NEWSLETTER of May 30, 2025

The following content has been added at finexpert:

Oliver Wyman
BANKENREPORT DEUTSCHLAND 2025
The profitability of banks in Germany is under pressure: the recession and weak investment in the German economy as well as geopolitical upheavals will result in falling profit pools and rising risk costs over the next two years. In addition, banks must invest heavily in their competitiveness and a future agenda for 2035 in order to prepare themselves for growing competitive pressure and declining industrial value creation in Germany in the long term. At the same time, however, they also have the opportunity to provide important impetus for the future and tap into new business areas that are emerging as a result of structural and demographic change. >more

PwC
UNLOCKING VALUE WITH BUY-AND-BUILD STRATEGIES IN THE DACH PRIVATE EQUITY MARKET
The DACH region offers considerable value potential through buy-and-build strategies in the PE sector. The fragmented market of small and medium-sized companies enables consolidation, sustainable growth and long-term value creation through synergies. >more

Deutsche Bank Research
STABLECOINS 2025: EVERYTHING YOU NEED TO KNOW
Stablecoins are on the cusp of mainstream adoption in 2025 as the US pushes forward with landmark legislation (GENIUS and STABLE Acts) by August. Despite last week's Senate resistance, we still expect progress this year. >more

European Investment Bank
THE STATE OF LOCAL INFRASTRUCTURE INVESTMENT IN EUROPE – EIB MUNICIPALITIES SURVEY 2024–2025
Local governments are on the front lines of some of today’s biggest challenges – climate change, affordable housing and equitable and effective education. But are they ready to invest at the scale needed? Our latest EIB Municipalities Survey asks local governments how they are tackling these challenges, and the roadblocks they face. >more

GLOBAL EVIDENCE ON PROFIT SHIFTING WITHIN FIRMS AND ACROSS TIME
Fotis Delis, Manthos D. Delis, Luc Laeven, and Steven Ongena
2025
We provide estimates of profit shifting for over 2 million firm-year observations in 100 countries over the period 2009–2020. Employing nonparametric estimation techniques within a mainstay model of profit shifting, we examine how the profits of both parent and subsidiary firms within a multinational group respond to marginal changes in the composite tax indicator. The key advantage of this approach is that it yields firm-year estimates of profit shifting. Multinational firms engage in extensive profit shifting by maintaining affiliates in low-tax countries and zero-tax havens. Multinational groups with an ultimate tax-haven owner exhibit the largest profit response to tax incentives. Our new database opens important avenues for analyzing the sources and effects of profit shifting. >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