Aylin Girgin Özbiliş

With Olha Cherednychenko, Niels Hermes, Marc Kramer and Marco Meyer we studied the consequences of introducing a commission ban in the Dutch mortgage market, using a randomized choice experiment (n = 2126, Dutch Household Survey). Findings: making costs of financial advice salient reduces demand for advice, but: results are not driven by differences in financial sophistication of clients, and present-biased clients express less willingness to pay for advice upfront. See 'Demand for financial advice: Evidence from a randomized choice experiment', Journal of Banking & Finance, Volume 163, June 2024 https://lnkd.in/ea-zpwAY

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This promises to be a great event. Looking forward to talking about how we invest towards meeting the SDGs. #sustainableinvesting #impactinvesting #sdgs

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Highly recommended for anyone considering investing in Dutch property 

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🎙️Returns from the SuperReturn CFO/ COO Amsterdam 2024 👩🏽‍🏫 💫 What’s on the LP’s WISH list? 🧑‍🎄 Based on the insights shared in our tuesday panel discussion below, here are the key takeaways of our Panel discussion: 1️⃣ Pre-Investment « Wishes »: ✅ Pitch Presentation: LPs desire a comprehensive overview that includes clearly defined investment objectives, a well-rounded team experience, and a lucid investment selection process. A unique value propositions is also crucial. ✅ Due Diligence: LPs typically evaluate critical factors such as relevant operational experience, governance frameworks, industry-specific risks, adherence to best practices, and alignment of interests between LPs and GPs. ✅ Expectations for Risk Management: LPs seek transparency in risk management practices from GPs. They want to hear about the GP's ability to access quality deals, their track record concerning risk-adjusted returns, and how they foresee managing potential market volatilities. ✅ Ideal Track Record Criteria: LPs generally appreciate a strong, robust track record. At least five years of successful investment history, demonstrating consistent performance and resilience through different market cycles. ✅ Structures and Jurisdictions: LPs often look for investment structures and jurisdictions that offer favorable regulatory environments, tax efficiencies, and operational flexibility when deciding where to invest. 2️⃣ LP Onboarding « Wishes »: ✅ KYC Requirements and Responsibilities: LPs have stringent KYC requirements and expect clear onboarding responsibilities from GPs, including providing comprehensive data rooms for streamlined access to essential information. ✅ GP’s flexibility to adapt to LP’s spécific préférences and needs is also very important point at this stage. 3️⃣ Post-selection Process Wishes: ✅ Operational Transparency and Reporting: LPs expect timely quarterly and annual reports that facilitate thorough performance analysis. Furthermore, they require accurate data provision for third-party portfolio reporting and benchmarking. ✅ Key Metrics for Evaluation: LPs desire specific metrics in GP reports that effectively gauge performance, including IRR (Internal Rate of Return), cash-on-cash returns, portfolio diversification, risk assessments, and alignment with investment objectives. ✅ Communication and Relationship Management: In this matter, we can find different « Wishes » depending on the LP’s « nature » . For instance, UHNW individuals may prioritize personal relationships, while institutional investors and FO often focus on quantitative metrics and risk assessment. These points encapsulate the nuanced and evolving desires of LPs in their interactions with GPs and provide insight into the future landscape of private markets and investment partnerships! #CAIA #SuperReturn #AlternativeInvestments #PrivateMarkets #PrivateEquity #PrivateDebt #Investing #Finance #CFO #COO #Portfoliomanagement

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#WorkingPaper 📜 Luuk Schmitz, Timo Seidl and Tobias Wuttke – The Costs of Conditionality: Lessons from IPCEIs The European Union has recently embraced a more active industrial policy to boost its global competitiveness and strategic autonomy. The poster child of this shift are the Important Projects of Common European Interest (IPCEIs), which allow member states to subsidize projects in key sectors like microelectronics, batteries, or hydrogen.  Continue reading the document: https://lnkd.in/dhniRmXq

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Key highlights of our 2024 Q2 Dutch housing market update: 🏗️  Housing Shortage & Building Permits: The housing shortage has risen to 401,000 homes, with building permits and completions showing increases, though still below pre-pandemic levels. An estimated 1.3 million new homes are expected to be required over the next 15 years. 📈   House prices increasing further: The Dutch House Price Index (HPI) climbed to 135.4, marking an 8.60% YoY increase in house prices while property transactions increased by 7.7% YoY. 🏢  Rental Market Dynamics: The newly enacted Affordable Rent Act and a ban on temporary rental contracts are driving a steep 33% decline in listings of available rental properties. Rental prices in the unregulated sector reached a record high, with a 9.9% YoY increase. 📥 Stay Updated: Download the full report or sign up to receive our future updates via email. https://lnkd.in/eSKci_H6

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Explore the future of living in Asia-Pacific with our latest whitepaper, "Asia-Pacific Living Outlook 2024-2026", that delves into the shifting investment trends, demographic dynamics, and macroeconomic factors shaping the residential markets across the region. From the growing preference for the residential sector among institutional investors to the innovative housing solutions like serviced and co-living apartments, this whitepaper highlights the opportunities and challenges ahead. Clemens Kramp MSc FRM, Melle Simonis #residential #realestate

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APG invests €75 million on behalf of its pension fund clients ABP and bpfBOUW in Innovation Industries Fund III. This Dutch investment company provides capital to deep tech start-ups and scale-ups that develop groundbreaking technologies and bring them to market. These types of companies have the potential to offer innovative solutions to global challenges such as climate change, security, aging populations, food shortages, and energy supply. Carlos García Rivas, private equity manager at APG: “With this investment, we are financing the innovative technologies of the future on behalf of our pension fund clients. Additionally, our pension fund clients highly value these types of investments that can make an impact, especially when the impact is made in the Netherlands.” #APG #AssetManagement #Innovation #Impact #Investing #deeptech #privateequity

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2023 was a great year for TCX and local currency is high on the development agenda. One can say "finally" as the first local currency borrowing and loan was made back in 1994 by EBRD. Finally things are taking off. Watch this TCX space. 2024 will bring more news. #mdb EBRD Norbert Seiler Tamsin Sridhara Vince Purton Alexander Auboeck Louis de Montpellier René Karsenti Ruurd Brouwer Othman Boukrami Bert Van Lier Brice Ropion Carien Dam Sarah Russell Bola Adesola Tim Armbruster Jingdong Hua #localcurrency #developmentbanking #derivatives #bondmarkets #emergingmarkets #fx #em #developmentfinance #dfi #currencyhedging #hedging #superbinstitution and #greatcolleagues #impact

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The Week in ETFs at a glance 1️⃣ HanETF & Harbor Capital Advisors Partnership: Harbor Capital Advisors is launching an ETF on HanETF's platform. Interesting twist: Harbor is owned by Robeco, which is also launching its own ETF business this year. So the question is - why choose a third party? 2️⃣ Rex Shares & Tuttle Capital Management Collaboration: Launching 44 single-stock ETFs: 22 leveraged long and 22 inverse exposure. 3️⃣ ETF Content Creators - A Rare Breed: High demand, low supply. Compensation ranges from $120k to $190k depending on experience. 4️⃣ Global ETF Flows YTD: Global: $588.3 Billion US: $409.6 Billion Europe: $96.5 Billion Stay tuned for more updates in the world of ETFs! 🌍💼📊 🔗 to the full story: https://shorturl.at/O8eQ2

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Despite the stagnant R&R environment, we believe there are opportunities for investors. JELD-WEN is one of those. After years of uninspiring operating and margin performance (and therefore, stock price underperformance), we believe the time is now. We believe the stock is valued at a low multiple on the low point of earnings (~6x EV/EBITDA). The management team, which started in late 2022, is making operational improvements that should have been done years ago and there is an extensive pipeline of projects still being worked through. JELD is not reducing capacity, but is improving its cost structure so that every dollar of future sales is more profitable. We believe improvement is already happening, but lower volumes are suppressing total sales, EBITDA and margin. We would encourage investors to look beneath the surface to see the improvements. JELD has reduced the number of manufacturing sites to 55 in North America. Sales and EBITDA on a per unit basis are trending much better than reported and expected segment results. When volumes return, we expect meaningful margin expansion in the North America segment, leading to higher EBITDA and a higher multiple.  #trgbuildingideas https://lnkd.in/gUatiXKV

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Are you curious about the current state of the various Dutch real estate markets? 👉 Then take a look at our latest Investment Update. In this edition, we pay special attention to the investment challenges in the housing market. We are seeing stabilizing initial yields, with a slight decline for prime assets, particularly (care) housing. However, the markets remain volatile, and a full recovery has yet to materialize in the coming quarters. Last quarter’s investment returns were strong, in line with the robust occupier market in the sectors we invest in. For more information, see: https://lnkd.in/eCeiz8eQ

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