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NEWSLETTER of July 5, 2024


The following content has been added at finexpert:


Studies > Performance

Bitkom
STANDORT DEUTSCHLAND: FINTECHS ZIEHEN BILANZ
Germany's FinTech ecosystem is growing dynamically and is gaining in importance as a provider of digital financial solutions. The chances of success for German FinTechs are significantly influenced by location satisfaction, the regulatory environment and the practice of financial supervision. Our study shows what the industry thinks of Germany as a start-up location and what potential for improvement has not yet been exploited. We thus offer insights and recommendations for action to strengthen Germany's position as a FinTech hub. >more

Studies > Performance

FTI Andersch
CFO STRATEGIEN: 2024 GLOBAL CFO REPORT
In the global financial landscape, 2024 is a landmark year, characterized by a complex mix of innovation and opportunity. Of all top management positions, the role of the Chief Financial Officer (CFO) continues to develop particularly dynamically. Originally responsible for financial management, the role increasingly encompasses strategic management tasks, technological progress and a deep understanding of global economic developments. This Global CFO Report from FTIConsulting highlights the key global trends for CFOs in 2024. With in-depth analyses, expert opinions and forward-looking forecasts, we aim to equip finance executives with the knowledge and foresight they need to navigate the year ahead with confidence in times of promising opportunities and increasing uncertainty. >more

Studies > Alternative Investments

KfW Research
VENTURE CAPITAL-DASHBOARD Q1 2024
In the first quarter of 2024, German start-ups raised EUR 1.9 billion in 195 financing rounds. After the consolidation phase that began at the beginning of 2022, the German VC market has leveled off at the current level for several quarters. A boom in investment activity this year appears possible, particularly due to the available free funds among investors. >more

Studies > Macro

FTSE Russell
A STRONGER US DOLLAR - WILL EMS FEEL THE PINCH?
In 2024 sticky US inflation has led markets to expect higher rates for longer in the US. At the end of last year, policy rate cuts in the US felt more imminent. As the US Fed has held the Fed Funds rate at its highest in over 15 years, the US 10-year treasury yield rose 62 basis points in 2024 through the end of May, and the US dollar index rose 3.3% alongside. Moreover, markets have recalibrated their rate cut expectations to less than two cuts in 2024 and starting much later in the year. A strong US dollar has wide implications for the global economy and financial assets. In this paper we explore its consequences for emerging markets (EMs) specifically. >more


Research Papers > Corporate Governance

VOTING RATIONALES
Roni Michaely, Silvina Rubio, and Irene Yi
2024
Why do institutional investors vote the way they vote? Using a novel dataset on the reasoning behind investors’ voting decisions, we provide direct evidence on the main reasons for institutions’ votes in director elections. The main reasons for opposition are independence and diversity. Concerns raised in rationales reflect firms’ governance weaknesses: companies with low board gender diversity receive more rationales on diversity, similar results for independence, tenure, busyness, and CEO duality. Companies listen and address frequently raised concerns. Results reveal institutions cast informed votes, their rationales are well grounded, and can be an effective low-cost strategy to communicate investors’ concerns. >more

Research Papers > M&A

GLOBAL BOARD REFORMS AND CORPORATE ACQUISITION PERFORMANCE
Thomas Y. To, Eliza Wu, and Diya Zhao
2024
This paper examines the effect of board reforms on corporate acquisition performance using data from 31 countries. Using a difference-indifferences design, we find that the implementation of board reforms in the acquirer's country significantly increases acquirer returns. The increase is driven by reforms involving board independence, but not reforms involving audit committee independence nor the separation of CEO and board chair roles. Further analysis shows that the uplift in acquisition performance following improvements in board independence is strongest in acquirers with more agency problems. The effect is concentrated in larger acquirers, with more free cash flows, executing large and public-target deals and operating in countries with ex-ante poor investor protection. The empirical evidence indicates that reforming board independence effectively alleviates agency problems between managers and shareholders and improves corporate acquisition performance. >more

 

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