Books in the Corporate Finance and Governance series

Investigates the share price reactions of strategic bidder M&A transactions and their key drivers. This title analyzes the implications of a missed disposal opportunity in the luxury fashion segment. It shows the various drivers of consolidation in dynamic and heterogeneous industry segment over the course of the last two decades.

Dieses Buch analysiert die wirtschaftliche Entwicklung der deutschen Stadtwerke seit Beginn der Liberalisierung und identifiziert zentrale Erfolgsfaktoren dieser Unternehmen. Es zeigt die historische Entwicklung und heutige Rolle der Stadtwerke auf, gewährt Einblicke in ihr umfangreiches Leistungsspektrum und erörtert, was Erfolg für Stadtwerke bedeutet. Eine umfangreiche Kennzahlenanalyse zeigt, dass sich die Finanz- und Ertragslage der Stadtwerke noch auf einem soliden Niveau bewegt. Die Branche befindet sich jedoch auf Krisenkurs. Mittels multivariater Regressionsanalysen untersucht der Autor fünfzehn potenzielle Erfolgsfaktoren in sieben Wirkungsbereichen. Die Ergebnisse erlauben auch Ausblicke auf die mögliche weitere Entwicklung der Branche.

This study provides a comprehensive analysis of value effects from corporate restructuring in Europe including mergers and acquisitions (M&A) and corporate divestiture between 1989 and 2008. The novelty of the presented analysis is the inclusion of market cycle and industry effects as important factors that influence shareholder wealth creation.

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.

The book describes a valuation approach tailored to brokers and analyses insurance intermediary M&A revealing positive abnormal returns for acquirers. It provides a comprehensive analysis of insurance intermediaries including an up-to-date market perspective, pointing out performance drivers for tied agents.

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. The capital market reactions of the institutions directly involved in the M&A and their rivals are examined to evaluate the success of the consolidation process.

The author analyses the composition of supervisory boards and its members' financial expertise, its influence on a banks' risk and performance profile, and its contribution to bank stability. Then he focuses on the effect of ownership concentration on credit risk and the role of debtholders as a stakeholder group within an international context.

This book comprises studies on minority shareholder monitoring in Germany. The work 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.

This book analyzes three individual corporate finance-related research topics on mergers and acquisitions in the global brewing industry. It contains a variety of new empirical findings that are novel to existing corporate finance research and a comprehensive analysis of the capital market implications of M&A in the sector and determinant drivers.

This study contributes to empirical top executive research on the relative importance of German CEOs and CFOs. The analyses are based on a unique dataset that includes observations from more than 300 CEOs and 100 CFOs working for 110 publicly listed German firms that operated in 10 different industries between 1983 and 2002.

This study analyzes 229 M&A and 120 in-licensing deals in the pharmaceutical industry. The author shows from a capital market perspective that M&A experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. Significant determinants of success for both strategies are derived.

Determinants of Credit Spreads

Includes a question that examines whether Initial Public Offering signals such as underpricing reveal proprietary information about the prospects of an issuing firm's underlying industry such as the performance of direct real estate investments.

Directors' Dealings and Insider Trading in Germany

Mergers & Acquisitions (M&A) are important strategic business options for corporations. Based on comprehensively selected datasets and empirical methods, this study illustrates the motives, the strategy and the effects of M&A transaction within the construction industry.

A dissertation comprises five studies analyzing daily stock returns of listed firms. It deals with corporate diversification through M&A and how related risk dynamics affect shareholder wealth.

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

In the course of the investigation, evidence is found that both phenomena are interrelated. All analyses are based on publicly available data; therefore they are not limited by client interests. This title aims to understand stable capital growth of German properties and to contribute to the explanation of stable fund returns.

This book analyzes the value-creating potential which stems from voluntary synergy disclosures during M&A, and their post-merger realization in the US and EU energy markets. Initially, a practitioner's perspective is assessed, followed by the capital market's valuation. Lastly, the actual synergy realization is analyzed in an accounting context.

These four essays investigate 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, while the last study addresses the impact of ownership concentration on banks' performance, risk, and stability on a global level.

The book examines the impact of firm events on bondholder wealth. First, the methodologies of papers that conduct bond event studies are reviewed. Second, the impact of synergy forecasts at M&A announcements on corporate debt and equity securities is investigated. Finally, regular debt offerings are compared to reopenings of corporate bonds.