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NEWSLETTER of March 4, 2022

The following content has been added at finexpert:

Capital Market Data ValueTrust | finexpert | WU Vienna

DACH Capital Market Study December 31, 2021- Analysis of cost of capital parameters and multiples for the capital markets of Germany, Austria and Switzerland

In the DACH Capital Market Study (December 31, 2021), we analyze the relevant parameters to calculate the costs of capital based on the Capital Asset Pricing Model (risk-free rate, market risk premium and beta). Additionally, we determine implied as well as historical market and sector returns. Moreover, this study includes capital structure-adjusted implied sector returns, which serve as an indicator for theunlevered cost of equity. The relevered cost of equity can be calculated by adapting the company specific debt situation to the unlevered cost of equity. This procedure serves as an alternative to the CAPM. >more

Capital Market Data ValueTrust

European Capital Market Study December 31, 2021 - Analysis of cost of capital parameters and multiples for European capital markets

This study provides a data compilation of capital market parameters that enables an enterprise valuation in Europe. The purpose of the study is to serve as a tool and data source as well as to show trends in the parameters analysed. >more

Studies > Performance

Thinking Ahead Institute
The Global Pension Assets Study estimates global pension fund assets across 22 major pension markets (the P22). These geographies now total a record US$56.6 trillion in pension assets and account for 76% of the GDP of these economies. The study, conducted by WTW and the Thinking Ahead Institute since the 1990s, includes an analysis of the seven largest markets (the P7): Australia, Canada, Japan, Netherlands, Switzerland, UK and US comprise 92% of total pension assets, unchanged from the previous year. >more

Studies > Corporate Finance

European Investment Bank
This unique insight into the corporate investment landscape in the European Union examines companies' finance needs and the constraints they face. The 2021 edition delves into the massive shock produced by the COVID-19 crisis, and the response and recovery programmes put in place by the European Union and by national governments. The report assesses the extent to which European firms are addressing the need to make their businesses more green and digital. The survey is based on interviews with 12 000 companies across the 27 European Union countries, and it includes a benchmark sample from the United Kingdom and United States. This overview provides the aggregated results for the European Union. >more

Studies > M & A

Oliver Wyman
This paper operates within the finance apparatus established half a century ago but modernizes the science of valuation to make it fit for the 21st century. The market is like a musical ensemble. Not all musicians play at the same time, or with the same instruments. A flute might constantly flutter around a root melody, while a cymbal might come in rarely but powerfully. One needs to listen to the music of the market to understand it. We have found that the music of the market is much richer in the post-World War II era: What started as a string quartet is now a full symphony orchestra. That is one of the major themes of this work. >more

Studies > M & A

Mergermarket | Mazars
Mergermarket and Mazars are pleased to present Investing in CEE: Inbound M&A report 2021/2022. This report offers an overview of investor activity into the CEE region in 2021, looking ahead to the challenges and opportunities for the coming months. Deal volume and value both increased in 2021. The number of M&A deals in the CEE region rose to 889 in 2021, up 32% on the previous year. Total deal value was also higher, with transactions totalling €67.5bn. This represents an increase of 41% compared with 2020 and it is the highest total transaction value since 2016. >more

Studies > Macro

Roland Berger
The expected significant recovery of the German economy last year and in particular a strong final sprint failed to materialize. In spring last year, the German government had forecast growth of 3.5% for 2021. But Germany's gross domestic product increased by only 2.8% in 2021. This means that growth in the German economy fell well short of expectations. >more

Research Papers > Corporate Governance

Ying Dou, and Emma Jincheng Zhang
Prior research has suggested that sitting on the board of a poorly performing firm can be undesirable to directors. Yet, almost 60% of these firms are able to appoint new directors following director departures. Contrary to a quality matching explanation, we do not find that only poorly performing directors join these firms. Upon joining poorly performing firms, directors are more likely to fill the leadership positions, without necessarily receiving higher pay. These directors subsequently receive career benefits, especially those who are relatively junior in the pool. As such, the evidence is consistent with the leadership positions providing a certification effect. >more

Research Papers > Corporate Finance

David A. Hirshleifer, Lin Peng, and Qiguang Wang
Using social network data from Facebook, we show that earnings announcements made by firms located in counties with higher investor social network centrality attract more attention from both retail and institutional investors. For such firms, the immediate price and volume reactions to earnings announcements are stronger, and post-announcement drift is weaker. Such firms have lower post-announcement persistence of return volatility but higher persistence in investor attention and trading volume. These effects are stronger for small firms, firms with poor analyst and media coverage, and for stocks with salient returns. Our evidence suggests a dual role of social networks---they facilitate the incorporation of public information into prices, but also trigger persistent excessive trading. >more

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