NEWSLETTER of May 6, 2022

This week we welcomed our 2.300th finexpert-member!

Memberlist for non-members >more
Memberlist for members if logged in >more

The following content has been added at finexpert:

Value Trust | finexpert

> finexpert|ValueTrust German Takeover Report 2022 (February 2022)

Content
3 Market Overview
12 Capital Market Reaction
16 Statements & Fairness Opinions
22 Success Rates
27 Takeover Case Study: Deutsche Wohnen SE
30 Endgame Analysis
35 Transaction Details 2021

Alix Partners
2022 ALIXPARTNERS DISRUPTION INDEX
When the global pandemic disordered all of our lives, it demanded new approaches to productivity, supply, consumption, and leisure, which dramatically accelerated the adoption curve for many new technologies. At the same time, the tensions caused by the pandemic also revealed a conglomeration of disruptive forces, which had been growing for years. In our third annual study of disruption, we surveyed 3,000 business executives around the globe and found that, surprisingly, despite its universal effects and immense toll in human life and suffering, the biggest challenge for CEOs going into 2022 is not COVID-19. What does concern them are the disruptive technological, societal, and economic challenges that their businesses must confront in the years ahead. >more

Houlihan Lokey
2020/2021 SPAC PIPE STUDY
Houlihan Lokey is pleased to present its 2020/2021 SPAC PIPE Study. We have summarized and analyzed key metrics for 285 private investments in public equities made in connection with 238 de-SPAC business combinations that closed in the calendar years 2020 and 2021. >more

Kroll
EUROPEAN MID-MARKET DEBT UPDATE – 2021 YEAR REVIEW
We are pleased to share our latest debt mid-market update. In this issue, we present the results of our H2 2021 survey as well as the overall results for 2021, which track deals completed by over 55 leading European bank and non-bank lenders. We also provide commentary on current trends in the European debt mid-mid markets, including insights into key trends in UK asset backed lending (ABL) and a general market outlook for 2022. >more

KfW Research
MITTELSTAND: ZAGHAFTES DURCHATMEN NACH KRIEGSSCHOCK IM VORMONAT
The KfW-ifo SME Barometer indicator family is based on a scale-of-enterprise evaluation of the ifo Business Survey, from which the well-known ifo Business Climate Index is calculated. Around 9,000 companies from the manufacturing, construction, wholesale, retail and services sectors (excluding financial services, insurance and government) are surveyed each month on their economic situation, including around 7,500 SMEs. Enterprises are generally classed as small to medium-sized if they employ a workforce of not more than 500 and record an annual turnover not exceeding EUR 50 million. >more

SOCIALLY RESPONSIBLE DIVESTMENT
Alex Edmans, Doron Levit, and Jan Schneemeier
2022
Blanket exclusion of "brown" stocks is seen as the best way to reduce their negative externalities, by starving them of capital and hindering their expansion. We show that a more effective strategy may be tilting -- holding a brown stock if it is best-in-class, i.e. has taken a corrective action. While such holdings allow the firm to expand, they also encourage the corrective action. We derive conditions under which tilting dominates exclusion for externality reduction. If the corrective action is unobservable to the market, the investor is unable to tilt even if she has perfect information -- doing so would lead her to hold a company that has taken the action but the market thinks it has not, leading to accusations of greenwashing. Even if managers can costlessly disclose a signal of their actions, they will only do so under certain circumstances, and even a manager intending to take the action will only disclose a noisy signal. >more

MANDATORY FINANCIAL DISCLOSURE AND M&A ACTIVITY
Marcelo Ortiz M., Caspar David Peter, Francisco Urzúa I., and Paolo F. Volpin
2022
Taking advantage of the implementation of the European Commission directives on the financial reporting of private firms, we explore the impact of mandatory financial disclosure on mergers and acquisitions. We find robust evidence that the volume of private firms becoming the target in M&A deals is positively correlated with mandatory disclosure. The analyses of deal characteristics and post-deal performance confirm our interpretation that financial disclosure increases M&A activity by reducing asymmetric information and uncertainty. >more