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NEWSLETTER of September 24, 2021


The following content has been added at finexpert:


Studies > M & A

PwC
DACH: M&A INSIGHTS H1 2021
In Germany, Austria and Switzerland, a total of 1696 deals took place in the first half of 2021 - a top figure (2nd half of 2020: 1531 deals). The deal market is thus well on its way to a new record - in the previous peak year of 2019, 1251 deals took place in the first half of the year and 1558 in the second half. Deal values have also increased, from €50.8 billion in the second half of 2020 to €73.6 billion in the first half of 2021. This and more is shown in the analysis "M&A Insights" by the auditing and consulting firm PwC Germany for Germany, Austria and Switzerland (DACH). In it, PwC analyzes how the M&A industry developed in the first half of 2021, what the top deals were and in which sectors the largest transactions by value and volume took place. >more

Studies > Alternative Investments

ZEW
DEUTSCHER IMMOBILIEN-FINANZIERUNGSINDEX(DIFI)-REPORT QUARTAL 2 - 2021
The German Real Estate Finance Index (DIFI) tracks the situation (past six months) and expectations (coming six months) of survey participants with regard to the German real estate financing markets. It is determined on a quarterly basis and is calculated as the mean value of the balances for the real estate market segments office, retail, logistics, residential and hotel. The balances for the segments are derived from the percentage positive and negative responses of the survey participants to the question about the situation and financing expectations for the German real estate market. >more

Studies > Risk Management

BDO
GLOBAL RISK LANDSCAPE 2021
The impact of the Corona pandemic was worse for many European companies than originally expected in April 2020. This is one of the findings of the "BDO Global Risk Landscape 2021" study, for the European edition of which BDO surveyed around 200 executives of successful companies on our continent. Modern technologies with predictive analytics capabilities played a key role during the crisis: Only 16% of European companies have used technical tools for risk identification and assessment to date. As a result, many companies were not adequately prepared for the impact of potential crises - and still are not today. >more

Studies > Macro

Roland Berger
DIE DEUTSCHE KONJUNKTUR IM ZWEITEN HALBJAHR 2021
Hopes for a rapid recovery of the German economy have not been fulfilled. The third wave of the Corona pandemic is not least to blame. With its emergence, planned easing measures had to be suspended in the spring. At the same time, the German economy continues to struggle with the consequences of the production freeze from the previous year and the associated bottlenecks. The shortage of semiconductors and chips in the automotive industry is particularly glaring, with some companies having to cut back production again. >more


Research Papers > Corporate Governance

GENDER AND EXECUTIVE JOB MOBILITY: EVIDENCE FROM MERGERS AND ACQUISITIONS
Xiaohu Guo, Vishal K. Gupta, Sandra Mortal, and Vikram K. Nanda
2020
The increasing presence of women in executive positions has fostered interest in understanding how men and women fare in the managerial labor market. We examine gender differences in managerial job mobility by focusing on managers displaced (almost 90%) when their firms are acquired. Comparing labor market outcomes for similarly-ranked managers from the same target firm and within the same functional area, we find that career disruption results in a larger drop in rank for female managers, despite similar job search efforts. Gender differences are moderated for managers hired by firms with more women in upper echelon positions. Women with rich prior managerial experience and service on external boards also fare well. Our results point to a significant (implicit) ‘gender penalty’ for women in terms of managerial job mobility, but also indicate contexts in which the penalty may be alleviated, and even reversed. >more

Research Papers > Alternative Investments

TEAM STABILITY AND PERFORMANCE: EVIDENCE FROM PRIVATE EQUITY
Francesca Cornelli, Elena Simintzi, and Vikrant Vig
2021
We examine the relation between team turnover and firm performance studying the private equity industry. Using a unique data set that tracks over time teams in 138 PE managers and their performance, we uncover a positive relation between turnover and fund performance. We propose and confirm in the data two channels that explain our findings: i) in the short-run, performance improves when bad performers are fired, ii) in the long-run, turnover helps teams to adapt and replenish their skills in response to shifting external demand. Our findings suggest that frictions coming from informational asymmetries may deter optimal turnover. These findings are surprising given the common belief among PE investors that team stability is key to long-term success. >more

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