NEWSLETTER of July 3, 2020

The following content has been added at finexpert:

IHS Markit | Deutscher Investor Relations Verband
WHO OWNS THE GERMAN DAX?
DIRK - Deutscher Investor Relations Verband (German Investor Relations Association) and IHS Markit (formerly Ipreo), the leading global investor relations (IR) consulting and technology company, have analyzed the structural changes in the investor landscape of the DAX in the joint market study "Investoren der Deutschland AG 7.0" - "Who owns the German DAX? The main focus of the study was both the distribution and, in particular, the changes and cash flows of the institutional free float of DAX issuers in terms of geography, investment style and the most frequently used trading venues. Investments at investor group level, the importance of extra-financial criteria and investor voting behaviour were examined in detail. >more

PwC
AUSWIRKUNGEN VON COVID-19 AUF DIE WERTSCHÖPFUNGSTIEFE DEUTSCHER BANKEN
Banks play an important role in overcoming the Corona crisis. With fast loans and financial services, they are the starting point for economic reconstruction in Europe. The decisive success factors for this are accelerated digital change - both in internal and external areas - and cooperation with experienced service providers. This is shown in a new short survey by PwC, according to which banks should take up the impetus of the Corona crisis and translate it into concrete measures as quickly as possible. >more

Deutsche Startups e.V.
FEMALE FOUNDERS MONITOR 2020
The Female Founders Monitor (FFM) is the central study on the importance of female founders for the German start-up ecosystem. The aim of the Female Founders Monitor is to support female start-ups in Germany and in this way to promote the openness, diversity and competitiveness of the start-up ecosystem. On the basis of facts and figures, the FFM raises awareness of the conditions of female start-ups, identifies current challenges and thus makes an important contribution to the process of social change. >more

KfW Research
KFW-GRÜNDUNGSMONITOR 2020    
Supported by the development of the economy and the labour market, start-up activity in Germany was able to pick up in 2019 for the first time in years. The number of business start-ups rose to 605,000 (+58,000). This was mainly due to a significant increase in the number of part-time start-ups, whereas the number of full-time start-ups dropped to a new low. At the same time, the number of opportunity start-ups increased disproportionately to 439,000. There were also significantly more Internet-based and digital start-ups. The outlook for start-up activity in 2020 was positive - but the corona pandemic is changing things. >more

CAPITAL GAINS TAXATION AND FUNDING FOR START-UPS
Alexander Edwards, and Maximilian Todtenhaupt
2019
We examine how capital gains taxes affect investment in private start-up (i.e., pre-IPO) firms. Using data on capital raised in individual funding rounds, we estimate the effect of the 2010 SBJA, which implemented a full exemption from federal capital gains tax on the sale of qualified shares. Because of the resulting higher expected after-tax returns, we hypothesize and find evidence consistent with this capital gains tax reduction increasing the amount of investment in start-up firms per funding round by about 12%. The effect is stronger in start-up firms that are likely to have greater administrative capacity. We estimate that about one third of the tax benefit is captured by investors. >more

WHAT DROVE THE 2003-2006 HOUSE PRICE BOOM AND SUBSEQUENT COLLAPSE? DISENTANGLING COMPETING EXPLANATIONS
John M. Griffin, Samuel Kruger, and Gonzalo Maturana
2019
Ten years after the financial crisis, the central question of what explains the rise and fall in house prices remains unresolved. We provide a unified framework to examine four excess credit supply variables and three speculation variables that have been proposed in the literature. Credit supply variables, particularly subprime share and worse originator share, strongly relate to future zip code level house price changes in the boom and bust, whereas none of the speculation variables consistently relate to house prices within MSAs. Pre-trends, supply elasticity, and depressed areas suggest these relations are not driven by lenders anticipating house price growth. >more