NEWSLETTER of June 18, 2021

The following content has been added at finexpert:

Goldman Sachs
EURO 2020 - MODELLING THE BEAUTIFUL GAME
Following a year of delay, the Euro 2020 will finally go ahead on June 11. As the excitement for the tournament builds, Goldman Sachs Research constructs a statistical model to simulate the European Cup, which we intend to update as the tournament progresses. >more

Oliver Wyman
IS THE COVID-19 RESTRUCTURING WAVE STILL TO COME?
How has the restructuring ecosystem changed in the wake of COVID-19? What should be on companies' agendas as they emerge from the crisis? And what role can governments play to facilitate economic recovery? Our Restructuring 2021 brochure sheds light on these topics and more. >more

Baker McKenzie
H1 IPO SNAPSHOT: UNFOLDING TRENDS FOR 2021
IPO activity has remained buoyant through the first half of 2021, sustaining the high momentum from Q3 2020. This surge in IPO activity is driven by high liquidity, investor enthusiasm and the continued rush of SPAC deals. Capital raising during H1 2021 reached historic highs at over USD 290 billion, reflecting a 220% year-on-year increase in capital raising. >more

Coller Capital
GLOBAL PRIVATE EQUITY BAROMETER: SUMMER 2021
We are pleased to share our 34th Coller Capital Global Private Equity Barometer and its associated press release. Coller Capital's Barometer is a unique snapshot of global trends in private equity – a twice-yearly overview of the plans and opinions of Limited Partners worldwide. >more

GLOBAL REALIGNMENT IN FINANCIAL MARKET DYNAMICS: EVIDENCE FROM ETF NETWORKS
Monica Billio, Andrew W. Lo, Loriana Pelizzon, Mila Getmansky Sherman, and Abalfazl Zareei
2021
The centrality of the United States in the global financial system is taken for granted, but its response to recent political and epidemiological events has suggested that China now holds a comparable position. Using minute-by-minute data from 2012 to 2020 on the financial performance of twelve country-specific exchange-traded funds, we construct daily snapshots of the global financial network and analyze them for the centrality and connectedness of each country in our sample. We find evidence that the U.S. was central to the global financial system into 2018, but that the U.S.-China trade war of 2018–2019 diminished its centrality, and the Covid-19 outbreak of 2019–2020 increased the centrality of China. These indicators may be the first signals that the global financial system is moving from a unipolar to a bipolar world. >more

THE DETERMINANTS OF OFFICE RENTAL YIELDS: THE INTERNATIONAL EVIDENCE
Jedrzej Pawel Bialkowski, Sheridan Titman, and Garry J. Twite
2021
We examine commercial office rental yields in 89 large cities in 33 developed and developing countries in the 2000-2019 period. As expected, commercial office yields have declined throughout the world, reflecting a decline in the real rate of interest over this time period. Our cross-city analysis indicates that commercial office yields are lower in cities with growing rental rates and in countries with higher credit ratings and lower inflation rates. Finally, we find that rental yields in suburban office markets are higher than in central business districts, and for a given metropolis, suburban yields are lower in suburbs with better public transport connections to the central business district. >more