NEWSLETTER of April 26, 2024

The following content has been added at finexpert:

ValueTrust
EUROPA KAPITALMARKTSTUDIE
We examine the relevant cost of capital parameters for the European capital market in form of the STOXX Europe 600. This index includes the countries Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland as well as the UK and has been subdivided into ten sector indices by industry: Financials, Consumer Cyclicals, Consumer Non-Cyclicals, Healthcare, Technology, Utilities, Energy, Basic Materials, Industrials and Real Estate. Historical data was compiled between the reference dates 31 December 2017 and 31 December 2023 and is updated semi-annually with the objective to track capital market performance over time. >more

KKR
LOUD AND CLEAR: THE 2023 FAMILY CAPITAL SURVEY
At a time of record low activity across the global capital markets, many allocators have been sitting on the sidelines of late, particularly regarding private investments. However, this positioning is not what we are hearing from leading CIOs in the KKR family office network. Indeed, many CIOs who participated in this year’s KKR survey of family offices told us that they plan to increase – not decrease – exposure to Alternatives in 2024. Their rationale: They understand the role the illiquidity premium can play in compounding capital in a tax efficient manner to build wealth for future generations. >more

FTSE Russell
2024 BITCOIN HALVING
In a year filled with milestones, the much-anticipated bitcoin halving event took place on April 19 2024, marking a historic moment in the world of digital assets. We provide an overview of bitcoin (BTC) halving and answer key questions such as: What is it? Why is it important? What was the impact of previous halvings? How might the recent halving impact the market? institutions? Miners? >more

I-Advise
STUDIE ZUR UNTERNEHMENSBEWERTUNG BEI GESELLSCHAFTSRECHTLICHEN BEWERTUNGSANLÄSSEN 2010-2023
The study on company valuation, now in its 10th edition, comprises 261 valuation cases examined for corporate law valuation reasons and shows the development of valuation practice for squeeze-outs, domination and profit and loss transfer agreements, mergers and changes of legal form in the years 2010 to 2023. >more

SURVEY: MARKET RISK PREMIUM AND RISK-FREE RATE USED FOR 96 COUNTRIES IN 2024
Pablo Fernandez, Diego Garcia de la Garza, and Lucía Fernández Acín
2024
This paper contains the statistics of a survey about the Risk-Free Rate (RF) and the Market Risk Premium (MRP) used in 2024 for 96 countries. We got answers for 104 countries, but we only report the results for 96 countries with more than 6 answers. The paper also contains the links to previous years surveys, from 2008 to 2023. >more

HOW DO CRYPTO FLOWS FINANCE SLAVERY? THE ECONOMICS OF PIG BUTCHERING
John M. Griffin, and Kevin Mei
2024
Through blockchain addresses used by ‘‘pig butchering’’ victims, we trace crypto flows and uncover methods commonly used by scammers to obfuscate their activities, including multiple transactions, swapping between cryptocurrencies through DeFi smart contracts, and bridging across blockchains. The perpetrators interact freely with major crypto exchanges, sending over 104,000 small potential inducement payments to build trust with victims. Funds exit the crypto network in large quantities, mostly in Tether, through less transparent but large exchanges—Binance, Huobi, and OKX. These criminal enterprises pay approximately 87 basis points in transaction fees and appear to have recently moved at least $75.3 billion into suspicious exchange deposit accounts, including $15.2 billion from exchanges commonly used by U.S. investors. Our findings highlight how the ‘‘reputable’’ crypto industry provides the common gateways and exit points for massive amounts of criminal capital flows. We hope these findings will help shed light on and ultimately stop these heinous crimes. >more