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NEWSLETTER of September 20, 2024


The following content has been added at finexpert:


Studies > Performance

McKinsey & Company
DER GKV-CHECK-UP 2024: ERFOLGREICH NAVIGIEREN DURCH STÜRMISCHE ZEITEN
Increasing cost pressure, major reform projects, digitalization, changing customer expectations and demographic shifts that affect SHI members and employees alike - there is much to suggest that these issues will once again lead to changes and turbulence in the SHIs in 2024. >more

Studies > Performance

Deloitte
SUSTAINABILITY REPORT 2024 GERMANY
How do board members and other managers view sustainability and climate change? What hurdles, advantages and opportunities are associated with these topics? And what strategies are companies developing to implement sustainable business models profitably? The third edition of the Deloitte CxO Sustainability Report provides insightful answers to these and many other questions. More than 2,100 executives from 27 countries were surveyed for the study, 100 of them from Germany. As in previous years, the German results were analyzed in a separate edition. >more

Studies > Alternative Investments

Lazard
INTERIM SECONDARY MARKET REPORT 2024
The secondary market demonstrated considerable strength in the first half of 2024, generating an estimated $71 billion of volume and building the foundation for a record year overall. Despite some positive trends in the M&A market, lagging distributions have encouraged sponsors and limited partners to access the GP-led and LP-led secondary markets to generate liquidity. >more

Studies > Macro

Deutsche Bank Research
DIESER ABSCHWUNG IST ANDERS
The much-discussed crisis in German industry has come to a head with VW's recent announcement of possible plant closures in Germany. This would be a first in the company's history. The hard data on industrial production also indicates that German industry is currently experiencing the most pronounced downturn in the history of the Federal Republic. However, this differs from previous downturns - for better or for worse. >more

Studies > Macro

Bank for International Settlements
BIS QUARTERLY REVIEW: SEPTEMBER 2024
De-risking began to stir financial markets over the review period but the stresses proved short-lived. While markets experienced sharp bouts of volatility, investors quickly reverted to the risk-on mode that had prevailed for several months. Financial conditions thus remained loose. Yet the turbulence illustrates how markets have become vulnerable to swift mood shifts, especially related to current growth jitters. >more


Research Papers > Corporate Finance

A COMPREHENSIVE 2022 LOOK AT THE EMPIRICAL PERFORMANCE OF EQUITY PREMIUM PREDICTION
Amit Goyal, Ivo Welch, and Athanasse Zafirov
2023
Our paper reexamines whether 29 variables from 26 papers published after Goyal and Welch (2008), as well as the original 17 variables, were useful in predicting the equity premium in-sample and out-of-sample as of the end of 2021. Our samples include the original periods in which these variables were identified, but end later. About half of the new variables have no empirical significance even in-sample. Of those that do, about half have poor out-of-sample performance. A small number of variables still perform reasonably well both in-sample and out-of-sample. >more

Research Papers > Corporate Finance

ARE BANKRUPTCY PROFESSIONAL FEES EXCESSIVELY HIGH?
Samuel Antill
2024
Chapter 7 is the most popular bankruptcy system for U.S. firms and individuals. Chapter 7 professional fees are substantial. Theoretically, high fees might be an unavoidable cost of incentivizing professionals. I test this empirically. I study trustees, the most important professionals in Chapter 7, who liquidate assets in exchange for legally-mandated commissions. Exploiting kinks in the commission function, I estimate a structural model of moral hazard by trustees. I show that a policy change lowering trustee fees would harm trustee incentives, reducing liquidation values. Nonetheless, such a policy would dramatically improve creditor recovery, increasing small-business-lender recovery by 15.7%. >more

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