{"title":"Who Should Merge with Whom? Financial Benefits and Costs from Mergers and Acquisitions","authors":"C. Koziol, Markus Theis","doi":"10.3790/KUK.44.3.393","DOIUrl":"https://doi.org/10.3790/KUK.44.3.393","url":null,"abstract":"Mergers and acquisitions are prominent forms of transactions that combine two firms in a way that one unit with a new asset and a new liability side arises. Since both the equity and the debt positions of the merging entities are affected by such a deal, it is not clear whether positive synergies are equivalent to an improvement of the acquirer equity holders’ position, who initiate the takeover decision. We introduce a frictionless, continuous-time model to compute the financial costs for the acquirers’ equity value, when carrying out a zerosynergy takeover. This allows us to identify the characteristics of potential target companies that are especially well-suited to reduce these financial costs (and thus make a deal worthwhile for given synergies). We find that firms should consider targets having about the same business risks and relatively low debt ratios. While targets are supposed to be small in mergers, they can also be comparably large in debt financed acquisitions. Empirical observations support the relevance of the wealth effects of the debt position suggested by the model and additionally reveal that the acquirers’ debt position is affected in different directions depending on whether a merger or an acquisition takes place.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122248216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Noise Trading in Stamm- und Vorzugsaktien","authors":"M. Jaron","doi":"10.3790/KUK.44.1.105","DOIUrl":"https://doi.org/10.3790/KUK.44.1.105","url":null,"abstract":"Fur eine Gruppe von DAX-Unternehmen wird die Bedeutung von Noise Trading fur das Pricing von Stamm- und Vorzugsaktien untersucht. Dabei kann fur Renditen von Long-Short Portfolios gebildet aus Index- und Nicht-Indexgattung Excess-Comovement mit dem Markt nachgewiesen werden. Unter der Annahme, dass zugrunde gelegte Aktiengattungen fundamental identisch sind, lasst sich das Noise-Trader-Risiko in einem modellfreien Ansatz abschatzen. Rund 80% der Variation in Wochenrenditen kann fundamental erklart werden. Die Restgrose scheint auch unter Berucksichtigung moglicher Transaktionskosten beachtlich. Ableitbares Noise-Trader-Risiko ist im Zeitverlauf starken Schwankungen ausgesetzt. Werte fur die bedingte Volatilitat der Long-Short Portfoliorenditen rangieren zwischen 0,6% und 5,8% pro Woche. Die Sichtweise, dass Stimmrechtspramien unter anderem die Reflexion kumulativer Effekte aus korreliertem Noise Trading darstellen, ist neu.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123494061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Volatilitätsprognosen auf Basis der DAX-Volatilitätsindizes","authors":"Christian Tallau","doi":"10.3790/KUK.44.1.47","DOIUrl":"https://doi.org/10.3790/KUK.44.1.47","url":null,"abstract":"This article analyses the information content of the volatility indices VDAX and VDAX-NEW published by the German Stock Exchange with respect to forecasts of the volatility of DAX returns realized in future. In a period of 17 years (1992– 2008), the volatility indices are compared with one another as well as with volatility estimates based on historical measures. To this end, the analysis is based on the riskmetrics methodology as well as on a GARCH model besides the historically realized volatility. The results suggest that the VDAX-NEW contains all relevant information on historical returns as well as the VDAX and represents a more efficient estimator of future volatility compared with the VDAX.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116772757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Der Erfolg von Insidertransaktionen – Timing oder Fundamentalbewertung","authors":"Cetin-Behzet Cengiz, M. Schüssler, R. V. Nitzsch","doi":"10.3790/KUK.44.1.75","DOIUrl":"https://doi.org/10.3790/KUK.44.1.75","url":null,"abstract":"Summary/Zusammenfassung The Success of Insider Transactions – Timing or Fundamental Valuation? The present article confirms the profitability of insider transactions in the German stock market and analyses the reasons explaining this success. We have identified three such reasons: 1) The investment behaviour of insiders is consistent with an investment strategy based on fundamental valuation of the respective undertaking. 2) Moreover, insider transactions are the source of timing information, because insiders are still successful to a certain degree even in the event of adverse fundamental valuation results. 3) In terms of strategic imitation, it is best to combine the information on insider transactions with the fundamental valuation results. Finally, we have identified the most important factors influencing the level of accumulated abnormal returns. Der Erfolg von Insidertransaktionen – Timing oder Fundamentalbewertung? Die vorliegende Arbeit bestatigt die Profitabilitat von Insidertransaktionen am deut...","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122269112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Migration und Immobilienmärkte: Fallstudie China","authors":"H. Nitsch","doi":"10.3790/KUK.44.1.27","DOIUrl":"https://doi.org/10.3790/KUK.44.1.27","url":null,"abstract":"We have examined the role of migration processes for the development of Chinese residential property markets at province level and have found empirical support of the following hypotheses: Migration between regions bears a close relationship with income differentials. The population shift induced thereby in combination with the disposable level of per-capita income and with urbanization is a dominant factor in the development of regional residential property price differentials in China. The main source of migration processes is the rural area compensating the weak natural growth in population in the metropolis. Conversely, high residential property prices in the conurbations are the determinants of the level of investment activity together with Tobin’s q.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133434631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Aktuelle Aspekte der finanzwirtschaftlichen Forschung in Europa – Neue Erkenntnisse im Rahmen der Jahrestagung 2010 der European Finance Association in Frankfurt/M.","authors":"C. Breuer, W. Breuer","doi":"10.3790/KUK.44.1.141","DOIUrl":"https://doi.org/10.3790/KUK.44.1.141","url":null,"abstract":"Vom 25. bis 28. August 2010 fand die 37. Jahrestagung der European Finance Association (EFA) in Frankfurt/M. statt. Die Tagung unter der Leitung von Jan Pieter Krahnen wurde bereits zum dritten Mal nach Bad Homburg (1979) und Berlin (2000) in Deutschland durchgefuhrt. Zur Tagung wurden ca. 1.350 Aufsatze eingereicht, von denen nach einem doppelt verdeckten Begutachtungsverfahren 218 Aufsatze zur Prasentation ausgewahlt wurden. Die digitale Tagungsubersicht enthielt letzten Endes 217 Beitrage. Auf diese Basis beziehen sich alle folgenden Auswertungen. Als prominenter Keynote Speaker konnte Douglas W. Diamond von der University of Chicago Booth School gewonnen werden. An der Tagung nahmen 623 Wissenschaftler und Praktiker teil. An 33 der 217 prasentierten Aufsatze waren Autoren von 21 deutschen Hochschulen und Institutionen beteiligt, wahrend es bei der EFA-Tagung 2009 nur 13 Aufsatze von 215 waren, an denen Autoren von 13 deutschen Hochschulen und Institutionen beteiligt gewesen waren.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128010978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Equation of Exchange Revisited","authors":"D. Kaiser","doi":"10.3790/KUK.44.4.491","DOIUrl":"https://doi.org/10.3790/KUK.44.4.491","url":null,"abstract":"The article presents a more general version of the equation of exchange providing separately for a financial turnover of money as well as a corresponding financial velocity of money. This sheds a special theoretical light on the easy monetary policy implemented by the Federal Reserve between 2001 and 2004 and the enlargement of the financial sphere in the United States, which persisted until the recent financial crisis broke out – to become an international economic crisis in due course.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116460809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ein Ansatz zur Bestimmung kundenindividueller Finanzierungslösungen am Beispiel gekoppelter Absatz- und Finanzierungsgeschäfte","authors":"Julia Wiesent","doi":"10.3790/KUK.44.4.579","DOIUrl":"https://doi.org/10.3790/KUK.44.4.579","url":null,"abstract":"Customized business models are critical for the success of companies that offer coupled sales and financing contracts in highly competitive markets. The aim of this article is to compare two financing solutions based on a quantitative model and to determine the solution that is advantageous for both sides (company and customer). Therefore the conventional annuity loan with a fixed amount of instalments is compared to a simple loan repayment with a totally variable amount of instalments. The customer-specific loan repayment is advantageous for both sides from integrated risk and return aspects: the risk emanating from coupled sales and financing contracts can be reduced, both for companies (in terms of the merchandising risk of their products and the risk of high loan defaults from the financing transactions) and for customers (in terms of default risk). The practical application of the model is exemplarily illustrated by using a real world dataset of a large brewery.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126405251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Christian Pierdzioch, Georg Stadtmann, Dirk Schäfer
{"title":"Fly with the eagles or scratch with the chickens? Zum Herdenverhalten von Wechselkursprognostikern","authors":"Christian Pierdzioch, Georg Stadtmann, Dirk Schäfer","doi":"10.3790/KUK.44.4.465","DOIUrl":"https://doi.org/10.3790/KUK.44.4.465","url":null,"abstract":"In diesem Beitrag wird analysiert, ob Wechselkursprognosen Anhaltspunkte dafur liefern, dass Prognostiker ein so genanntes Herdenverhalten zeigen. Auf der Basis unterschiedlicher theoretischer Modellansatze wird skizziert, warum Prognostiker einen Anreiz haben konnten, einem Herdentrieb zu folgen. In einer empirischen Untersuchung werden Prognosen fur die Wechselkurse des Japanischen Yen, des Schweizer Franken, der Deutschen Mark und des Euros - gemessen jeweils gegenuber dem U.S.-Dollar - eingesetzt, um empirisch auf Herdenverhalten zu testen. Die Ergebnisse deuten darauf hin, dass nicht Herdenverhalten, sondern Anti-Herding vorzuherrschen scheint. Die Prognostiker scheinen daher im Hinblick auf ihre Prognosen 'Produktdifferenzierung' zu betreiben.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"264 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121785959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Innovativität als Kriterium bei Venture-Capital-Investitionsentscheidungen","authors":"Florian Jell, Jörn Block, J. Henkel","doi":"10.3790/KUK.44.4.509","DOIUrl":"https://doi.org/10.3790/KUK.44.4.509","url":null,"abstract":"The innovativeness of business start-ups represents a criterion which is important for venture capital donors when examining whether or not to invest in a proposed venture, but it is not easy to conceptualize or measure innovativeness. In spite of its great practical relevance of innovativeness for decision-making by venture capital companies, pertinent studies are limited in number. The present article makes a first contribution towards closing this gap. It develops a conceptual model of the various dimensions of innovativeness of business start-ups and verifies this model by a qualitative empirical study. Based on 19 in-depth interviews with venture capital decision makers, we have reached conclusions for the role of innovativeness of business start-ups in the venture capital funding decision. We have found out, among other things, that VCs evaluate the various dimensions of innovativeness rather differently, and that a higher level of innovativeness does not necessarily lead to a higher probability of securing venture capital. These results have formed the basis of testable hypotheses. This is followed by a discussion of implications for research and practice.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123762512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}