NEWSLETTER of June 12, 2020

The following content has been added at finexpert:

Corporate Valuation: Debt and Cash under COVID-19
June 18, 2020 | from 6 to 7 pm (18 to 19 Uhr)
Covid 19is expected to increase credit risk of corporate debt. On the other handcash at hands or owners with deep pockets may give the firm to be valued abetter chance to weather the crisis and thus potentially have an impact onits value. In this 60-Minutes-Webinar we discuss the valuation of debt andcash under the current market conditions.
Discussion Partner:Prof. Dr. Bernhard Schwetzler und Dr. Maximilian Schreiter >more

Neuberger Berman
GENDER DIVERSITY IMPACT: ASSESSING GENDER DIVERSITY IMPACT AT THE PORTFOLIO LEVEL
Nearly 47% of U.S. workers are women, 70% of mothers with children under 18 participate in the labor force, with over 75% working full-time. Women also own close to 10 million businesses accounting for $1.4 trillion in receipts. Yet women still face barriers from entering and staying in the workforce such as the lack of flexible work arrangements and unequal pay, among others. These barriers are universal and reducing them would have far-reaching impacts on improving economic development worldwide. >more

Baker McKenzie
GLOBAL PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPE) GUIDE
Our Global PIPE Guide sets out a comparison of the key features and requirements applicable to PIPE deals in a number of jurisdictions around the globe. In this guide, our transactional lawyers share their insight and knowledge on PIPE deals including the key advantages of using PIPEs, why and how they are used. We also cover the key considerations for investors, and highlight any potential legal or regulatory hurdles an investor or issuer might face. We hope you find this guide useful. >more

EY
STANDORT DEUTSCHLAND 2020
Europe was able to maintain its position as an attractive investment location last year and attracted a total of 6,412 investment projects from foreign companies. This is one percent more than in the previous year and the second highest figure ever measured. Thanks to an increase of 17 percent, France took first place in the country comparison for the first time - ahead of Great Britain and Germany. While Great Britain registered five percent more projects than in 2018 despite the brexite uncertainty, the number of investments in Germany remained at the same level as in the previous year. >more

Deutsche Bank Research
COVID-19: CRISIS RESILIENCE MADE IN GERMANY
Germany has got COVID-19 under control faster than many other countries. It also recorded one of the lowest infection fatality rates among the G10 countries. The complete fiscal policy U-turn in response to COVID-19 induced economic damage should allow the German economy to weather this crisis better than many other countries – although the impact will still be massive. We have identified six structural features of the German society contributing to its superior collective resilience. >more

ACTIVISM AND EMPIRE BUILDING
Nickolay Gantchev, Merih Sevilir, and Anil Shivdasani
2019
Hedge fund activists target firms engaging in empire building and improve their future acquisition and divestiture strategy. Following intervention, activist targets make fewer acquisitions but obtain substantially higher returns by avoiding large and diversifying deals and refraining from acquisitions during merger waves. Activist targets also increase the pace of divestitures and achieve higher divestiture returns than matched non-targets. Activists curtail empire building through the removal of empire building CEOs, compensation based incentives, and appointment of new board members. Our findings highlight an important channel through which activists improve efficiency and create shareholder value. >more

ALL THE PRESIDENT'S FRIENDS: POLITICAL ACCESS AND FIRM VALUE
Jeffrey R. Brown, and Jiekun Huang
2017
Using novel data on White House visitors from 2009 through 2015, we find that corporate executives’ meetings with key policymakers are associated with positive abnormal stock returns. We also find evidence suggesting that following meetings with federal government officials, firms receive more government contracts and are more likely to receive regulatory relief (as measured by the tone of regulatory news). The investment of these firms also becomes less affected by political uncertainty after the meetings. Using the 2016 presidential election as a shock to political access, we find that firms with access to the Obama administration experience significantly lower stock returns following the release of the election result than otherwise similar firms. Overall, our results provide evidence suggesting that political access is of significant value to corporations. >more