Europe

This European Investment Fund paper gives insights into the Business Angel segment with a special focus on Germany. It introduces the concept of BA financing and analyses the BA market in Germany. It concludes that there is a significant excess demand for early stage financing.

In this paper Pablo Fernandez and Vicente J Bermejo, of IESE Business School, report 1,466 answers from European managers and professors regarding betas used to to justify returns.

Economic conditions in the UK and elsewhere can only be described as uncertain, yet all the indications are that it is the smaller and private businesses in the country that are best placed to push the economy back into healthy growth, says this report from accountant Kingston Smith.

In this monthly newsletter MB Partners offers an insight into the euro crisis and Szabolcs Varga of Bank Gutmann gives views about the roots of the problem. Readers will find the regular columns on legal and tax regulations in Romania and Hungary, plus as snapshot of M&A deals in these countries since the beginning of the autumn. The English summary starts on page 33.

In this paper Pablo Fernandez, professor of finance at IESE Business School in Madrid, shows that the three residual income models for equity valuation always yield the same value as the discounted cash flow valuation models.