NEWSLETTER of July 24, 2026

The following content has been added at finexpert:

We updated the capital market data

(Multiples, Betas and Returns) as to July 15, 2026 >more

McKinsey & Company
DER GKV-CHECK-UP 2026: STABILITÄT SICHERN, MIT WEITBLICK INVESTIEREN
The statutory health insurance system (GKV) is at a crossroads: persistent cost pressures, regulatory requirements and demographic change are putting the system to the test, whilst unstoppable technological progress is opening up entirely new possibilities. At the same time, financial reserves are dwindling, additional contributions are rising, the shortage of skilled staff is paralysing processes, and insured persons are demanding excellent service and digital offerings of the highest standard. Health insurance funds thus face a twofold challenge: on the one hand, they must significantly increase their efficiency; on the other, they must set the course for a sustainable, technology-supported healthcare system. Anyone who hesitates in this transformation process will fall behind. At the same time, however, considerable opportunities are opening up. >more

KfW Research
FINANZIERUNG VON DIGITALISIERUNGS­VORHABEN
The study compares the financing of digitalisation projects with that of physical investments. The key finding is that the financing structure of the two types of project differs significantly – even when comparing companies with similar characteristics and project sizes. This is due to the specific characteristics of digitalisation projects, which are particularly incompatible with financing via bank loans. >more

PwC
TRANSPORT & LOGISTICS BAROMETER: 2026 MID-YEAR ANALYSIS
Digital transformation, new market entrants, changing business models: transport and logistics are undergoing a transformation. What impact are deals having on the industry? How is digitalisation reshaping an entire sector? Our Transport & Logistics Barometer provides answers – and not just to these questions. The Barometer provides a 360-degree view of the entire sector and analyses the impact of social change and global megatrends on the sector. >more

KfW Research
KFW-VENTURE-CAPITAL-DASHBOARD Q2 2026
The volume of venture capital invested in German start-ups rose significantly in the second quarter of 2026, reaching around EUR 3.4 billion. This was around EUR 1.8 billion more than in the first quarter of 2026 and around EUR 1 billion more than in the same quarter of the previous year. The deal volume was driven by seven mega-deals, including one billion-euro funding round. >more

TRADING IN YOUR GOLDEN YEARS: THE EFFECTS OF EARLY PENSION WITHDRAWAL ON INDIVIDUAL INVESTMENTS
Allaudeen Hameed, Sumit Agarwal, Yuanyuan Pan, and Chek Ann Tan
2026
We examine the causal effects of a policy allowing early withdrawal of pension funds on individuals’ investment behavior. Upon turning 55, eligible individuals may withdraw a portion of their pension savings. Using detailed brokerage data, we find that this liquidity access triggers increased trading, of 9% to 18%, especially in riskier, leveraged assets, without improving investment performance. Trading costs rise and portfolio volatility increases, particularly among males and lower-income investors, ultimately diminishing retirement wealth. >more

PRIVATE EQUITY FOR PENSION PLANS? EVALUATING PRIVATE EQUITY PERFORMANCE FROM AN INVESTOR'S PERSPECTIVE
Arthur G. Korteweg, Stavros Panageas, and Anand Systla
2025
We evaluate private equity (PE) performance using investor-specific stochastic discount factors, and examine whether public pension plans could benefit from changing their allocation to PE. Plans invest in PE funds with higher than average risk-adjusted performance. This is mainly due to access to successful managers, not superior selection skill. Decomposing returns into risk compensation and “alpha”, we find that some plans obtain higher PE returns by taking more risk without earning higher, and in some cases earning lower, risk-adjusted returns, broadly consistent with agency problems within plans. >more