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NEWSLETTER of March 27, 2020


finexpert Community

This week we welcomed our 2.000th finexpert-member!

We are proud and happy to see our finance website www.finexpert.info to cross the mark of 2000 registered members. Starting out 13 years ago, our major goal was to fill a gap by regularly providing multiples and beta estimates for German industries for the financial and valuation community. Over the years our services grew and included a weekly newsletter with links to valuable and carefully selected studies of consulting and law firms, financial institutions and associations and finance-related academic working papers. Since 2015 we also offer excel-based financial training courses and seminars on corporate valuation, private equity and merger modelling. (www.finexpert-seminars.de) Thank you to all our customers, supporters and all the people making this success possible!

The following content has been added at finexpert:


Studies > Performance

McKinsey & Company

COVID-19: IMPLICATIONS FOR BUSINESS

The coronavirus outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. This article is intended to provide business leaders with a perspective on the evolving situation and implications for their companies. The outbreak is moving quickly, and some of the perspectives in this article may fall rapidly out of date. This article reflects our perspective as of March 25, 2020. We will update it regularly as the outbreak evolves. >more

Studies > Performance

BCG

COVID-19 RAPID RESPONSE CHECKLIST

As the world mobilizes to mitigate the impact of the coronavirus, uncertainty abounds. One thing is clear, however: the COVID-19 outbreak underscores the need for business and society to be resilient and prepared—qualities that will be in demand long after public health has been restored. >more

Studies > Performance

Bain & Company

A CEO PLAN FOR CORONAVIRUS: ACTIONS TO TAKE NOW

The Covid-19 outbreak is unlike any previous crisis: traditional crisis-response approaches will not be sufficient. CEOs need to act now, and act aggressively. >more

Studies > Macro

J.P. Morgan

CORONAVIRUS (COVID-19) RESEARCH COMPILATION

This compilation includes all of our research to-date on the coronavirus, and will be updated continually as the pandemic continues. The high frequency charts on infection, mortality, and economic and market data will be updated as data becomes available. This compilation incorporates research and feedback from Johns Hopkins University Center for Health Security, Harvard Medical School, the Imperial College of London Department of Infectious Disease Epidemiology and the National Institute of Allergy and Infectious Disease at the National Institutes of Health. >more


Research Papers > Alternative Investments

PUBLIC VERSUS PRIVATE EQUITY

René M. Stulz
2019
The last twenty years or so have seen a sharp decline in public equity. I present a framework that explains the forces that cause the listing propensity of firms to change over time. This framework highlights the benefits and costs of a public listing compared to the benefits and costs of financing with private equity. With this framework, the decline in public equity is explained by the increased supply of funds for private equity and changes in the nature of firms. The increase in the importance of intangible assets makes it costlier for young firms to be public when the alternative is funding through private equity from investors who have specialized knowledge that enables them to better understand the business model of young firms and contribute to the development of that business model in contrast to passive public equity investors. >more

Research Papers > Alternative Investments

PRIVATE EQUITY PORTFOLIO COMPANIES: A FIRST LOOK AT BURGISS HOLDINGS DATA

Gregory W. Brown, Robert S. Harris, Wendy Hu, Tim Jenkinson, Steven N. Kaplan, and David T. Robinson
2020
This paper provides a first look at newly available data on the holdings of private equity (PE) funds. Because research has been hampered by the lack of comprehensive, high-quality data on portfolio companies, this new source offers the potential for a wide range of research. Provided by Burgiss, a global provider of data and analytics to investors in PE funds (limited partner investors or LPs), the data are gathered from the financial reports of general partners (GPs) to LPs who are Burgiss clients. The sample covers over 45,000 investments in funds’ portfolio companies (in buyout and venture capital); moreover, the coverage is expected to grow through a phased release process. The paper describes preliminary findings on sample characteristics and offers a high-level view on aspects of performance in hopes of inspiring additional research. >more

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