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NEWSLETTER of October 9, 2020


The following content has been added at finexpert:


Studies > Performance

Nuveen
THE FACTORS DRIVING REAL ASSET RETURNS
We used common macro factors that drive a substantial proportion of risk in institutional portfolios — namely global equity, real rates, credit, expected inflation and oil. We also considered lumber as a factor exposure that is likely to feature in a timberland portfolio. The exercise revealed the degree of common factor exposures across a range of public and private real assets, using indexes as proxies for both public and private real asset returns. >more

Studies > Performance

PwC
SECURING YOUR TOMORROW, TODAY: THE FUTURE OF FINANCIAL SERVICES
As we shift our attention to the future, it is important to note that although COVID-19 presents significant challenges, other fundamental factors such as geopolitical tensions and evolving regulatory regimes will shape financial institutions significantly in the mid- to long-term. We don’t have all of the answers, but there is a set of macro trends that financial institution leadership teams need to understand in order to properly plan for their future. >more

Studies > Performance

Oliver Wyman
THE POST-COVID OPPORTUNITY FOR BANKS
With more than 50% of the world in lockdown of various forms, a nosedive in global trade, forecasted 3.8% decline in GDP, the covid-19 pandemic has brought an unprecedented halt to normal life. This has led to fundamental changes in behaviour, accelerating many trends that were underway pre-crisis, such as digital adoption, as well as catalysing new changes, particularly around the way we work. These provide an opportunity for a radical refresh, however, the window to realize opportunities is narrow. >more

Studies > M & A

Hauck & Aufhäuser | HHL Leipzig Graduate School of Management
INVESTITIONSSTRATEGIE REAL ASSETS
The Center for Corporate Transactions and Private Equity (CCTPE) at HHL Leipzig Graduate School of Management teamed up with Hauck & Aufhäuser to analyze how the addition of private market products such as private equity, infrastructure and real estate affects risk and return of "classic" portfolios, e.g., including bonds and equities. >more

Studies > M & A

ValueTrust, finexpert and JKU Linz
DACH CAPITAL MARKET STUDY WITH DATA OF JUNE 30, 2020
Valuation parameters and cost of equity are derived in a comprehensive manner to provide a sound basis for investment decisions, even more relevant than usual in the current volatile economic environment. Cost of equity are derived according to four different methodologies for twelve different sectors. >more


Research Papers > Corporate Finance

WEALTH AND TAXES
John H. Cochrane
2020
Wealth inequality has become a heated political issue. Politicians claim that wealth concentration is rising and that people at the top are gaining at other people’s expense. In this study, I examine problems with the measurement of wealth and discuss whether wealth inequality is an issue that public policy needs to address. I also consider the likely effects of wealth taxation. I concur with views from the left that political rent‐​seeking should be curtailed and that finding economic oppor­tunities for less‐​fortunate Americans is important. But I argue that a new system of wealth taxes is more likely to hurt rather than help those goals. >more

Research Papers > Corporate Finance

ACROSS-THE-CURVE CREDIT SPREAD INDICES
Antje Berndt, Darrell Duffie, and Yichao Zhu
2020
This note presents a preliminary approach to the design of an across-the-curve credit spread index (AXI). The index is a measure of the recent average cost of wholesale unsecured debt funding for publicly listed U.S. bank holding companies and their commercial banking subsidiaries. This may be a useful benchmark for bank lending and related derivatives risk management applications. The index is a weighted average of credit spreads for unsecured debt instruments with maturities ranging from overnight to five years, with weights that reflect both transactions volumes and issuance volumes. We provide preliminary illustrative output of the bond-based component of AXI using TRACE secondary-market price and volume data from 2002–2019. We have only extremely preliminary estimates of the short-maturity (money-market) spread component. >more

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