{"id":43934,"date":"2017-12-01T04:38:36","date_gmt":"2017-12-01T02:38:36","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/foreword-by-the-editor-2010\/"},"modified":"2017-12-01T04:38:36","modified_gmt":"2017-12-01T02:38:36","slug":"foreword-of-the-editor-2010","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-2010\/","title":{"rendered":"Foreword by the Editor 2010"},"content":{"rendered":"

Tatjana Ande\u00adrer<\/strong> \u2014 Foun\u00adder of FYB Publi\u00adshing House<\/p>\n","protected":false},"excerpt":{"rendered":"

Is that it? Finan\u00adcial crisis over? A look at the stock markets in Octo\u00adber 2009 could suggest this conclu\u00adsion. Prices there have risen by over 50 percent since the low point in March. The credit markets are also signal\u00ading some\u00adthing of an all-clear. \u2014 In any case, it is clear that macroe\u00adco\u00adno\u00admists disagree about the further course of the crisis. The spec\u00adtrum of predic\u00adtions ranges from \u201cV type\u201d (rapid, sharp reco\u00advery analog\u00adous to 2001\/2) to \u201cU\u201d (slow but strong reco\u00advery as in 2004\/5) and \u201cL\u201d (long stagna\u00adtion analog\u00adous to Japan in the 1990s) to \u201cW\u201d (after a short reco\u00advery phase, another down\u00adturn before things pick up again).<\/p>\n

In the wake of the finan\u00adcial crisis, busi\u00adness with acqui\u00adsi\u00adti\u00adons, mergers and syndi\u00adca\u00adted loans collap\u00adsed comple\u00adtely in 2008. Market parti\u00adci\u00adpants were para\u00adly\u00adzed; suddenly there was no more finan\u00adcing. This trend contin\u00adued in 2009. Global tran\u00adsac\u00adtion volu\u00admes fell by around 45 percent compared with the previous year. A simi\u00adlar stagna\u00adtion spread among private equity funds. Nevert\u00adhel\u00adess, their share of global M&A acti\u00advity has remained at a surpri\u00adsin\u00adgly constant level since the outbreak of the finan\u00adcial crisis, even though the over\u00adall tran\u00adsac\u00adtion volume has decreased enormously.<\/p>\n

In the mean\u00adtime, the coffers of more than a few large compa\u00adnies are bulging, not least because compa\u00adnies are once again recei\u00adving fresh capi\u00adtal on the stock and bond markets. A number of mergers and acqui\u00adsi\u00adti\u00adons could soon be in the offing, as the oppor\u00adtu\u00adnity to go on a shop\u00adping spree is now favorable. There is another reason that makes take\u00adovers attrac\u00adtive for compa\u00adnies again: Their finan\u00adcing costs have fallen below the free-cash-flow yield of their poten\u00adtial take\u00adover targets, and so take\u00adovers make sense again.<\/p>\n","protected":false},"featured_media":40917,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2458,2468,2511],"product_tag":[1475,1478,1545,1824,1829],"class_list":{"0":"post-43934","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-tatjana-anderer-en","8":"product_cat-free-of-charge-en","9":"product_cat-fyb-2010-2","10":"product_tag-tatjana-anderer-en","11":"product_tag-foreword","12":"product_tag-financial-crisis","13":"product_tag-sydicated-loans","14":"product_tag-transaction-volume","15":"pa_sprache-english-3","16":"pa_sprache-german","18":"first","19":"instock","20":"taxable","21":"shipping-taxable","22":"purchasable","23":"product-type-variable"},"yoast_head":"\nForeword by the Editor 2010 - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-2010\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreword by the Editor 2010 - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Is that it? 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