FINEXPERT TRAILER
NEWS: Publications > STUDIES
MIT DEM EXPORT AUS DER KRISE? DEUTSCHLAND IM EURORAUMVERGLEICH
Institut für Makroökonomie und Konjunkturforschung
A study on Germany's recovery from crisis (in German). >more
CAPITAL MARKET DATA
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 if you have logged in
Publications > STUDIES
THE PIRATE INSIDE US
Deutsche Bank Research
In the depths of copyright. >more
Publications > STUDIES
ECONOMICS AKTUELL - DEUTSCHLAND: EARLY BIRD IM SINKFLUG
Commerzbank Research
A study in the current business cycle in Germany. >more
Publications > STUDIES
DAMODARAN's COUNTRY RISK PREMIUM: A SERIOUS CRITIQUE
Kruschwitz, Loeffler and 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
Publications > STUDIES
EUROPÄISCHE WIRTSCHAFTSREGIERUNG: WAS BRINGT DIE ZUKUNFT? EIN ÜBERBLICK ÜBER AKTUELLE VORSCHLÄGE
Deutsche Bank Research
A report on possibilites of economic policy in the EMU (in German). >more
Seminar Corporate Valuation
The Seminar „Corporate Valuation – Art or Science?“ on sept. 16th will be jointly organized by HHL Executive and the German Private Equity Association BVK. The seminar is designed to discuss “sticking points” in corporate valuation that appear in transactions negotiations, as e.g. growth rate assumptions, cost of capital estimates, inflation etc. . Participants will also get an overview over benefits and limitations of different valuation methods (in German). >more
M&A Roadshow 2010
Hamburg Sept 9 | Leipzig Sept 15 | Dresden Sept 16 | Köln Sept 21 | Düsseldorf Sept 23 | Frankfurt Sept 29 | Berlin Oct 6 | München Oct 12 | Stuttgart Oct 19 | 17.00-19.00 | Streitprävention bei M&A-Transaktionen - aus der Nachsorge zur Vorsorge >more
Publications > STUDIES
KONJUNKTUR UND FINANZMÄRKTE JULI/AUGUST 2010
Commerzbank Research's newsletter on global economy (in German). >more
Publications > STUDIES
GERMANY’S AUSTERITY PACKAGE AND THE FEDERAL BUDGET
Deutsche Bank Research
A study on Germany's federal budget plans. >more
CURRENT TOPICS
Current Status of Corporate Governance
The Financial Crisis revealed shortcomings in corporate governance. When needed, existing standards failed to provide checks and balances that companies need in order to cultivate sound business practices (OECD). The revised German Corporate Governance Code (GCGC) as amended on May 26, 2010 aims to improve the skill level of members in the supervisory board. It further calls for more women and internationals in both boards. >more
Publications > STUDIES
PRIVATE EQUITY SURVEY JUNE 2010
Ernst & Young
A presentation on German PE activity. >more
UPDATE CAPITAL MARKET DATA
We updated the capital market data (multiples, betas and returns) as to July 15, 2010. >more if you have logged in
Publications > STUDIES
GLOBAL ALTERNATIVE SURVEY 2010
Towers Watson
A survey on alternative assets managed on the behalf of pension funds. >more
Publications > STUDIES
BUNTE PARLAMENTE IN EUROPA - SCHWIERIGES REGIEREN IN SCHWIERIGEN ZEITEN
Deutsche Bank Research
A study on the changing party systems in Europe. >more
Publications > STUDIES
OTC-DERIVATE - EINE NEUE MARKTINFRASTRUKTUR FÜR DERIVATE
Deutsche Bank Research
A presentation on current developments on OTC derivate markets (in German). >more
Publications > STUDIES
INNOVATIVE KÖPFE BRAUCHT DAS LAND!
Deutsche Bank Research
The full report on Deutsche Bank's study on innovations in Germany (in German). >more
Publications > Studies
UPDATE ARBEITSRECHT
CMS Hasche Sigle
The CMS Hasche Sigle update on Arbeitsrecht (June 2010 in German). >more
Publications > STUDIES
REGAINING LOST GROUND - RESURGENT MARKETS AND NEW OPPORTUNITIES
Boston Consulting Group
A report on global wealth management institutions. >more
Publications > STUDIES
STELLUNGNAHME ZUR FINANZTRANSAKTIONSSTEUER
Institut für Makroökonomie und KonjunkturforschungA study on taxation of financial transactions. >more
Publications > STUDIES
SCHULDENBREMSEN FÜR EUROLAND
Deutsche Bank Research
A report a limiting public debt in Euroland. >more
NOTE
A Note on Purchase Price Allocation
Gunther Friedl | Carola Hammer (May 2010)
>more if you are a member and logged in
UPDATE CAPITAL MARKET DATA
We updated the capital market data (multiples, betas and returns) as to April 15, 2010. >more if you have logged in
Publications > STUDIES
THE FUTURE OF FINANCE - DRIVING BUSINESS VALUE THROUGH THE PERFORMANCE OF THE FINANCE FUNCTION
Ernst & Young
A report on the evolution of the finance function. >more
Publications > STUDIES
CROSS-BORDER PMI - UNDERSTANDING AND OVERCOMING THE CHALLENGES
Boston Consulting Group
A report on post merger integration in cross-border deals. >more
NOTE
A Note on Purchase Price Allocation
Gunther Friedl | Carola Hammer (May 2010)
>more if you are a member and logged in
UPDATE CAPITAL MARKET DATA
We updated the capital market data (multiples, betas and returns) as to April 15, 2010. >more if you have logged in
Publications > STUDIES
STAATSVERSCHULDUNG 2020: EINE TRAGFÄHIGKEITSANALYSE FÜR INDUSTRIE-UND SCHWELLENLÄNDER
Deutsche Bank Research
An analysis on public debt in 2020. >more
Publications > STUDIES
COLLATERAL DAMAGE - IN THE EYE OF THE STORM: IGNORE SHORT-TERM INDICATORS, FOCUS ON THE LONG HAUL
Boston Consulting Group
A fresh out the press installment of the collateral damage series focusing on contradicting economic indicators. >more
Publications > STUDIES
Wagnis- und Beteiligungsfinanzierung in Ostdeutschland
Der Beauftragte der Bundesregierung für die neuen Bundesländer
>more
Publications > STUDIES
INVESTING IN A REBOUND
A.T.Kearney
An article on foreign direct investments. >more
Publications > STUDIES
KPMG'S CORPORATE AND INDIRECT TAX RATE SURVEY 2009
KPMG
A study on international taxation and tax competition. >more
Publications > STUDIES
ERHOLUNG SETZT SICH FORT - RISIKEN BLEIBEN GROß
Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Lage
A study on the current state of German economy (in German). >more
Publications > STUDIES
VALUE CREATORS 2010: REBOUND BUT NOT YET RECOVERY
Boston Consulting Group
The first issue of a series of online articles on value creation. >more
finexpert-NOTE
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
CURRENT TOPICS
Private Equity back to normal or regulation ahead?
Momentum of Private Equity is possitive, but there are clouds on horizon. While Fund Raising is still the biggest Challenge of the Industry new Regulation proposals are supposed to hit Alternative Investment and Financial Sector. >more
Publications > STUDIES
THE CASE FOR A FINANCIAL SECTOR STABILISATION FUND
Deutsche Bank Research
A report on one way of global financial crisis management. >more
Publications > STUDIES
PUBLIC DEBT IN 2020
Deutsche Bank Research
A study on public debt in developed economies. >more
Publications > STUDIES
THE FUTURE OF THE GLOBAL FINANCIAL SYSTEM - NAVIGATING THE CHALLENGES AHEAD
World Economic Forum
A WEF study on the future of the global financial system. >more
Publications > STUDIES
INVESTMENT BANKING AND CAPITAL MARKETS - MARKET REPORT FOURTH QUARTER 2009
Boston Consulting Group
BCG's 4Q10 report on capital markets. >more
Publications > STUDIES
UNTERNEHMENSÜBERNAHMEN IM DEUTSCHEN MITTELSTAND - AUSGABE 62 (FEBRUAR 2010)
PricewaterhouseCoopers
PwC's newsletter on German market for corporate transactions (in German). >more
Publications > CORPORATE VALUATION
HHL/D&P FAIRNESS OPINION MONITOR: JAHRESREPORT DEUTSCHLAND 2009
Christian Aders, Bernhard Schwetzler
HHL/D&P Fairness Opinion Monitor gives an overview of fairness opinions on the german capital market (in German). >more
Publications > STUDIES
PRIVATE EQUITY-PROGNOSE 2010 - ERWARTUNGEN DER DEUTSCHEN BETEILIGUNGSGESELLSCHAFTEN ZUR MARKTENTWICKLUNG
Bundesverband Deutscher Kapitalbeteiligungsgesellschaften
A study on the current market conditions in Germany (in German). >more
Publications > STUDIES
CREDIT DEFAULT SWAPS - AUF DEM WEG ZU EINEM ROBUSTEREN SYSTEM
Deutsche Bank Research
A brief study on a new systems for credit default swaps. >more
Publications > STUDIES
2009 NIXON PEABODY MAC SURVEY
Nixon Peabody
A Nixon Peabody study of current negotiation trends of Material Adverse Change clauses in M&A transactions. >more
Publications > STUDIES
"GRÜNDERLAND DEUTSCHLAND“: WAS SOLLTEN WIR VON SILICON VALLEY LERNEN?
Deutsche Bank Research
A comment on the government plans of promotion entrepreneurial activities in Germany (in German). >more
Publications > STUDIES
TREND BAROMETER: REAL ESTATE INVESTMENT MARKET GERMANY 2010
Ernst&Young
A presentation on the Germany real estate market. >more
Publications > STUDIES
EVCA BAROMETER
European Private Equity and Venture Capital Association
The Winter 2010 issues of EVCA's newsletter. >more
Publications > STUDIES
TIME TO ENGAGE - OR FADE AWAY: WHAT ALL OWNERS SHOULD LEARN FROM THE SHAKEOUT IN PRIVATE EQUITY
Boston Consulting Group
A study on lessons learnt in the PE industry after the financial crisis. >more
Publications > STUDIES
VALUATION INSIGHTS
Duff & Phelps
The Q1 2010 issue of Duff & Phelps's newsletter on corporate valuation. >more
Publications > STUDIES
IPO WATCH EUROPE SURVEY Q4 2009
PricewaterhouseCoopers
The Q4 2009 issue of PwC's newsletter on IPOs in Europe. >more
CURRENT TOPICS
Regulation on Credit Rating Agencies
Europe adopts post-crisis regulation of credit rating agencies. In Germany the new European regulation came into power January 13th, 2010. >more
DEVELOPMENT OF MULTIPLES
Development of multiples (EV/EBIT, P/E) from January 2006 until January 2010 based on 18 industry sectors >more if you are a member and logged in
UPDATE CAPITAL MARKET DATA
We updated the capital market data (multiples, betas and returns) as to January 15, 2010. >more
Publications > STUDIES
HOW INSTITUTIONAL INVESTORS ARE INVESTING A YEAR ON FROM THE CREDIT CRISIS
J.P.Morgan
A report on changed strategies of institutional investors. >more
Publications > STUDIES
INNOVATIVE KÖPFE BRAUCHT DAS LAND! DIE INNOVATIONSKRAFT DER DEUTSCHEN BUNDESLÄNDER IM FOKUS
Deutsche Bank Research
A study on innovation in Germany compared to Europe. >more
CURRENT TOPICS
ARUG: Gesetz zur Umsetzung der Aktionärsrechterichtlinie
Modern communication at the general meeting and new limits for professional plaintiffs. The new ARUG is in power since November 1, 2009. >more
Publications > STUDIES
COLLATERAL DAMAGE - Preparing for a two-speed World: Accelerating Out of the Great Recession
Boston Consulting Group
The eighth paper of the Collateral Damage series is on the prospects of the world after the crisis. >more
Publications > STUDIES
NBER Reporter
National Bureau of Economic Research
The Q4 2009 issue of the NBER Reporter with a highly recommendable article on the financial crisis. >more
Publications > STUDIES
OBAMAS AGENDA - DIE STABILISIERUNG DER WIRTSCHAFT IM ERSTEN AMTSJAHR
Deutsche Bank Research
A presentation on Obama's economic program (in German). >more
finexpert-NOTE
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)
CURRENT TOPICS
Takeover Attempt of Altana by Skion
This time we would like to present our members the takeover attempt of Altana AG by Skion GmbH, which is one of the most interesting takeover offers in 2009. Finexpert consolidates the facts and will disclose some of the specialties of the transaction. >more
Publications > STUDIES
PRIVATE EQUITY 2009: DER TRANSAKTIONSMARKT IN DEUTSCHLAND
Ernst & Young
A study on the German PE market (in German). >more
Publications > STUDIES
M&A: READY FOR LIFTOFF? - A SURVEY OF EUROPEAN COMPANIES' MERGER AND ACQUISITION PLANS FOR 2010
Boston Consulting Group / UPS Investment Bank
The second annual survey of European companies’ M&A plans, conducted by BCG and UBS Investment Bank. >more
Publications > STUDIES
WERTSTEIGERUNGSHEBEL IN PRIVATE EQUITY-TRANSAKTIONEN
Center for Entrepreneurial and Financial Studies
A presentation on value drivers in PE transactions (in German). >more
Publications > STUDIES
ARBEITSMARKT - HOCHMUT VOR DEM FALL
Deutsche Bank Research
A study on current conditions of Germany's labour market (in German). >more
Publications > STUDIES
DIE ERKLÄRUNG ZUR UNTERNEHMENSFÜHRUNG NACH BilMoG
KPMG
An article on how to report under BilMoG (in German). >more
Publications > STUDIES
PAYING TAXES 2010 - THE GLOBAL PICTURE
PricewaterhouseCoopers
A Worldbank/PcW report on changes in taxation. >more
EVENT SUMMARY
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
CURRENT TOPICS
Economic Recovery
The crisis is not over but the worst scenario of a continuing depression seems to be unlikely. See the latest economic forecasts in our Current Topics. >more
Publications > STUDIES
THE NEW BUYOUT: HOW THE FINANCIAL CRISIS IS CHANGING PRIVATE EQUITY
Partners Group
A study on the impact of the financial crisis on the PE sector. >more
Publications > STUDIES
GRÜNE TECHNOLOGIEN IN DEUTSCHLAND – MIT PRIVATE EQUITY AUF WACHSTUMSKURS
Bundesverband Deutscher Kapitalbeteiligungsgesellschaften e. V.
A report on PE can boost green technology (in German). >more
Publications > STUDIES
REAL ESTATE INDUSTRY INSIGHTS - RECOVERY STILL IN THE WORKS
Duff & Phelps
A report on the US real estate market. >more
Publications > STUDIES
UNTERNEHMENSÜBERNAHMEN IM DEUTSCHEN MITTELSTAND
PricewaterhouseCoopers
The October 2009 issue of PwC's newsletter (in German). >more
Publications > STUDIES
DEUTSCHLAND IM INTERNATIONALEN KONJUNKTURZUSAMMENHANG
Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung
A study on Germany's economic in the contest of international business cycles (in German). >more
EVENT SUMMARY
3. Jahreskonferenz 2009 of IACVA-Germany
October 2, 2009 at Frankfurt
CVA CEFA Dr. Christian Aders
"Auswirkungen der Finanzkrise auf die Unternehmensbewertung"
CVA Prof. Dr. Bernhard Schwetzler
"Zur zeitlichen Stabilität von Multiplikatoren und Betafaktoren"
>more if you are a member and logged in (videos)
Publications > STUDIES
CREATING VALUE IN BANKING 2009 - AN OVERVIEW OF BANKING PERFORMACNE FOR THE FIRST THREE QUARTERS OF THE YEAR
Boston Consulting Group
A presentation on value creating in banking. >more
CAPITALIZING ON THE CRISIS - NEW WAYS IN CREATING VALUE IN BIOPHARMA
A report on current opportunities in the Biopharma industry. >more
CURRENT TOPICS
Regulation
New Coalition will strengthen regulation in the hands of Bundesbank. No further details of the regulation of markets and products in sight. >more
EVENT SUMMARY
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)
Publications > STUDIES
VALUATION INSIGHTS Q4
Duff & Phelps
The Q4/2009 issue of D&P's newletter on valuation. >more
Publications > STUDIES
THE ROLAND BERGER CRISIS SCENARIOS - OCTOBER 2009 UPDATE
Roland Berger Strategy Consultants
An update of Roland Berger's scenario analysis on the financial crisis. >more
Publications > STUDIES
FINANZAUFSICHT: MERKWÜRDIGE PRIORITÄTEN
Deutsche Bank Research
A comment on current developments in German banking regulation (in German). >more
Publications > STUDIES
THE 2009 VALUE CREATORS REPORT — SEARCHING FOR SUSTAINABILITY: VALUE CREATION IN AN ERA OF DIMINISHED EXPECTATIONS
Boston Consulting Group
The 2009 version of BCG's Value Creators Report (October 2009). >more
Publications > STUDIES
STUDIE 2009: DIE BEHANDLUNG VON FINANZIERUNGSAUFWENDUNGEN
BDI / KPMG
A study on the Zinsschranke and a comparison with regulation in other major industrial countries (in German). >more
CURRENT TOPICS
MoRaKG, VorstAG, MaRisk, Nobel prize economics 2009
EU-Kommission stoppt das Wagniskapital-Gesetz. >more
Publications > STUDIES
PRIVATE EQUITY INCREASINGLY RELIES UPON FAIRNESS OPINIONS
Duff & Phelps
An article on PE firms and fairness opinions. >more
Publications > STUDIES
FINANCIAL COVENANTS IN DER UNTERNEHMENSFINANZIERUNG
Roland Berger Strategy Consultants
Aktuelle Entwicklungen in der Unternehmens- finanzierung und die Rolle der Financial Covenants bei der Fremdfinanzierung. >more if you are logged in
BOOK Recommendation
THE BLACK SWAN: THE IMPACT OF THE HIGHLY IMPROBABLE
Nassim Nicholas Taleb
Penguin >more
Publications > STUDIES
BE DARING WHEN OTHERS ARE FEARFUL - THE BUSINESS OF SUSTAINABILITY: SEIZING M&A OPPORTUNITIES WHILE THEY LAST
Boston Consulting Group
A study on sustainable M&A. >more
Publications > STUDIES
THE INTANGIBLE INTANGIBLE: INCREASING THE VALUE OF A DEAL USING PERSONAL GOODWILL
Duff & Phelps
The article explores allocating a portion of the purchase price to personal goodwill. >more
Publications > STUDIES
UNTERNEHMENSÜBERNAHMEN IM DEUTSCHEN MITTELSTAND
PricewaterhouseCoopers
The July issue of PwC's newletter on M&A (in German). >more
Publications > STUDIES
CRISIS PRICING FOR THE DOWNTURN AND AFTER
Boston Consulting Group
A study on how to adjust pricing in economic downturns. >more
EVENT SUMMARY
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)
Publications > STUDIES
SEVEN MYTHS OF THE DOWNTURN
Boston Consulting Group
A study on how facts and fiction in economic downturns. >more
Publications > STUDIES
Studie zur Vergütung der Vorstände in den DAX 30-Unternehmen im Geschäftsjahr 2008
DSW | TUM (September 2009) >more
Publications > STUDIES
CHALLENGES IN A NEW WORLD
- HOW DO PRIVATE EQUITY INVESTORS CREATE VALUE?
Ernst & Young
A report on value creation in private equity investments. >more
NOTE
A Note on Impairment Tests
Gunther Friedl | Maximilian Bader (September 2009)
>more if you are a member and logged in
Publications > STUDIES
FROM CRISIS TO OPPORTUNITY: HOW GLOBAL CHALLENGER COMPANIES ARE SEEKING INDUSTRY LEADERSHIP IN THE POSTCRISIS WORLD
Boston Consulting Group >more
NEWS: Publications > STUDIES
AUFBRUCH OST
Deutsche Bank Research
A study on the economic development of the Neue Laender (in German). >more
NOTE
Note on the Quality of Multiples in the Corporate Valuation
Alberto Chullen | Bernhard Schwetzler
>more if you are a member and logged in
Publications > STUDIES
ALL ABOUT ASSET QUALITY
Deutsche Bank Research
A brief study the qualtiy of assets in Eastern Europe. >more
Lecture VIDEO
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).
Publications > STUDIES
FRONTIERS IN FINANCE - THE LONG ROAD TO RECOVERY
KPMG
The current version of KPMG's Finance newsletter. >more
Publications > STUDIES
WINNING IN A DOWNTURN: MANAGING WORKING CAPITAL
Boston Consulting Group
Working capital is an important source of cash throughout the business cycle, but it is especially critical during a downturn. >more
Publications > STUDIES
UNTERNEHMENSÜBERNAHMEN IM DEUTSCHEN MITTELSTAND
PricewaterhouseCoopers
The July issue of PwC's newletter on takeover activity in the German Mittelstand (in German). >more
Publications > STUDIES
PRIVATE EQUITY INSIGHTS - TODAY’S EXPECTED RETURNS
Duff & Phelps private equity insight from July 2009. >more
Publications > STUDIES
KONZENTRATION AUF KERNKOMPETENZEN: VERÄNDERUNGSDRUCK IN DER FINANZWIRTSCHAFT
PricewaterhouseCoopers
A study on changes in the financial industry (in German). >more
Publications > STUDIES
CHINAS FINANZMÄRKTE – EINE NEUE GLOBALE GRÖßE?
Deutsche Bank Research
A report on China's capital markets (in German). >more
Publications > STUDIES
FINANZKRISE BESCHLEUNIGT MACHTVERSCHIEBUNG IM GLOBALEN BANKENSYSTEM
Deutsche Bank Research
A report on changes in the global banking system (in German). >more
Publications > STUDIES
BVK SPEZIAL - PRIVATE EQUITY IN EUROPA 2008
Bundesverband Deutscher Kapitalbeteiligungsgesellschaften
An overview on European PE deal in 2008. >more
Publications > STUDIES
COLLATERAL DAMAGE: INDUSTRY FOCUS—DRAWING LESSONS FROM THE PAST TO CHART A COURSE FOR INSURERS
Boston Consulting Group
A study on the impact of the crisis on professional risk managers. >more
Lecture 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).
Publications > STUDIES
STAATSFONDS UND INVESTITIONSPOLITIK - DER AKTUELLE STAND
Deutsche Bank Research
A report on new perspective for soverein wealth funds. >more
Publications > STUDIES
COLLATERAL DAMAGE QUICK-O-NOMICS UPDATE: LEADING-INDICATOR EDITION: SEARCHING FOR GREEN SHOOTS
Boston Consulting Group
This issue of Quick-o-nomics — part of BCG's Collateral Damage series on the economic crisis — focuses on evidence of recovery in the major economies. >more
Publications > STUDIES
PRIVATE EQUITY'S NEW LANDSCAPE
Bain & Company
This report offers different ways for PE to go in the future. >more
EVENT SUMMARY
Die aktuelle Finanzmarktkrise - Ursachen, Wirkung und Lösungsansätze (Bad Bank)
SAM Sachsen Asset Management GmbH
>more if you are a member and logged in (Presentation)
Publications > STUDIES
THERE IS NO ALTERNATIVE TO MODEL-TO-MARKET
Duff & Phelps
In Börsen-Zeitung (16 May 2009), Frank Bollmann, managing director, comments on the valuation of toxic bank assets (in German). >more
Publications > STUDIES
KRISE 2009 TRIFFT DIE INDUSTRIE HART
Deutsche Bank Research
A report on the development of industrial production during the crisis. >more
Publications > Studies
UPDATE ARBEITSRECHT
CMS Hasche Sigle
The CMS Hasche Sigle update on Arbeitsrecht (in German). >more
Publications > Corporate Valuation
TERMINAL VALUE, INFLATION UND WACHSTUM
Gunter Friedl, Bernhard Schwetzler
Der Fortführungswert („Terminal Value“) ist von großer Bedeutung bei der Ermittlung von Unternehmenswerten; zugleich spielt die bei der Bestimmung des Fortführungswertes angenommene Wachstumsrate eine entscheidende Rolle für die Wertermittlung. >more
EVENT SUMMARY
Discussion Meeting "The Future of Private Equity"
June 19, 2009 in Leipzig at HHL
>more if you are a member (Presentation Dr. Hanns Ostmeier)
External Seminars > DVFA
We updated External Seminars > DVFA:
July to December 2009
> more
Publications > STUDIES
COLLATERAL DAMAGE PART 7: GREEN SHOOTS, FALSE POSITIVES, AND WHAT COMPANIES CAN LEARN FROM THE DEPRESSION
Boston Consulting Group
The seventh part of BCG'S collateral damage report. >more
finexpert-BASICS
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
Lecture VIDEO
Terminal Value Calculation in Corporate Valuation
We added a (not so short) video session of Prof. Schwetzler dealing with some issues of terminal value calculation in discounted cash flow models as e.g. growth rates and inflation (June 12, 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)
Publications > STUDIES
WINNING IN TURBULENCE - PURSUE GAME-CHANGING M&A AND PARTNERSHIPS
Bain & Company
A report on how M&A can be used in times of turbulance. >more
Publications > STUDIES
DIE KRISE UND IHRE FOLGEN FÜR DEUTSCHE BANKEN
Bain & Company
A study on how the crisis impacts on German banks (in German). >more
Publications > STUDIES
COLLATERAL DAMAGE: FUNCTION FOCUS—LEADERS HAVE MADE THE QUICK CUTS—NOW WHAT?
Boston Consulting Group
The latest BCG'S collateral damage report is on what to do in order to prepare for times after the crisis. >more
Publications > STUDIES
THREE QUESTIONS ON THE CRISIS
Roland Berger Strategy Consultants
Roland Berger's report is providing three scenarios on how the crisis will further develop. >more
EVENT SUMMARY
BVK e.V. 10. Deutscher Eigenkapitaltag
April 22, 2009 in Berlin
>more if you are a member
(Summary and Case Studies)
Publications
Case Studies about private equity financed companies
(e.g. Grohe, Debitel, Maredo, Q-Cells)
BVK e.V. >more
Publications
Wesentliche Änderungen des Bilanzmodernisierungsgesetzes im Überblick
>more (Bundesministerium der Justiz, March 2009)
>more (Current Topics)
Publications > STUDIES
EMPIRISCHE ANALYSE ZUR ZINSSCHRANKE AUF GRUNDLAGE VON HANDELSBILANZDATEN
Deutsches Institut für Wirtschaftsforschung
A study on the impact of the Zinsschranke (in German). >more
finexpert-BASICS
Multiple-based valuation
February 27, 2009
>more if you are a member and logged in
Publications > CORPORATE VALUATION
COST OF CAPITAL AND VALUATION WITH IMPERFECT DIVERSIFICATION AND UNSYSTEMATIC RISKS
Dr. Werner Gleissner | Marco Wolfrum >more
Publications > STUDIES
OBAMANOMICS AND IT’S PROSPECTS
A.T. Kearney
An assessment of the global economy and President Obama's plan to save it. >more
NOTE
A Note on Conglomerate Discount
Bernhard Schwetzler
We added a note on the bright and the dark side of corporate diversification (December 2008).
>more if you are a member and logged in
Publications > STUDIES
STAYING ON COURSE - M&A IN EUROPE
Deloitte
A study on current trends in the European M&A market. >more
NOTE
A Note on Economic Value Added (EVA)
Gunther Friedl | Lena Deuschinger (November 2008)
>more if you are a member and logged in
Publications > STUDIES
FINANZBERICHTERSTATTUNG NACH IFRS
PricewaterhouseCoopers
This study provides a check list on important factors in financial reporting. >more
finexpert-BASICS
DCF-WACC (benefits and pitfalls of standard DCF valuation models)
>more if you are a member and logged in
Publications > Studies
M&A REPORT
Zentrum für Europäische Wirtschaftsforschung / Bureau van Dijk Electronic Publishing
A study on current worldwide transactions (in German). >more
Publications > STUDIES
STATE OF THE INVESTMENT MANAGEMENT INDUSTRY IN ASIA PACIFIC
KPMG
A study on the still bright outlooks in the Asia Pacific region. >more
Publications > CORPORATE VALUATION
Simulationsbasierte Bewertung von Akquisitionszielen und Beteiligungen: Schätzung und Bewertung unsicherer Exitpreise
Dr. Werner Gleißner, Marco Wolfrum
FutureValue Group
>more
Publications > STUDIES
A VIEW OF THE U.S. SUBPRIME CRISIS
CitiGroup
A study on the effect of subprime crisis on economic growth. >more
Publications > STUDIES
CBI/PRICEWATERHOUSECOOPERS FINANCIAL SERVICES SURVEY
PricewaterhouseCoopers
A study on current trends in the financial service industry. >more
Publications > STUDIES
THE RISE OF EMERGING MARKETS IN MERGERS AND ACQUISITIONS
A.T. Kearney
A study on M&A activity in emerging economies. >more
Publications > STUDIES
THE FUTURE OF SECURITIZATION
Center for Financial Studies
A study on possible reasons for the break down of the securitization markets. >more
Publications > STUDIES
THE UNFOLDING FINANCIAL CRISIS
MIT Webcast
A webcast of a panel discussion about the financial crisis in the US. Panelists include: Ricardo Caballero (Economics), Bengt Holmstrom (Economics), Andrew Lo (MIT Sloan), James Poterba (Economics) and William Wheaton (Center for Real Estate). >more
To get directly to the webcast click >more.
DIE BEDEUTUNG VON BUY-OUTS/-INS FÜR UNTERNEHMERISCHE EFFIZIENZ, EFFEKTIVITÄT UND CORPORATE GOVERNANCE
Deutsches Institut für Wirtschaftsforschung / Bundesverband Deutscher Kapitalbeteiligungsgesellschaften
A study on the impact of private equity on corporate performance in Germany. >more
NOTE
A Note on Cost of Debt per Industry
Bernhard Schwetzler|Matthias Tischner
Finexpert regularly publishes beta factors and cost of equity estimates over different industries. This note discusses procedures and provides results for estimates of cost of debt for German industries. >more if you are a member and logged in
EVENT SUMMARY
finexpert Round Table at iacva-germany
September 4, 2008 in Frankfurt
"Spezialproblem der Unternehmensbewertung: Berücksichtigung der Zinsschranke im Rahmen der DCF-Methoden"
Wolfgang Kniest, Geschäftsführer IACVA-Germany
Herr Kniest zeigt anschaulich an einem Fallbeispiel die Auswirkungen der steuerlichen Zinsschranke auf den Unternehmenswert bei Anwendung der APV-, WACC- und Flow to Equity-Methode. Die Beachtung der Zinsschranke kann auch eine Anpassung der Unternehmensverschuldung beim Übergang von der Detailplanungsphase zur Phase der ewigen Rente erfordern.
>more if you are a member and logged in (Presentation Wolfgang Kniest)
>more (Bewertungspraktiker 02/2008)
Publications > ACCOUNTING
AUFGABE UND METHODEN DER INDIKATIVEN KAUFPREISALLOKATION (PRE-DEAL-PURCHASE PRICE ALLOCATION) BEI DER BILANZIERUNG VON BUSINESS COMBINATIONS NACH IFRS 3
Henning Zülch, Martin Wünsch
KoR 7-8/2008, S. 466-474
Die Effekte aus der Anwendung von IFRS 3 können den Vermögens- und Erfolgsausweis eines erwerbenden Unternehmens signifikant beeinflussen. Um sich vor „Überraschungen“ zu schützen und die Auskunftsfähigkeit für Zwecke der Zwischenberichterstattung und Planung sicherzustellen, empfiehlt sich die Integration einer „Pre-Deal PPA“ in den Akquisitionsprozess.
>more if you are a member and logged in
