NEWSLETTER of June 5, 2026

The following content has been added at finexpert:

BCG
2026 GLOBAL WEALTH REPORT: THE GREAT REORDERING
Global financial wealth is expanding, but there’s a growing split between markets generating wealth at scale and those slowed by political and economic uncertainty. Global financial wealth rose by the highest percentage since 2021, driven by strong equity performance in major markets. Cross-border wealth reached $15.6 trillion in 2025, with the top ten booking centers accounting for more than 90% of new flows. Hong Kong narrowly overtook Switzerland as the world’s largest cross-border booking center, but the two are likely to remain at the center of their respective Eastern and Western hubs. >more

Allianz Research
WEED OUT THE LAGGARDS: SUSTAINABILITY AS A CREDIT FILTER 
Financial fundamentals remain the primary drivers of credit risk. Across more than 7,400 companies and 280,000 firm-year observations, profitability (ROA), leverage and size collectively explain the vast majority of variation in credit risk. Sustainability is statistically significant but smaller in magnitude: financial fundamentals carry coefficients 3-7 times larger than the sustainability variable in our global sample. >more

KPMG
INSURERS: ARE YOU READY FOR IFRS 18?
IFRS 18, Presentation and Disclosure in Financial Statements, becomes effective on 1 January 2027 and must be applied retrospectively, with comparative information restated accordingly. This guide discusses some of the potential implications as insurers prepare for the transition to IFRS 18. It is important to examine the requirements in detail and consider how they apply to an entity’s specific circumstances, as the effort involved should not be underestimated. The extent of the impact will depend on current presentation practices. As the date of initial application approaches, insurers should assess the potential effects of IFRS 18, develop a comprehensive implementation roadmap for transition-related activities, and communicate the expected impact to investors, including how IFRS 18 may affect non-GAAP measures. Since interpretations and market practices continue to evolve, this guide is based on the information available at the time of publication. >more

KfW Research
KOMMUNEN INVESTIEREN DEN GRÖßTEN TEIL DES SONDERVERMÖGENS IN SCHULEN UND STRAßEN
A preliminary analysis of the KfW Municipal Panel 2026 shows that almost one in two local authorities will invest funds from the special fund in roads and school infrastructure. Investment backlogs in these areas have been particularly high for years. The special fund can support investment in these areas, but is unlikely to be nearly enough to make up for the accumulated backlog. >more

ONE HUNDRED YEARS IN THE U.S. STOCK MARKETS
Hendrik Bessembinder
2026
This study summarizes investment outcomes for 29,754 common stocks listed on the public U.S. stock markets over the 100-year period from 1926 to 2025, reporting on both compound (buy-and-hold) percentage returns and shareholder wealth enhancement measured in dollars.  While the cross-stock mean buy-and-hold return is over 30,000%, the median is -6.9%.  Shareholders’ wealth was enhanced by $91 trillion over the century, but long-term investors in nearly 60% of stocks incurred wealth reductions.  The degree to which wealth creation is concentrated in a few firms has increased sharply in recent years.  Over the 1926 to 2016 period studied in Bessembinder (2018), 89 firms accounted for half of the $43 trillion in net wealth creation.  After including outcomes for the most recent nine years, just 46 firms account for half of the $91 trillion in net wealth creation over the full century. >more

ASSESSING FACTORS AND THE CAPM IN 2026
Ivo Welch
2026
This paper reports the assessments of 254 researchers from 45 top US universities. Their consensus equity premium was 5% per year. Of 20 named factors, they expected the best future performance from momentum, profitability, value, and market-beta. They considered only the latter two to be risk factors. They deemed the other 16 factors spurious or unimportant. High-expertise researchers were particularly bullish on profitability. Respondents extrapolated recalled past performance but shrank their forecasts. Despite historical evidence, they had positive expectations for market-beta. 1-in-3 even retained solid faith in the CAPM; only 1-in-5 strongly rejected it. >more