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NEWSLETTER of August 19, 2022

The following content has been added at finexpert:

Studies > Performance

For the 31st time, Deloitte presents the English edition of the "Annual Review of Football Finance" with the most important financial figures of international professional soccer in the 2020/2021 financial year. The latest study highlights the significant economic impact of COVID-19 on the European soccer industry in the 2020/21 season, which was negatively affected mainly by the absence of fans in European stadiums and the resulting lack of ticket revenue. >more

Studies > Corporate Finance

Bundesverband Deutsche Startups
In the first half of 2022, for the first time since 2019, fewer people founded a new start-up than in the previous six months. This is the result of a study by the German Start-ups Association in cooperation with the information service Start-updetector. According to the study, German commercial registers registered 1508 new startups in 2022 from January to June. In the second half of 2021, there had been 1618 start-ups. This corresponds to a decrease of 7%. >more

Studies > Corporate Finance

Not so long ago, the technology startup landscape in Europe was sparsely populated, especially when compared with other tech-rich regions of the world. But in recent years, European universities and research centers have become more proficient at spinning out young companies, and various national and Europe-level initiatives have ensured that there is plenty of innovation built into the spinoffs. Between 2015 and 2020, the number of European startups soared from about 1,850 to almost 6,600, according to Statista. Likewise, European deep-tech investment has been growing at a rate of about 50% a year. Our analysis shows that in 2016, European deep-tech startups raised one-eighth as much venture capital equity as their North American counterparts; by 2020, the difference had dropped by half. >more

Studies > Alternative Investments

Cryptocurrencies were born out of the depths of the global financial crisis as an alternative to traditional banking. Since then, they have experienced strong growth, but are still poorly understood. In Understanding Cryptocurrencies, we dive into the seemingly opaque world of cryptocurrencies to provide better insights into this financial segment and its potential for investors. >more

Research Papers > Corporate Finance

Christian Koziol, Juliane Proelss, Philipp Roßmann, and Denis Schweizer
This paper analyzes the funding advantage of green bonds and the determinants of what is referred to as the “greenium” (the “green” premium). To this end, we first separate the greenium from a simultaneously prevailing liquidity premium in empirical yield spreads. For green German government bonds, we determine a greenium of 41.2 to 50.6 basis points. Further panel regressions provide evidence that the greenium benefits from environmental awareness (such as daily aggregated green bond volume, Google search volume, Brent spot, and CO2 allowance prices) and a higher yield to maturity. But it suffers from higher market uncertainty as measured by the marketwide credit spread. >more

Research Papers > Alternative Investments

Paul P. Momtaz, Rachel J. Nam, and Christian Fisch
Blockchain-based tokens are widely acknowledged as a new asset class. Tokens allow new ventures to raise financing from crowd-investors on public blockchains. The information stored on these public ledgers makes it possible to examine the crowd’s investment behavior, as well as the financial returns to individual investors in the cross-section of the crowd. We spearhead this emerging literature by examining the evolution and behavior of individual wallets along several dimensions on the largest financial database in the world, the Ethereum blockchain. Our findings suggest that investment success, measured as absolute and risk-adjusted returns, can be predicted by several features of crowd investor behavior, such as trading activity, portfolio diversification, and investments in lottery-type tokens. We also observe that investor attention and demand for investments in startups explain returns, and that these effects vary significantly by wallet size. Overall, our study highlights that “wisdom of the crowd” is segmented, and pre-dicting which parts of the crowd are smart (i.e., achieve higher returns) is relatively straight-forward and offer a promising future research area thanks to public ledger data. >more

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