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NEWSLETTER of September 30, 2022


The following content has been added at finexpert:


Studies > Performance

Thinking Ahead Institute
THE WORLD’S LARGEST PENSION FUNDS – 2022
The global top 300 pension funds is an annual study conducted by the Thinking Ahead Institute, in conjunction with Pensions and Investments. The research highlights high-level trends in the pension fund industry and provides information on how the characteristics of these top funds have changed. >more

Studies > Performance

FTSE Russell
DECARBONIZATION IN EQUITY BENCHMARKS: SMOKE STILL RISING
Faced with growing climate risk, investors are increasingly focused on tracking and reducing their portfolio’s carbon emissions exposure in global equities. There are practical and methodological challenges in tracking these reduction targets, and a consensus has yet to develop around the best metrics and measures to assess portfolio carbon exposure. All measures proposed have their own unique strengths and weaknesses, which drive volatility in results and can confound portfolio-level trends, strengthening the case for utilizing multiple metrics. >more

Studies > Alternative Investments

KfW Research
GERMAN PRIVATE EQUITY BAROMETER 2ND QUARTER 2022
The German private equity market experienced a further loss of confidence in the second quarter of this year. The sentiment indicator of the later-stage segment fell by 17.8 points to -24.7 balance points. Business expectations were more heavily affected than situation assessments. The indicator for the current business situation slipped by 13.2 points to -10.9 balance points. The indicator for business expectations plunged by 22.5 points to -38.5 balance points. >more

Studies > Alternative Investments

KfW Research
GERMAN VENTURE CAPITAL BAROMETER 2ND QUARTER 2022
A historic interest rate increase by the Fed in the US and expectations of a tighter course by the ECB caused sentiment in the German VC market to continue nosediving in the second quarter. The business climate indicator of the early-stage segment dropped by 26.0 points to -18.5 balance points. Business expectations have fallen more sharply than situation assessments. The indicator for the current business situation dropped to -7.6 balance points (-20.6), while the indicator for business expectations fell by 31.4 points to -29.4 balance points. >more

Studies > Macro

World Bank Group
IS A GLOBAL RECESSION IMMINENT?
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has ignited a debate about the possibility of a global recession — a contraction in global per capita GDP. Drawing on insights gained from previous global recessions, this study presents a systematic analysis of the recent evolution of economic activity and policies, and a model-based assessment of possible near-term macroeconomic outcomes. >more


Research Papers > Corporate Governance

THE IMPACT OF A PRINCIPLES-BASED APPROACH TO DIRECTOR GENDER DIVERSITY
Tor-Erik Bakke, Laura Casares Field, Hamed Mahmudi, and Aazam Virani
2022
We study the impact of a principles-based (i.e., comply or explain) approach to female representation on corporate boards. In stark contrast to existing evidence on mandatory diversity regulation, firms most likely to be affected by this principles-based regulation exhibit positive abnormal returns around its announcement. Although not mandated, after the regulation, firms increasingly consider gender diversity in board nominations and are significantly more likely to adopt female director target ratios. Moreover, the fraction of female directors increases by 38% relative to control firms. The main determinants of non-compliance relate to economic frictions in the supply of qualified female directors. >more

Research Papers > Alternative Investments

MANAGEMENT BUYOUTS IN TIMES OF ECONOMIC POLICY UNCERTAINTY
Benjamin Hammer, Sven Mettner, Denis Schweizer, and Norbert Wuensche
2022
Using a sample of 18,225 global buyouts, we find that management buyouts (MBOs) are significantly more likely to occur than institutional buyouts if economic policy uncertainty (EPU) increases. This finding is consistent with the idea that EPU provides an opportunity for insiders to capitalize on private information. Further results suggest that MBOs conducted in times of high EPU achieve more favorable buyout prices and greater post-buyout operating improvements than institutional buyouts. Results hold when exploiting close national election races as a quasi-natural experiment for EPU. >more

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