NEWSLETTER of January 13, 2023

The following content has been added at finexpert:

EY
EY MIXED LEADERSHIP-BAROMETER JANUAR 2023
Never before have there been so many women on the executive boards of Germany's top corporations: The proportion of female managers on the executive boards of DAX, MDAX and SDAX companies rose again last year and currently stands at 15.5% - 2.3 percentage points higher than a year ago and even more than twice as high as four years ago (7.9%). These are the results of an analysis of the structure of the management boards of the 160 companies listed in the DAX, MDAX and SDAX, which is carried out twice a year by the audit and consulting firm EY. >more

McKinsey & Company
KMU-BANKING: DIGITAL ZUM ERFOLG
Low interest rates, difficult conditions in retail, corporate and investment banking, and a challenging economic environment have weighed on many core business areas of banks for years. Against this backdrop, it is worthwhile to set our sights again on previously neglected segments. Small and medium-sized enterprises (SMEs) offer banks in Europe attractive growth opportunities. Data from the European Central Bank (ECB) shows that for 20% of SMEs in Europe, access to finance is the most pressing problem. The same data also shows that one in five SMEs does not obtain debt capital to the extent planned. >more

KPMG
DIGITAL ASSETS IN DEUTSCHLAND 2022
Despite recent negative price developments and headlines, the mood among private crypto investors remains predominantly positive. This is suggested by the results of a joint survey by KPMG and BTC-ECHO. More than 2,000 private crypto investors in the DACH region were surveyed about their investment behavior (84% of them from Germany). >more

Oliver Wyman
WÄRME- UND MOBILITÄTSWENDE BIS 2037 KOSTET 900 MRD. EURO
The energy transition in the heating and mobility sectors will be a financial tour de force: by 2037, investments totaling 900 billion euros will be needed to achieve complete independence from oil and gas imports. Over the next 15 years, this will require a massive expansion of wind power and photovoltaics as well as a significantly more efficient power grid. This is because the transformation of the energy supply from conventional to renewable coincides with a demand for electricity that is almost twice as high. In addition to the expansion of alternative generation capacities, investments must therefore be made in distribution grids, energy storage and intelligent consumption control. >more

THE GREAT STARTUP SELLOUT AND THE RISE OF OLIGOPOLY
Florian Ederer, and Bruno Pellegrino
2022
We document a secular shift from IPOs to acquisitions of venture capital-backed startups and show that this trend is accompanied by an increase in the opportunity cost of going public. Dominant companies that are disproportionately active in the corporate control market for startups have become more insulated from the product market competition over the same period. These facts are consistent with the hypothesis that startup acquisitions have contributed to rising oligopoly power. >more

NEGLECTED PEERS IN MERGER VALUATIONS
Feng Guo, Tingting Liu, and Danni Tu
2022
Using novel merger valuation data, we show that firms selected by investment banks as “comparable peers” are more than twice as likely later to become takeover targets themselves compared to matched control firms. Peer firms not subsequently acquired attract more institutional ownership and analyst coverage, deliver strong operating performance, reduce investments, and increase payouts. Investors are inattentive, though, to peer identification at the time of merger filings’ public disclosure. A portfolio that longs peers and shorts controls earns up to 15.6% alpha annually, which mainly comes from the long leg and is difficult to explain by short-sale constraints. >more