NEWSLETTER of January 30, 2026

The following content has been added at finexpert:

KfW Research
INNOVATIVE MITTELSTÄNDLER MIT GRÖßEREN SCHWIERIG­KEITEN BEIM ZUGANG ZU INVESTITIONSKREDITEN
Small and medium-sized enterprises that are active in innovation and digitalization are more likely to fail in negotiations for investment loans than companies without such activities. To compensate for this disadvantage, they would need to demonstrate significantly better creditworthiness, which is often not the case. Thus, it is not only the immediate financing of innovation and digitization projects that poses challenges for the companies concerned. Rather, these projects also have an impact on a company's overall financing options. >more

PwC
KRISEN UND UNSICHERHEITEN BREMSEN M&A IN TRANSPORT UND LOGISTIK
Digital transformation, new market entrants, changing business models: transport and logistics are undergoing a transformation. What impact are deals in the industry having? How is digitalization changing the face of an entire industry? Our Transport & Logistics Barometer provides answers—and not just to these questions. The Barometer provides a 360-degree view of the entire industry and analyzes the impact of social change and global megatrends on the industry. >more

BCG
OLD CONTINENT, NEW GROWTH: PENSION REFORM AS AN ECONOMIC ENGINE FOR EUROPE
Europe’s pension crisis looms large in discussions of the region’s future. Suggestions of sweeping structural redesign—like raising the retirement age—are often met with fierce public resistance, leaving many countries facing a fiscal cliff. The good news: Europe can achieve meaningful progress by reforming the financial architecture of pensions so that a greater share of retirements will be paid for with invested assets. Shifting more of Europe’s retirement systems toward funded schemes won’t be easy to implement across the board, but a strong argument can be made for the long-term benefits of doing so. What’s more, the money invested would be a boon for Europe’s underfunded capital markets. According to our modeling, the introduction of three reforms—national pension funds, individually funded first‑pillar accounts, and universally funded occupational pension plans—could cumulatively build up to €4.1 trillion in assets by 2040 across Germany, France, Italy, and Spain. >more

KfW Research
VERDRÄNGT DER STAATSKONSUM DIE INVESTITIONEN?
Since the beginning of the decade, government consumption in Germany has risen sharply, while private investment has entered a downward trend. This is often interpreted as evidence of crowding-out effects. However, this focus shows that the sharp rise in government consumption in recent years was not unusual and that, by international standards, there is no direct negative correlation between the development of government consumption and investment activity. The growth in government consumption primarily reflects an increase in public health, social, and education spending. Regardless of the political assessment of the respective budget items, however, the persistent growth in government consumption poses a challenge for the budget consolidation that will be necessary in the coming years. >more

REMOTELY PRODUCTIVE: THE EFFICACY OF REMOTE WORK FOR EXECUTIVES
Ran Duchin, and Denis Sosyura
2026
We study the efficacy of remote arrangements between CEOs and firms. Such arrangements attract executive talent and overcome labor market segmentation but introduce frictions. Remote arrangements are associated with lower operating performance, firm valuation, and insider reviews. Using the private costs from uprooting the CEO’s spouse as an instrument for the CEO’s decision to seek remote work, we find similar negative effects. The performance decline increases for CEOs who live further away and cross multiple time zones. The mechanisms include the CEO’s loss of information, short-termism, and consumption of leisure, such as recreational boats and beach homes. >more

ESG SHOCKS IN GLOBAL SUPPLY CHAINS
Emilio Bisetti, Guoman She, and Alminas Zaldokas
2024
We show that U.S. firms cut imports by 31.8% when their international suppliers experience environmental and social (E&S) incidents. These trade cuts are larger for publicly listed U.S. importers facing high E&S investor pressure and lead to cross-country supplier reallocation, suggesting that E&S preferences in capital markets can be privately costly but have real effects for foreign suppliers. Larger trade cuts around the incident result in better supplier E&S performance in subsequent years, and in the eventual resumption of trade. Our results highlight the role of investors in ensuring suppliers’ E&S compliance along global supply chains. >more