Corporate Finance and Governance – serie

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18 produkter

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18 produkter

Del 6 - Corporate Finance and Governance
Determinants of Credit Spreads
An Empirical Analysis for the European Corporate Bond Market
AvArne Wilkes
Inbunden, Engelska, 2011
406 kr
Skickas inom 5-8 vardagar
Credit spreads express how markets evaluate the riskiness of corporate bonds compared to risk-free investments. Since credit spreads have been highly volatile especially during the last decade it is important for academics and practitioners alike to understand the dynamic interdependencies between credit spreads and their determinants. Based on a sample of European corporate bonds and different macroeconomic variables the author analyzes the determinants of credit spreads during the period of 1999 to 2009. With a macro-finance term structure model he shows that the European corporate bond market is largely integrated with some remaining segmentation. Furthermore, panel regressions yield that declining liquidity leads to a significant widening of credit spreads especially during the recent financial crisis. Finally, he demonstrates based on a cointegration analysis that a long-term relationship exists between credit spreads and their determinants and that credit spreads were significantly overpriced after the collapse of Lehman Brothers but have almost returned to equilibrium towards the end of 2009.
Del 5 - Corporate Finance and Governance
Creating and Governing an Integrated Market for Retail Banking Services in Europe
A Conceptual-Empirical Study of the Role of Regulation in Promoting a Single Euro Payments Area
AvMatthäus Markus Sielecki
Inbunden, Engelska, 2011
886 kr
Skickas inom 5-8 vardagar
The creation of the Economic and Monetary Union (EMU) has accelerated the harmonization process of regulation and governance in Europe. However, the integration of fragmented retail banking markets still represents a difficult task for regulators. This book investigates the role of EU policy in creating a single market, addressing explicitly questions on the choice of policy measures to overcome barriers to integration persistent in these markets. Based on an analysis of different regulatory theories, the author develops a conceptual framework and illustrates its applicability to the case of the Single Euro Payments Area (SEPA) initiative. The fact that a single market has not yet evolved is less a sign of market or coordination failures than of government failures. The author concludes that, despite the political resistance from national interest groups, regulatory barriers need to be removed first to provide a level playing field for banks and a safe legal environment for consumers.
Del 9 - Corporate Finance and Governance
Financial Return Risk and the Effect on Shareholder Wealth
How M&A Announcements and Banking Crisis Events Affect Stock Mean Returns and Stock Return Risk- A Compendium of Five Empirical Studies across Selective Industries
AvMalte Raudszus
Inbunden, Engelska, 2012
752 kr
Skickas inom 5-8 vardagar
This dissertation comprises five studies analyzing daily stock returns of listed firms. Studies one and two shed light on corporate diversification through M&A and how related risk dynamics affect shareholder wealth. Carrying over the risk analysis methodology ‘GARCH’ to external events in studies three and four, the author individually scrutinizes the adverse implications of bank failures and bailouts in the 2007-2009 financial crisis. Finding opposing return shocks, he identifies the limits of the ‘symmetric’ GARCH. As observed of the behavior of stock return data, volatility reacts asymmetrically to positive and negative return shocks. The advanced EGARCH incorporates this so called ‘leverage effect’. Applying the EGARCH in his final study, the author can simultaneously scrutinize the adverse bank events with an appropriate econometric foundation.
Del 10 - Corporate Finance and Governance
Mergers and Acquisitions in the Global Brewing Industry
A Capital Market Perspective
AvRamit Mehta,Dirk Schiereck
Inbunden, Engelska, 2012
917 kr
Skickas inom 3-6 vardagar
This publication analyzes three individual corporate finance-related research topics on mergers and acquisitions in the global brewing industry. The first two studies investigate the short and long-term share price reactions of acquirer and rival companies. The third study assesses the immediate impact of mergers and acquisitions on systematic risk. Overall, the study contains a variety of empirical findings that are novel to existing corporate finance research. It provides a comprehensive analysis of the capital market implications of mergers and acquisitions in the sector and determinant drivers.
Del 12 - Corporate Finance and Governance
Risk-Adjusted Performance and Bank Governance Structures
AvChristoph Böhm
Inbunden, Engelska, 2012
752 kr
Skickas inom 5-8 vardagar
This dissertation comprises four essays investigating the impact of bank governance structures on performance, risk, and stability. The first three studies analyze financial expertise of supervisory board members as a governance instrument: The first study focuses on the extent to which supervisory board members may be regarded as financially literate. The second study places emphasis on the impact of expertise on performance, risk, and stability at German savings banks, while the third study comprises the comparison of the mentioned impact at savings and cooperative banks. Finally, the fourth study analyzes the impact of ownership concentration on banks’ performance, risk, and stability on a global level.
Del 13 - Corporate Finance and Governance
Minority Shareholder Monitoring and German Corporate Governance
Empirical Evidence and Value Effects
AvChristian Thamm
Inbunden, Engelska, 2013
430 kr
Skickas inom 5-8 vardagar
This book comprises three studies on minority shareholder monitoring in Germany. Mandatory disclosure requirements have increased transparency. An analysis of the information that is publicly available is presented, regardless of the size of the target corporation. The second essay in the form of an event study pays special attention to the German supervisory board and its appointment for a fixed term. Capital markets perceive an activist effort as being more credible under certain circumstances. The study as a whole is empirical evidence for increased minority shareholder activity in Germany. The evidence presented supports the strong shareholder rights perspective. It conflicts with the weak shareholder rights view brought forward in the international literature.
Del 14 - Corporate Finance and Governance
Mergers and Acquisitions in the Energy Sector
The Impact of Synergy Disclosures on Shareholder Wealth and Operating Performance
AvRobert Fraunhoffer
Inbunden, Engelska, 2013
525 kr
Skickas inom 5-8 vardagar
The study analyzes the impact of voluntary synergy disclosures at the M&A announcement on M&A transactions in the European as well as in the US energy sector. Thereby, not only is the capital market perspective considered on both a long- and short-term horizon, but the operational point of view is also taken into account. The author shows, while utilizing the event study methodology, that capital markets attribute increased returns to those M&A transactions which expect synergy gains for both the US and European market. As the post-merger accounting study confirms the realization of these announced synergy gains, it may be inferred that capital markets do not overreact and management boards are not overconfident in realizing merger gains.
Del 15 - Corporate Finance and Governance
Pharma M&A versus alliances and its underlying value drivers
Are M&A or alliances the right therapy for an ailing pharmaceutical industry?- A capital market perspective
AvHeiko Schön
Inbunden, Engelska, 2015
739 kr
Skickas inom 5-8 vardagar
From a capital market perspective, the author analyzes Merger and Acquisitions transactions (M&A) and in-licensings in the pharmaceutical industry between 1998 and 2012. Utilizing the event study methodology, the volume shows that M&A experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. But what are the underlying value drivers which make a deal a success or a failure story? The author derives significant innovative determinants of success for both strategies.
Del 18 - Corporate Finance and Governance
Bank Governance Structures and Risk Taking
AvDennis Froneberg
Häftad, Engelska, 2015
739 kr
Skickas inom 5-8 vardagar
The book sheds light on two closely related and highly relevant governance themes: the composition of supervisory boards and financial expertise as well as ownership structure. The author focuses on the financial expertise of supervisory boards and its impact on performance and risk. He analyses how supervisory boards are composed and how much financial expertise their members have, assesses the impact of financial expertise on a banks’ risk-return profiles and investigates if financial expertise in internal bank governance contributes to more stability and less risk taking in banking. Finally, he examines the effects of the ownership structure on credit risk. He finds that banks with a more concentrated ownership structure tend to behave riskier, which is indicated by larger CDS spreads.
Del 21 - Corporate Finance and Governance
Valuation and Value Creation of Insurance Intermediaries
AvClaudia Max
Inbunden, Engelska, 2016
902 kr
Skickas inom 5-8 vardagar
The book offers a comprehensive analysis of insurance intermediaries from a capital markets perspective. It presents an up-to-date market perspective, drawing the attention to the important trends and developments in the industry and recommends strategies to secure future growth. Further, it offers a detailed description of a valuation approach specifically tailored to small and mid-sized brokers. Research on insurance intermediary M&A reveals that positive abnormal returns are achieved for acquirers. The author points out which factors lead to value creation and investigates performance drivers in the tied agent channel.
Del 16 - Corporate Finance and Governance
Bank mergers and acquisitions in the Asia-Pacific region
An investigation of the shareholder wealth effects of the financial sector consolidation and its impact on the acquirer’s cost of debt
AvSascha Kolaric
Häftad, Engelska, 2015
682 kr
Skickas inom 5-8 vardagar
This book offers a comprehensive analysis of the shareholder wealth effects of the financial sector consolidation in the Asia-Pacific region and its impact on the acquirer’s cost of debt. By not only examining the capital market reactions to the institutions directly involved in M&A transactions, but also their closest rivals, it is possible to draw clearer conclusions in regard to the overall success of the financial sector consolidation in this region. In addition, by investigating the acquiring institution’s CDS market reaction to merger announcements, valuable insights are offered in regard to the difference between equity and debt market perceptions of bank M&As. The analyses suggest that equity and debt markets consider different factors when evaluating the success of mergers.
Del 20 - Corporate Finance and Governance
Analyzing Wealth Effects for Bondholders
New Insight on Major Corporate Events from the Debtholders’ Perspective
AvDaniel Maul
Häftad, Engelska, 2016
739 kr
Skickas inom 5-8 vardagar
Despite the growing importance of funds through corporate bonds, most investigations on the short-term effects of certain events on firm value are only conducted for stocks. Thus, research provides an incomplete view on how firm value is truly affected. The author fills this gap and focuses his research on corporate debt. The first section of the book provides a comprehensive overview of existing methodologies to calculate abnormal bond returns. Subsequently, two frameworks are selected to investigate the importance of corporate debt when empirically assessing major corporate events: Synergy disclosure at M&A announcements and debt offerings through reopenings. Both provide evidence for the necessity to regard corporate debt to fully assess changes in firm value.
Del 22 - Corporate Finance and Governance
Finanzwirtschaftliche Erfolgsanalyse Deutscher Stadtwerke
AvFrank Pieper,Dirk Schiereck
Inbunden, Tyska, 2016
1 024 kr
Skickas inom 5-8 vardagar
Das Buch analysiert die wirtschaftliche Entwicklung deutscher Stadtwerke seit Beginn der Liberalisierung und identifiziert deren zentrale Erfolgsfaktoren. Es zeigt die historische Entwicklung und heutige Rolle der Stadtwerke auf, gewährt Einblicke in ihr umfangreiches Leistungsspektrum und erörtert, was Erfolg für Stadtwerke bedeutet.
Del 2 - Corporate Finance and Governance
Directors’ Dealings and Insider Trading in Germany
An Empirical Analysis
AvPatrick Ams,Dirk Schiereck
Inbunden, Engelska, 2010
562 kr
Tillfälligt slut
Directors’ Dealings and Insider Trading are well-known patrons to both, the academic literature and the financial press. While directors’ dealings have been regulated in the US and many other countries, the German legislator tightened only a few years ago trading rules for insiders and imposed in July 2002 a notification requirement for directors’ dealings. The author addresses directors’ dealings and insider trading in Germany from different perspectives. He starts out with a short-term analysis tying in with previous research on the German market and follows with an in-depth long-term analysis. He closes with an ordered-probit model analyzing the relationship between corporate actions and directors’ dealings.
Del 7 - Corporate Finance and Governance
Bankerfolg Und Akquisitionen
Aktuelle Erkenntnisse Zur Konsolidierung Und Restrukturierung Der Finanzindustrie
AvDirk Schiereck,Martin Setzer
Inbunden, Tyska, 2011
635 kr
Tillfälligt slut
Fusionen in der Finanzindustrie befinden sich wieder im Aufwärtstrend. Neben einem attraktiven makroökonomischen Umfeld werden insbesondere die strengeren aufsichtsrechtlichen Bestimmungen und Eigenmittelanforderungen die Konsolidierungsaktivitäten verstärken. Dabei gerät ein Stück weit in Vergessenheit, dass einige Banken durch die Finanz- und Wirtschaftskrise auch deshalb sehr hart getroffen wurden, weil sie im Vorfeld sehr große und teure Zukäufe getätigt hatten, die zunächst sehr belastend für die Organisation waren. Vor diesem Hintergrund kommt der Fragestellung nach dem Erfolg und den Erfolgsfaktoren von Fusionen und Akquisitionen im Finanzsektor, d.h. der tatsächlichen und nachhaltigen Wertschöpfung für die Eigentümer der beteiligten Unternehmen, eine herausragende Bedeutung zu. Die wissenschaftliche Forschung liefert hierzu ein noch sehr heterogenes Bild. Einigkeit herrscht allerdings darüber, dass die Fähigkeiten zur effektiven und effizienten IT-Integration einen wesentlichen strategischen Erfolgsfaktor bilden. Denn nicht zuletzt durch die zunehmende Industrialisierung und Informatisierung der Bankenwelt wächst die fundamentale Bedeutung der IT-Integration für den M&A-Erfolg, einerseits als Hauptkostentreiber und andererseits als die Integrationsgeschwindigkeit bestimmender zeitkritischer Faktor und Synergiehebel.
Del 17 - Corporate Finance and Governance
Value Creation of Corporate Restructuring
A Market Cycle and Industry View
AvUlrich Erxleben,Dirk Schiereck
Inbunden, Engelska, 2015
505 kr
Tillfälligt slut
The study offers a contribution to the debate about shareholder wealth creation following corporate restructuring transactions. Including market cycle and industry factors, it provides an analysis of merger and acquisition (M&A) and corporate divestiture success between 1989 and 2008 in Europe. The first part of the study focuses on effects of market valuation levels and market cycles on the value creation potential of corporate restructuring. The second part discusses mergers and acquisitions and divestment success from an industry perspective. The results provide surprising insights into drivers of shareholder value creation.
Del 19 - Corporate Finance and Governance
Erklaerungsansaetze fuer NAV-Spreads und deren Implikationen fuer das Management von REITs
Auf Basis einer empirischen Untersuchung des pan-EU-REIT-Marktes
AvMichael Müller,Dirk Schiereck
Häftad, Tyska, 2015
1 007 kr
Tillfälligt slut
Dieses Buch beschäftigt sich mit dem Problem des Auseinanderfallens von Aktienpreis und Net Asset Value (NAV) bei Real Estate Investment Trusts (REITs). Zur Ursachenanalyse differenziert der Autor dieses als «NAV-Spread» bekannte Phänomen erstmalig in drei Hauptkomponenten. Diese verdichtet er zu einem innovativen, ganzheitlichen Erklärungsmodell, mit dem er 70 Prozent des NAV-Spreads erklären kann. Als Grundlage dient der bislang umfassendste EU-REIT-Datensatz (rd. 65 Prozent des Gesamtmarktes). Die gewonnenen Erkenntnisse betrachtet der Autor aus Perspektive des Unternehmens und stellt die Bedeutung bzw. Chancen und Risiken für das wertorientierte Management des REITs heraus. Zur Verwendung der Ergebnisse in der Praxis gibt er abschließend konkrete Handlungsempfehlungen.
Del 23 - Corporate Finance and Governance
Auswirkungen gesetzlicher Neuerungen und politischer Unsicherheit auf die Energiewirtschaft
Eine Untersuchung aus Kapitalmarktsicht
AvChristopher Welkoborsky,Dirk Schiereck
Inbunden, Tyska, 2018
1 001 kr
Tillfälligt slut
Wie kaum ein zweites Politikressort rückte die Energiepolitik und damit die Energiewirtschaft in den vergangenen Jahrzehnten in den Fokus politischer und medialer Aufmerksamkeit. Beispielsweise durch die Begrenzung zulässiger Schadstoffemissionen u.a. im Rahmen internationaler Abkommen oder durch die Vorgabe fester Quoten, bspw. des Anteils des Stroms, der aus regenerativen Energiequellen zu erzeugen ist, ist die Energiewirtschaft in den Mittelpunkt der Regulierungspolitik geraten. Diese Arbeit ermittelt anhand von Kapitalmarktdaten die Auswirkungen politischer Großereignisse auf Unternehmen in verschiedenen Unterbereichen der Energiewirtschaft und bestimmt wesentliche Determinanten einer Neubewertung, insbesondere auch mit Blick auf die regionale Herkunft.

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Corporate Finance and Governance – serie

Determinants of Credit Spreads

Creating and Governing an Integrated Market for Retail Banking Services in Europe

Financial Return Risk and the Effect on Shareholder Wealth

Mergers and Acquisitions in the Global Brewing Industry

Risk-Adjusted Performance and Bank Governance Structures

Minority Shareholder Monitoring and German Corporate Governance

Mergers and Acquisitions in the Energy Sector

Pharma M&A versus alliances and its underlying value drivers

Bank Governance Structures and Risk Taking

Valuation and Value Creation of Insurance Intermediaries

Bank mergers and acquisitions in the Asia-Pacific region

Analyzing Wealth Effects for Bondholders

Finanzwirtschaftliche Erfolgsanalyse Deutscher Stadtwerke

Directors’ Dealings and Insider Trading in Germany

Bankerfolg Und Akquisitionen

Value Creation of Corporate Restructuring

Erklaerungsansaetze fuer NAV-Spreads und deren Implikationen fuer das Management von REITs

Auswirkungen gesetzlicher Neuerungen und politischer Unsicherheit auf die Energiewirtschaft

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