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NEWSLETTER of January 21, 2022


The following content has been added at finexpert:


Studies > Corporate Finance

Alvarez & Marsal
ACTIVIST INVESTORS IN EUROPE: WHO WILL THEY TARGET NEXT? FORECAST AND OUTLOOK FOR 2022
European shareholder activism is growing fast. Boards must be on the front-foot to respond. A&M has developed the “AAA” (A&M Activist Alert) to predict the next European corporates to be targeted, and help boards take action. The AAA is the most comprehensive forecasting tool of its kind, based on statistically robust analysis and successfully predicting over half of activist public targets over the past 5 years. Our 2022 AAA identifies 148 European corporates that are likely to be the next targets for public activist campaigns. >more

Studies > Corporate Finance

Skadden
ACTIVIST INVESTING IN EUROPE 2022
Skadden has partnered with Activistmonitor on research covering the latest trends in activist investing, including interviews with 50 senior executives of European public companies and with activist investors. Corporates should be prepared for overall campaign volumes to return to their pre-pandemic levels and will need to be mindful of becoming targeted by North American activists. >more

Studies > Alternative Investments

Mercer
TOP CONSIDERATIONS FOR PRIVATE MARKETS IN 2022
In our 2022 report, we explore how investors should approach alternative assets – including private markets – and what factors are at play in each sector. We also analyse regional and macro themes and how these are likely to affect the various areas of alternative investments. >more

Studies > Alternative Investments

J.P. Morgan
2022 GLOBAL ALTERNATIVES OUTLOOK
We present a 12- to 18-month outlook for alternative assets and explore the most promising investment ideas from the CEOs, CIOs and strategists of our USD 200 billion-plus alternatives platform. To help our clients better see the forest and the trees, we explain the trends influencing markets, as well as the most promising investment ideas and underappreciated risks investors may face. >more

Studies > Alternative Investments


BCG
WHAT PE NEEDS TO KNOW ABOUT GEOPOLITICS AND TECH
Private equity (PE) investors’ geopolitical concerns were historically limited to historically risk-prone areas, such as mining and energy. But given the rise in international concerns about tech, an appreciation of geopolitics is essential for accurately valuing current holdings, determining future acquisitions and divestments, and thinking strategically about the optimal portfolio mix across all industries. >more


Research Papers > Risk Management

FIRM-LEVEL CLIMATE CHANGE EXPOSURE
Zacharias Sautner, Laurence van Lent, Grigory Vilkov, and Ruishen Zhang
2021
We introduce a method that identifies climate change exposure from earnings conference calls of 10,158 firms from 34 countries. The method adapts a machine learning keyword discovery algorithm and captures exposures related to opportunity, physical, and regulatory shocks associated with climate change. The exposure measures exhibit cross-sectional and time-series variations that align with reasonable priors, and these measures are better at capturing firm-level variation than are carbon intensities or ratings. The exposure measures capture economic factors that prior work has identified as important correlates of climate change exposure. In recent years, exposure to regulatory shocks negatively correlates with firm valuations. >more

Research Papers > Alternative Investments

THE ROLE OF DISCLOSURE AND INFORMATION INTERMEDIARIES IN AN UNREGULATED CAPITAL MARKET: EVIDENCE FROM INITIAL COIN OFFERINGS
Thomas Bourveau, Emmanuel T. De George, Atif Ellahie, and Daniele Macciocchi
2021
Using an international sample of 2,113 initial coin offerings (ICOs), we explore the role of disclosure and information intermediaries in the unregulated crypto-tokens market. First, we document substantial cross-sectional variation in the voluntary disclosure practices of ventures seeking to raise capital through ICOs, such as the extent of information released in a prospectus-type document called a white paper; releasing the technical source code; and communicating through social media platforms. Second, we find that, even with limited disclosure verifiability, ventures with higher levels of disclosure have a greater ability to raise capital. Finally, we find that this association is stronger in the presence of mechanisms that lend credibility to ventures’ voluntary disclosures, such as internal governance practices or external scrutiny from information intermediaries. Overall, our results suggest that voluntary disclosure and information intermediaries facilitate the functioning of ICOs as an alternative capital market. >more

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