NEWSLETTER of December 19, 2025

The following content has been added at finexpert:

UBS
GETTING ACTIVE: THE NEXT CHAPTER IN EUROPEAN ETFS
The active ETF market represents a significant evolution in how European asset owners access active management. Based on research by NMG Consulting with 40 institutional investors and retail gatekeepers managing EUR 3 trillion across the UK, Germany, Italy and Switzerland, this report examines the current state of active ETF adoption, the key drivers and barriers to uptake and how investors are approaching this opportunity. Active ETFs bridge the gap between traditional active management and the operational efficiency of ETF structures, offering the potential for alpha generation with enhanced transparency, lower costs and improved liquidity. This study reveals both strong momentum and the challenges to be overcome as the market matures. >more

A&O Shearman
GLOBAL M&A INSIGHTS Q4 2025
Deal data from H2 2025 shows a notable uptick in M&A values between July and December as boards acclimatized to operating in a more volatile macro environment. The number of big-ticket deals in key markets rose, with stabilizing interest rates and ongoing regulatory reforms creating momentum for further activity as we head into 2026. >more

Goldman Sachs
2026 GLOBAL M&A OUTLOOK
The 2026 global M&A landscape will be defined by strategic repositioning and building for scale. Tremendous public and private capital, the powerful macrocurrent of AI, and a constructive regulatory and economic environment are all contributing to what should be another strong M&A cycle. Extraordinary ambition is accelerating the pace of these moves. Companies are reimagining their portfolios as technology reshapes industries and capital awaits deployment. Those who think strategically and act boldly will set the course for what comes next.  To better navigate the path ahead, read the Goldman Sachs 2026 Global M&A Outlook. >more

Deloitte
2026 M&A TRENDS SURVEY: A TALE OF TWO MARKETS
The early findings from our 2026 M&A Trends Survey set the stage for the year ahead in the M&A market. Explore key takeaways from the surge in deal value during the third quarter of 2025, what today’s mixed macroeconomic signals might mean for M&A activity, and dealmakers’ expectations for M&A activity heading into the new year. >more

CAUGHT IN THE ACT: HOW CORPORATE SCANDALS HURT EMPLOYEES
Salil Gadgil, and Jason Sockin
2025
We study how corporate scandals affect workers. Following the revelation of misconduct, employee sentiment decreases sharply and persistently, driven by diminished perceptions of firm culture and senior management. Workers receive no compensation to offset the declines in job satisfaction. In fact, while base wages and fringe benefits remain unchanged, workers are 6 percentage points less likely to receive variable pay and those that do experience an average decline of 10 percent. Our results demonstrate that rank-and-file employees are not insulated from the effects of organizational wrongdoing and that variable-pay earners are particularly exposed to firm-level shocks. >more

CROSS-BORDER M&A FLOWS, ECONOMIC GROWTH, AND FOREIGN EXCHANGE RATES
Steven Riddiough, and Huizhong Zhang
2025
We extract information about future economic conditions from firms' cross-border merger and acquisition announcements, and show it predicts changes in relative economic growth rates and foreign exchange rate returns. We find the predictability is driven by the acquisition decisions of domestic firms, which signal turning points in local economic growth. The findings are motivated via a simple model of exchange rate determination with heterogeneous expectations and support the theorized relationship between foreign exchange rates and macroeconomic fundamentals. The results provide new tools for policy makers seeking to predict economic activity and offer global investors a novel source of portfolio diversification. >more