finexpert - The personal finance community

KAPITALMARKTORIENTIERUNG UND FINANZIERUNG MITTELSTÄNDISCHER UNTERNEHMEN

Commerzbank Deutsches Aktieninstitut e.V. Deutsche Börse AG
A study on the ability of SMEs to become public (in German). >more

PRIVATE EQUITY FINDINGS APP

Coller Institute of Private Equity
An App that extracts the key findings from the best of the world’s private equity academic research. >more

THE 2012 PRIVATE EQUITY REPORT - ENGAGING FOR GROWTH

Boston Consulting Group
A study on models for operational value creation by private equity. >more

Corporate Newsletter

White & Case
A extensive summary of current topics in jurisdiction concerned with capital market like Squeeze-outs, insider trading, corporate governance and much more (in German). >more

European Rail Industry - Executive Radar 2011 

Roland Berger
A survey on the challenges in the coming years, privatization, and the financial base of the rail industry. >more 

ECONOMICS AKTUELL: WANN KAUFT DIE EZB AGGRESSIV STAATSANLEIHEN?

Commerzbank
A short essay on the threats of massive government bonds purchases by the ECB (in German). >more

ECONOMICS AKTUELL: SCHULDENMONITOR UPDATE

Commerzbank
Update on the greek public debt crisis (in German). >more

A TALE OF TWO MARKETS

Ernst & Young
This study is designed to give the reader insights on capital markets trends as they apply to the private equity-backed IPO market. >more 

EBA 2011 EU Capital Exercise

European Banking Authority
The European Banking Authority (EBA) published a formal Recommendation, and the final figures, related to banks’ recapitalisation needs (confirmed on 30 November 2011). >more

POST MERGER INTEGRATION UNDERSCORES THE SUCCESS OF MERGERS

Roland Berger
Roland Berger on the success drivers of M&A. >more

TIME TO MOBILISE PILLAR III AND IFRS 4

Ernst & Young
An overview of the key issues under Pillar III of Solvency II (Insurance Industry). >more

The finexpert Report will be offered every quarter. Being the only objective, market based, regularly published and free accessible industry data finexpert industry multiples and betas have become an important information source for market participants. In the quarterly update our tables of current multiples and beta estimates will be combined with comments and graphs on the most recent developments of this market data.  >more for members

Note on Accounting for the Impairment of Assets under IFRS 

Henning Zülch | Lena Siggelkow
IAS 36: Impairment of Assets (rev. 2004) contains accounting rules for the recognition of impairment losses. (November 25, 2011) >more if you are a member and logged in

HERAUSFORDERUNGEN FÜR UNTERNEHMEN IN DER WACHSTUMS-FINANZIERUNG IM AKTUELLEN MARKTUMFELD

Roland Berger
Growth-Financing Challenges for Companies in the Current Market Environment (in German). >more

FINANCIAL SERVICES NEWSTICKER

Ernst & Young
Current topics regarding regulatory law, national and international accounting, auditing, taxation and legislation / case law. >more

3RD OPERATIONS EFFICIENCY RADAR

Roland Berger
Insight in measures companies take to meet current challenges (in German). >more

We updated the capital market data (multiples, betas, Svensson yield curve and returns) as to October 15, 2011. >more

VORAUSSETZUNGEN EINER ERFOLGREICHEN KONSOLIDIERUNG GRIECHENLANDS

IMK Report
Study on the potential of Greece to overcome the crisis. Authors look at growth and interest burden using theory of Domar (1944) (in German). >more

Note on Using the “Svensson procedure” to estimate the risk free rate in corporate valuation 

Sven Arnold | Alexander Lahmann | Bernhard Schwetzler
We added a note on the use of the “Svensson procedure” that gives a motivation for its use, an overview over its importance and purpose in applied corporate valuation. (October 28, 2011) >more if you are a member and logged in

Best-Practice-Guidelines for Corporate Valuation October 2011

DVFA expert group „corporate transaction and valuation“ has published best practice guidelines for corporate valuation in German corporate squeeze outs.  These guidelines contain numerous recommendations for multiple based valuation and aim to complement the guidelines of the German CPA institute IDW S1. A draft version is downloadable on >more
Interested parties are invited to comment upon the current version until jan 15th 2012; comments and suggestions should be sent to >more

Conglomerates on the Rise Again? The Worldwide Impact of the 2008-2009 Financial Crisis on the Diversification Discount

Christin Rudolph and Bernhard Schwetzler 
SSRN Working Paper
We investigate how the 2008-2009 financial crisis affected the conglomerate discount in different regions of the world, using a sample of more than 65,000 firm-year observations from Asia Pacific, the British Isles, Continental Europe, and North America. >more

Note on Using the “Svensson procedure” to estimate the risk free rate in corporate valuation 

Sven Arnold | Alexander Lahmann | Bernhard Schwetzler
We added a note on the use of the “Svensson procedure” that gives a motivation for its use, an overview over its importance and purpose in applied corporate valuation. (October 28, 2011) >more if you are a member and logged in

ERLÖSE, WETTBEWERB, WACHSTUM

Deutsche Bank
A study on the potential of privatization to handle the budget crisis (in German). >more

IFRS OUTLOOK - III.QUARTAL 2011

Ernst & Young
Journal report on current decisions and upcoming topics in international accounting standards (in German). >more

KONJUNKTUR UND FINANZMÄRKTE Oct, 2011

Commerzbank
Update on the current state of the economy (in German). >more

WIE BANKEN IN DER EU WOHNIMMOBILIENKREDITE REFINANZIEREN

Deutsche Bank
An overview on the financing in the housing sector (in German). >more

CASH FOR GROWTH 2011: WACHSTUM FINANZIEREN – WORKING CAPITAL OPTIMIEREN

Roland Berger
A presentation that will help to work on your working capital (in German). >more

EURECAPROJECT HELLENIC RECOVERY FUND. A SOLUTION FOR GREECE AND EUROPE

Roland Berger
A proposal to solve the current crisis in Greece. >more

GESETZENTWURF ZUR ÄNDERUNG DES GESETZES ZUR ÜBERNAHME VON GEWÄHRLEISTUNGEN IM RAHMEN EINES EUROPÄISCHEN STABILISIERUNGSMECHANISMUS

Rheinisch-Westfälisches Institut für Wirtschaftsforschung
A statement on the EFSF and reform in the Euro zone (in German). >more

DEUTSCHE WIRTSCHAFT AM RANDE EINER REZESSION

Institut für Weltwirtschaft
The IfW sees Germany close to a recession (in German). >more

VALUATION NEWS SOMMER 2011

KPMG
A newsletter on restructuring, tax loss carry forwards, and squeeze-outs (in German). >more

Note on PIPES

Bernhard Särve | Alexander Knauer | Bernhard Schwetzler
We added a note on Private Investments in Public Equity (PIPE) of Private Equity Firms (September 2, 2011).  >more if you are a member and logged in

The Development of Multiples over the Financial Crisis

We have calculated multiples quarterly from January 2006 until July 2011. This study gives an overview of the development in the time of crisis with respect to EV/EBIT and P/E multiples; each trailing and forward. Based on 14 industries of Deutsche Börse, the Prime All Share, DAX, MDAX and TecDAX, we further derived a range of 1 standard deviation to add meaning to the multiples. >more

BÄLLE, TORE UND FINANZEN VIII

Ernst & Young
A survey on the economic situation of German football clubs (in German). >more

STOP KICKING THE CAN DOWN THE ROAD: THE PRICE OF NOT ADDRESSING THE ROOT CAUSES OF THE CRISIS

Boston Consulting Group
Another study on the most important topic of your time. >more

HEDGE FUND SPOTLIGHT AUGUST 2011

Preqin
A montly newsletter on Hedge Fund Topics. >more

PRIVATE EQUITY 2011 HY1

Ernst&Young
A summary of PE activities in the first half of 2011. >more

Note on Adjusted Beta 

Sven Arnold | Alexander Lahmann | Bernhard Schwetzler
We added a note on the adjusted beta that gives a motivation for its use, an overview over its history, purpose and problems of this common approach in applied corporate valuation (August 4, 2011).  >more if you are a member and logged in

ECONOMICS AKTUELL

Commerzbank
A brief overview of the German inflation rate and possible threats (in German). >more

Q2’11 GLOBAL IPO BAROMETER

Ernst & Young
The latest development of the IPO market (in German). >more

Accuracy | finexpert Breakfast

July 15, 2011 in Munich
Dr. Henri Philippe | Stefan Herrmann 
Prof. Dr. Bernhard Schwetzler
Bestimmung des Termin Values in der Unternehmensbewertung: Zielgerecht, nachvollziehbar und plausibel?
>more if you are logged in

DER EURO AUS POLITÖKONOMISCHER PERSPEKTIVE

Deutsche Bank Research
A study on the Euro (in German). >more

Praxisseminar: Bewertungskonforme Planung auf Basis der Grundsätze ordnungsgemäßer Planung | 7.9.2011 in Bonn >more

ALTERSSICHERUNG UND STAATSVERSCHULDUNG IM EUROGEBIET

Deutsche Bank Research
A study on sovereign debt and pensions in the Euro area (in German). >more

NEWSLETTER PRIVATE EQUITY GROUP GERMANY

KPMG
The 06/2011 issue of KPMG's private equity newsletter. >more

UPDATE ARBEITSRECHT

CMS Hasche Sigle
The CMS Hasche Sigle update on Arbeitsrecht (June 2011 in German). >more

GESTOLPERT, NICHT GEFALLEN: INTERNATIONALES BANKGESCHÄFT IN DER KRISE

Deutsche Bank Research
A presentation on the state of international banking. >more

Sustainable Compensation Systems for Executives

Gunther Friedl | Verena Springer
The worldwide financial crisis during the years 2008 and 2009 revealed serious shortcomings in corporate governance and executive compensation. The lack of sustainability in executive compensation has been blamed for being an important reason for the crisis. During the following debate, the German Government launched the Act on the Appropriateness of Management Board Compensation (VorstAG). Moreover, the government commission of the German Corporate Governance Code (GCGC) included amendments to the code to make executive compensation more sustainable (June 2011).  >more

RIDING THE NEXT WAVE IN M&A - WHERE ARE THE OPPORTUNITIES TO CREATE VALUE?

Boston Consulting Group
A study on value creation in M&A waves. >more

A podcast from Bob Shiller about riskmanagement and global diversification (7 minutes). >more

THE DEBT MONSTER

Boston Consulting Group
A study on sovereign debt and its impact on the economy. >more

TRANSATLANTIC PRIVATE EQUITY

Duff & Phelps
A survey on PE investments. >more

CHECKS AND BALANCES - THE BANKING TREASURY'S NEW ROLE AFTER THE CRISIS

Boston Consulting Group
A study on banking treasury in a post-crisis world. >more

Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is not Expensive

Admati, DeMarzo, Hellwig, Pfleiderer
We added an interesting working paper on the banking regulation controversy and bank´s equity requirements. >more

Note on Changes of the Ownership Interest in a Group and Associated Questions of Revaluation

Henning Zülch | Mark-Ken Erdmann | Marco Popp
In the course of the Business Combination Project Phase II the IASB changed the treatment of business combinations. Thus IFRS 3 holds new arrangements for a business combination achieved in stages and the revised IAS 27 introduced rules for the treatment of the change of ownership interests that do not result in a loss of control. The aim of the following note is to examine the previously mentioned regulations in the context of revaluation questions. (April 15, 2011) >more if you are a member and logged in

Talk of David Yemack (NYU) about the first ladies´ impact upon stock markets

>more

DOES PRACTICE MAKE PERFECT? HOW THE TOP SERIAL ACQUIRERS CREATE VALUE

Boston Consulting Group / HHL - Leipzig Graduate School of Management
A co-branded study by BCG and HHL on serial acquirers. >more

INSOLVENZEN IN DEUTSCHLAND 2011 - TRENDS NACH DER WIRTSCHAFTSKRISE

Roland Berger Strategy Consultants
A presentation on insolvencies in Germany (in German). >more

Does Consistency Improve Multiple Quality? – The German Case

Alberto Chullen | Bernhard Schwetzler
We have added a recent empirical study on multiple quality for German data provided by CCT. The study analyzes the impact of consistency (e.g. net debt positions in EV definitions) and of peer group aggregation measures (mean, median, geometric and harmonic mean) upon valuation accuracy for different multiples. >more

Corporate Governance - Trends 2011

Christian Strenger
Supervisory boards - expectations of institutional investors >more

FAIRNESS OPINION MONITOR 2010

Duff and Phelps | Center of Corporate Transactions (CCT) at HHL
The fresh-off-the-press study on the role of fairness opinions in transactions in Germany. >more

Code Compliance and Corporate Performance

Christian R.G. Kohl | Marc Steffen Rapp | Christian Strenger | Michael Wolff
The German Corporate Governance Code follows the comply-or-explain principle. The authors revisit the academic discussion of code compliance and its impact on firm performance for German corporations. While initial analyses did not always show a significant correlation between code compliance and performance, recent studies provide convincing empirical evidence of a positive performance effect. >more

GEX SCHLÄGT DAX EINMAL MEHR

Deutsche Bank Research
A study on the performance of the GEX compared to the DAX. >more

GLOBAL TAX TREND

Ernst & Young
A survey on tax trends. >more

M&A MATURITY: ASSESSING COUNTRY RISKS AND OPPORTUNITIES

Ernst & Young
A study on M&A and country risks. >more

FACTS THAT WILL SHAPE THE GLOBAL BUSINESS ENVIRONMENT

A.T.Kearney
A report on global business climate. >more

CAPTURING VALUE THROUGH CARVE-OUTS - EIGHT WINNING TACTICS BUYERS AND SELLERS CAN USE NOW

Ernst & Young
A report on carve-outs. >more

M&A PROCESS OF GERMAN MITTELSTAND COMPANIES

Duff & Phelps
A report on the M&A process. >more

KFW-KREDITMARKT AUSBLICK DEZEMBER 2010

Kreditanstalt für Wiederaufbau
The December issue of KfW's report on the conditions of the credit market (in German). >more

BIETEN FÜR DAS KLIMA - EMISSIONSHANDELSSYSTEM DER EU STELLT UM AUF AUKTION

Deutsche Bank Research
A report on changes in the European emissions trading system (in German). >more

CORPORATE FINANCING IS MORE CHALLENGING THAN EVER

Roland Berger Strategy Consultants
A study on challenges in financing. >more

GERMAN PRIVATE EQUITY BAROMETER

Bundesverband Deutscher Kapitalbeteiligungsgesellschaften / Kreditanstalt für Wiederaufbau
A report on the condition of the German PE market. >more

PAYING TAXES 2011 - THE GLOBAL PICTURE

PricewaterhouseCoopers
A report on taxes in 183 economies. >more

TECHNOLOGIE, TALENTE UND TOLERANZ - WIE ZUKUNFTSFÄHIG IST DEUTSCHLAND?

Ernst & Young
A survey on technology and talents (in German). >more

FINANZIERUNGSSTRUKTUREN UND –HERAUSFORDERUNGEN FÜR UNTERNEHMEN IN DEUTSCHLAND

Roland Berger Strategy Consultants
A report on financing structures in Germany. >more

WORKING CAPITAL IM DEUTSCHEN MITTELSTAND IM VERGLEICH ZU GROSSUNTERNEHMEN

Roland Berger Strategy Consultants
A presentation on working capital (in German). >more

Tax Shield, Zinsschranke and Corporate Value

We added a short video on the role of Tax Shield and Zinsschranke in corporate valuation  (Oct 8, 2010) >more if you are a member

Country Risk Premium

The Capital Asset Pricing Model (CAPM) is one of the pillars of financial theory and widely used to calculate cost of equity in corporate valuation. The expected return in this model is composed out of two factors: the riskfree rate and the equity market risk premium times the firm specific beta factor. Recently a debate among scientists and practitioners has started whether and if so, how, country risk should be incorporated into the CAPM.  >more 

2-Years and 5-Years-Beta (in addition to 250-days-Beta)

One of the major problems when deriving the cost of equity via the CAPM is the “right” estimate of beta. Since almost four years finexpert provides 250 day industry betas. As other sources (as e.g. Prof. Damodaran) rely on different standards with respect to time horizon and frequency of the estimates we felt that complementing our industry beta estimates will add value to our content. Therefore we added 5 year industry-betas based on monthly returns and 2 year industry-betas based on daily returns to our Capital Market Data.
You should not be surprised to find significant differences between the different estimates:  As we pointed out in our recent “Note on Beta Estimates”, the time horizon has a major impact on the stability and reliability of the beta estimates.  Finally your choice will always get down to the same trade off:  Recent market developments are better reflected in the 250 day betas, but these estimates are more volatile than 5 year betas.
In order to provide you with a complete picture we therefore publish all three versions from now on. >more

We welcomed our 500th finexpert-member! (August 13, 2010)
Memberlist for non-members >more
Memberlist for members if logged in >more

DAMODARAN's COUNTRY RISK PREMIUM: A SERIOUS CRITIQUE

Kruschwitz | Loeffler | Mandl
Country risk seems to get growing attention in the field of corporate valuation; we decided to make this to our next current topic. As a starting point find attached a recent critique on Damodaran´s procedure published by Kruschwitz/Löffler/Mandl. >more

A Note on Purchase Price Allocation

Gunther Friedl | Carola Hammer (May 2010)
>more if you are a member and logged in

A Note on Purchase Price Allocation

Gunther Friedl | Carola Hammer (May 2010)
>more if you are a member and logged in

Note on MACS

Alexander Lahmann | Bernhard Schwetzler
We added a note on material adverse change (MAC) clauses that gives an overview over content, purpose and problems of this meanwhile common feature of acquisition contracts and takeover offers. (April 16, 2010).  >more if you are a member and logged in 

Note on Beta Estimates

Bernhard Schwetzler
This note highlights some of the problems when estimating betas using German capital market data (January 8, 2010).  >more if you are a member and logged in  (Note and complete results of the analysis)

Duff & Phelps | finexpert Breakfast

November 23, 2009 in Munich
Dr. Christian Aders, Duff & Phelps |
Prof. Dr. Bernhard Schwetzler
Aktuelle Probleme der Unternehmensbewertung:
Einfluss der Wirtschaftskrise auf den DCF | Bewertung von Unternehmen mit Insolvenzrisiken | Costs of Financial Distress | Evolution von Terminal Value und Wachstumsmodellen | Growth, Inflation and Terminal Value >more if you are logged in

M & A Lunch Leipzig

November 26, 2009 in Leipzig
Eckhart Braun | Dr. Jörg Lips
CMS Hasche Sigle
Deal Points in Europe (M & A Survey 2009)
Prof. Dr. Bernhard Schwetzler
Fairness Opinions in Germany
>more if you are logged in

Round Table finexpert | HHL-Alumni

October 13, 2009 in Frankfurt
Christian Strenger "Vorstandsvergütungsgesetz (VorstAG)- Garant für die Angemessenheit der  Vorstandsvergütung?'"
>more if you are a member and logged in (presentation)

THE BLACK SWAN: THE IMPACT OF THE HIGHLY IMPROBABLE

Nassim Nicholas Taleb
Penguin >more

Round Table finexpert | HHL-Alumni

September 24, 2009 in Berlin at Deutsche Bahn AG
Prof. Dr. Bernhard Schwetzler
"Qualität und Stabilität von Multiples und Beta-Faktoren"
Dr. Carsten Hinne, Leiter Strategie Schienengüterverkehr, Deutsche Bahn AG
"Strategie im Schienengüterverkehr "
>more if you are a member and logged in (presentations and links)

Studie zur Vergütung der Vorstände in den DAX 30-Unternehmen im Geschäftsjahr 2008

DSW | TUM (September 2009) >more

A Note on Impairment Tests

Gunther Friedl | Maximilian Bader (September 2009)
>more if you are a member and logged in

Note on the Quality of Multiples in the Corporate Valuation

Alberto Chullen | Bernhard Schwetzler
>more if you are a member and logged in

Consistent Multiple Valuation - Theoretical and Empirical Evidence

We added a video on the quality of multiples including the results of an empirical study for Germany (August 28, 09) >more if you are a member and logged in  (If you experience problems this may be due to your corporate fire wall not allowing downstreaming the video).

Cash Holdings and Corporate Valuation

We added a short video on the role of cash holdings in corporate valuation  (July 17, 09) >more if you are a member and logged in  (If you experience problems this may be due to your corporate fire wall not allowing downstreaming the video).

Bank Valuation

We added a basic note on some problems of corporate valuation with respect to banks.
June 12, 2009 >more if you are a member and logged in