NEWSLETTER of April 17, 2026

The following content has been added at finexpert:

extraETF | iShares
DER ETF-SPARPLAN-MARKT IN KONTINENTALEUROPA RECAP & FORECAST 2030
The number of monthly ETF savings plans executed across Europe is rising from 10.8 million (in 2024) to 15.1 million in 2025, reaching a new all-time high. This trend is being driven by neobanks such as N26, Revolut, and Neon, as well as international brokers like XTB and Saxo, which are steadily expanding their range of savings plans. Major ETF providers are also increasingly aligning their European strategies with retail investors, as ETF savings plans are now considered the most important source of growth in the retail business. >more

BCG
THE 2026 INSURANCE VALUE CREATORS REPORT
After half a decade or more of steady, if unspectacular, shareholder returns in the insurance sector, change appears to be afoot. A 15% five-year annual total shareholder return (TSR) for the industry exceeded insurers’ cost of equity for the first time since 2017. Two broad factors are at work: the pandemic years are receding, and current results have improved. At the same time, we appear to be in the early stages of a shift in investor preference toward life and health (L&H) and multiline insurers over property and casualty (P&C) and reinsurance companies. Investors are also moving their geographic focus, seeking quality in Europe and Asia-Pacific as macro and equity market uncertainty in the US pushes them to look for returns in other markets. >more

KfW Research
BEREITSCHAFT BANKKREDITE ZU NUTZEN, SINKT WEITER KLEINE KMU BESONDERS ZURÜCKHALTEND
Loans from banks and savings banks are the most important external source of financing for German small and medium-sized enterprises (SMEs). However, a special survey conducted as part of the KfW SME Panel in January 2026 shows that SMEs’ general willingness to use bank loans to finance investments is currently at an all-time low. Only 27% of companies would currently consider taking out a loan—in 2017, that figure was still 66%. This reluctance is particularly high among micro-enterprises (up to 10 employees), while the willingness to take out loans has remained stable among larger SMEs. The findings regarding the reasons for this reluctance suggest that companies currently have a strong desire for financial stability and wish to avoid (new) debt. As an alternative to loan financing, companies would primarily rely on internal financing, followed by leasing and shareholder contributions or loans. >more

McKinsey & Company
2026 M&A TRENDS: NAVIGATING A RAPIDLY REBOUNDING MARKET
While many executives were shaken by geopolitical and trade challenges in 2025, we bet that the world’s top M&A dealmakers would once again absorb the shocks and forge ahead with their usual focus and discipline. Indeed, as abrupt shifts in trade policies settled into a pattern of less threatening change, relief turned into confidence and then a fear of missing out. Economic effects were lighter than anticipated, balance sheets remained strong, monetary policies lowered the cost of capital, and the buzz around AI contributed to growing optimism. >more

THE PRODUCT MARKET EFFECTS OF INDEX INCLUSION
Varun Sharma
2026
I investigate how index membership affects firms' product-market strategy. After plausibly exogenous index inclusion, firms gain market share by reducing product prices, giving better trade credit, and increasing sales & marketing expenses. Firms reduce prices for products with low market share and higher switching costs and habits. This comes at the cost of lower profitability, which increases in subsequent periods. Further analysis suggests that managerial learning about an improved funding environment from the post-index inclusion stock price increase is the underlying channel that leads to the observed increase in investment to gain market share. A model further corroborates these findings. >more

FUNDING BLACK HIGH-GROWTH STARTUPS
Lisa D. Cook, Matt Marx, and Emmanuel Yimfor
2025
We study the venture capital funding gap for Black entrepreneurs, classifying the race of over 160,000 U.S. founders and investors. Only 3.1% of VC-funded startups are Black-owned, and they raise half as much venture capital as others. We attribute much of this gap to Black founders having fewer traditional success markers, like patents or entrepreneurial experience. This disparity also shapes matching: Black VC partners invest more in Black founders, and these investments have higher successful exit rates. We attribute this outperformance to lower information asymmetries, evidenced by network overlap and "screening discrimination,'' where Black VCs better differentiate among Black founders. >more