediaries and how this affects the volatility of lending by both banks and non-banks. It also contains a special feature examining possible paths for post-pandemic growth. Non-banks play an important role in syndicated lending to non-financial firms, as authors Iñaki Aldasoro, Sebastian Doerr (BIS) and Haonan Zhou (Princeton) show in their special feature. They find that lending by non-banks is more concentrated, fluctuates more with risk conditions and – being riskier – attracts higher spreads than lending by banks. One aspect of this volatility is that non-banks curtail lending to foreign borrowers more than banks do at times of domestic financial stress, thereby magnifying the transmission of shocks across countries. >more


Research Papers > Corporate Finance

ARE WOMEN UNDERVALUED? BOARD GENDER DIVERSITY AND IPO UNDERPRICING
P. Raghavendra Rau, Jason Sandvik, and Theo Vermaelen
2022
We find that IPOs experience significantly greater underpricing when the firm’s board has at least one female director, relative to when no women sit on the board. The underpricing effect is not attributable to differences in profitability, growth opportunities, CSR profiles, or other firm characteristics. Instead, the presence of women on the board appears to create value because of a reduction in the cost of capital for these firms, driven by increased institutional investor demand for board gender diversity. We find evidence that underwriters with greater network centrality are better able to value board gender diversity, reducing the underpricing effect. >more

Research Papers > Corporate Finance

THE REST OF THE WORLD'S DOLLAR-WEIGHTED RETURN ON U.S. TREASURYS
Zhengyang Jiang, Arvind Krishnamurthy, and Hanno N. Lustig
2022
Since 1980, foreign investors have timed their purchases and sales of U.S. Treasuries to yield particularly low returns. The dollar-weighted returns (or IRRs) based on their actual cash flows into U.S. Treasuries are around 3% lower than a buy-and-hold return over the same horizon. In comparison, the IRRs achieved by domestic investors are about 1% higher than foreign investors, while the IRRs achieved by the Fed's Treasury purchases and sales are similarly low. Our results are consistent with theories where foreign investors are price-inelastic buyers of safe dollar assets, which provide them with convenience services. >more

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