NEWSLETTER of June 20, 2025

The following content has been added at finexpert:

Bitkom
DIGITAL FINANCE 2025 - WIE DIGITAL IST DIE DEUTSCHE FINANZBRANCHE?
App instead of branch - people's finances can be managed digitally and on the move, and more and more people are making use of the new possibilities: 86% of Germans use online banking - a new high. This is mainly due to the fact that more and more senior citizens are also carrying out their banking transactions online. In the age group between 65 and 74, 83 percent now use online banking. A year ago, the proportion was 77%, in 2023 it was only 61%. And even in the 75+ age group, usage is now significantly higher than in previous years at 43% (2024: 26%; 2023: 22%). These are the results of a survey of 1,003 people aged 16 and over in Germany commissioned by the digital association Bitkom. >more

Allianz Research
CASH BACK TO SHAREHOLDERS OR CASH STUCK TO FINANCE CUSTOMERS? AMERICAN AND EUROPEAN FIRMS DEAL WITH TRADE WAR DIFFERENTLY
Because of high economic volatility and uncertainty, Working Capital Requirements (WCR) increased by 2 days globally in 2024. Working Capital Requirements (WCR) rose by +2 days globally in 2024, reaching 78 days – the highest level since 2008 – with no major signs of easing in early 2025. This increase reflects the cost of adaptation to high uncertainty and tighter financial conditions as trade frictions and recession risks on the horizon have affected turnover growth, payment terms and inventory strategies. This is particularly true for Western Europe, which stood out with a +4-day rise for the third consecutive year, while APAC recorded a moderate increase (+2 days). In contrast, North America posted a -3-day decline in WCR, marking a rare divergence. As of Q4 2024, 35% of companies globally had WCR exceeding 90 days of turnover (down just 1pp y/y), and Q1 2025 data suggests a slightly stronger-than-usual seasonal rebound (+8 days q/q vs. a long-run average of +7). >more

Alix Partners
LEADERSHIP UNDER PRESSURE: ALIGNING GROWTH AND EFFICIENCY
The first of these reports focused on CEO succession by identifying the usual practices—and the best practices—in finding and developing the next generation of top executives. Since then, the study has broadened to include topics like culture, adaptation to disruption, and leadership strategies for the first 100 days. In the decade during which we have conducted this research, we have frequently documented the increasing importance of (1) leadership and talent management to the PE industry and (2) the companies in which the industry invests. Many factors have risen in prominence during this period, and they have come together to make human capital more valuable in creating tangible value. As a result, PE executives have consistently said leadership effectiveness has become the most important lever for creating value in their portfolios. >more

Coller Capital
GLOBAL PRIVATE CAPITAL BAROMETER 42ND EDITION, SUMMER 2025
In this edition of the Global Private Capital Barometer, we explore investor sentiment towards private markets, and examine their views on allocations and risk in the current macroeconomic climate. We uncover Limited Partners (LPs) perspectives on secondaries, private credit, and evergreen vehicles and delve further into their long‑term convictions and near-term expectations of today’s dynamic investment landscape. Fieldwork for this edition of the Barometer took place from 19th February to 14th April 2025. >more

SURVEY: MARKET RISK PREMIUM AND RISK-FREE RATE USED FOR 54 COUNTRIES IN 2025
Pablo Fernandez, Diego Garcia de la Garza, and Lucía Fernández Acín
2025
This paper contains the statistics of a survey about the Risk-Free Rate (RF) and the Market Risk Premium (MRP) used in 2025 for 54 countries. We got answers for 103 countries, but we only report the results for 54 countries with more than 6 answers. The paper also contains the links to previous years surveys, from 2008 to 2024. >more

TWITTER-BASED ATTENTION AND THE CROSS-SECTION OF CRYPTOCURRENCY RETURNS
Arnaud Thierry Maître, Florian Weigert, and Nikolay Pugachyov
2025
This paper investigates how investors’ abnormal attention affects the cross section of cryptocurrency returns in the period from 2018 to 2022. We capture abnormal attention using the (log) number of Twitter posts on individual cryptocurrencies on the current day minus a 30-day average. Our results reveal that abnormal attention is positively associated with contemporaneous and one-day ahead crypto performance. Among the different Twitter tweets, return predictability arises due to Ticker-tweets from investors, but not due to tweets from the cryptocurrency channel. These Official-tweets, however, are able to forecast technological innovations on the blockchain. >more