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NEWSLETTER of April 7, 2023


The following content has been added at finexpert:


Studies > Performance

Bain & Company
CUSTOMER BEHAVIOR AND LOYALTY IN BANKING: GLOBAL EDITION 2023
Bain’s latest global consumer survey finds widespread unbundling of banking services in all countries and among all age groups. It’s most pronounced in developing markets, where lower-income consumers had long been underserved by banks and now find access through neobanks and other online companies. Payments offerings, which have become an important means of engaging consumers, illustrate the extent of this fragmentation. Our survey shows the rise of e-wallets and payment fintechs, which could make banks less relevant in consumers’ daily lives and deprive banks of transaction data that accompanies payments. >more

Studies > Performance

KfW Research
NACHFOLGE-MONITORING MITTELSTAND 2022: KNAPPHEIT AN NACHFOLGEKANDIDATEN NIMMT ZU, MISSERFOLGE DÜRFTEN HÄUFIGER WERDEN
The new SME Succession Monitoring shows that every year around 100,000 owners of SMEs seek succession. The relevance of the topic of corporate succession has thus lost none of its topicality. Around two thirds of short-term succession plans up to the end of 2023 are already in place. However, one in four short-term succession wishes will not be fulfilled due to a lack of sufficient planning. >more

Studies > Performance

State Street
ETFS OUTLOOK FOR 2023: CONTINUED INNOVATION AND GROWTH
Innovation has been a recurring theme of ETFs since the birth of SPDR launched the ETF market 30 years ago. Today, ETFs are in the midst of their third distinct iteration, a phase we call “ETF 3.0", which started in 2008 with the approval of the first active ETF, and continues today. This is the next leg of innovation and growth in the marketplace. In this report, we look back at 2022 to highlight important developments. We also discuss the key trends we expect in 2023. >more

Studies > Alternative Investments

Adams Street
NAVIGATING PRIVATE MARKETS IN 2023: RETHINKING RISK, RESILIENCE, AND RETURNS
A key finding in our third Global Investor Survey is that investors are prioritizing partners that they know and trust. This would seem to be driven by market turbulence, risks from inflation and rising interest rates, and geopolitical tension. As markets surged in 2021, many investors caught FOMO (fear of missing out). The most severe cases led to the deployment of capital at elevated valuations into subscale and unprofitable private companies that may struggle to produce positive returns for investors. >more


Research Papers > Corporate Finance

TRADE CREDIT, DEMAND SHOCKS, AND LIQUIDITY MANAGEMENT
Vojislav Maksimovic, and Youngsuk Yook
2023
The provision of trade credit has been explained both by theories that focus on its role in contracting for transactions between firms and by theories that focus on the advantages of liquidity provision along the supply chain. We use the 2007-2009 financial crisis and recession as a natural experiment to test trade credit theories. High-demand firms become more constrained relative to their investment needs, do not provide additional liquidity to their suppliers, and increase acquisition activities once the liquidity crunch dissipates. These firms’ accounts payable increase proportional to their raw-material inventories, consistent with the transactions-based theories. Thus, trade credit is unlikely to be effective in financing the corporate sector during crises. >more

Research Papers > Alternative Investments

BIRTH ORDER AND FUND MANAGER'S TRADING BEHAVIOR: ROLE OF SIBLING RIVALRY
Vikas Agarwal, Alexander Cochardt, and Vitaly Orlov
2023
This paper investigates the role of birth order on managerial behavior using rich data on familial background of US mutual fund managers. We find that managers who are born later in the sibling hierarchy take on more investment risks relative to first-born managers, but perform worse. Motivated by sensation seeking, later-born managers take extreme style bets, hold more lottery stocks, and report more civil and regulatory violations compared to lower-birth-order managers. Taken together, our findings suggest that birth order-induced sensation seeking tendencies originate from sibling rivalry for limited parental resources during childhood, shape trading behavior, and extend beyond portfolio management. >more

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