24 Folgen

Finance, accounting and corporate governance ESMT European School of Management and Technology

    • Wirtschaft

    Are level 3 fair values reflected in firm value? Evidence from European banks

    Are level 3 fair values reflected in firm value? Evidence from European banks

    This paper investigates whether, and if so, to what extent, Level 3 fair values disclosed by European banks provide useful information to investors and are reflected in firm value changes. Using a unique sample of 416 hand-collected firm-year observations from European banks reporting under IFRS, in contrast to previous research conducted in the US, we find no overall evidence that changes in Level 3 fair values are associated with changes in firm value. However, the value relevance of Level 3 fair values depends on the category assigned to financial instruments. Level 3 fair values that are held for trading are reflected in firm value. Further analyses suggest that this effect is driven predominantly by banks that operate in market-based economies and hire audit firms with deep industry expertise.

    • video
    100. Jubiläum des ESMT Seminars "Betriebswirtschaft für Führungskräfte"

    100. Jubiläum des ESMT Seminars "Betriebswirtschaft für Führungskräfte"

    Die Teilnehmer des BTN-Seminars sind auf ihrem Gebiet anerkannte Experten. Wenn es aber darum geht, das Unternehmen gemeinsam mit der kaufmännischen Leitung oder Controllern auf Erfolgskurs zu bringen, haben viele Manager ohne kaufmännische Ausbildung das Gefühl, mit ihren Kollegen nicht die gleiche Sprache zu sprechen. Diese Lücke sollte geschlossen werden, sodass auch Nicht-Betriebswirte erfahren, warum beispielsweise für operative Entscheidungen mal Deckungsbeiträge, mal Vollkosten die richtigen Beurteilungsgrößen sind, welchen Einfluss das Working Capital auf die Liquiditätsversorgung des Unternehmens hat und wie Entscheidungen in ihrem Bereich auf die Unternehmenszahlen rückwirken.

    Um diese und ähnliche Fragen beantworten zu können, reicht es nicht aus, einen Crashkurs zu belegen oder sich mit einem Glossar auszustatten. Vielmehr benötigt man ein umfassendes Grundverständnis über betriebswirtschaftliche Methoden und Zusammenhänge, um so den eigenen Verantwortungsbereich gemeinsam mit Kaufleuten professionell planen, steuern und kontrollieren zu können.

    • 2 Min.
    • video
    Private Investment - What's the Holdup?

    Private Investment - What's the Holdup?

    Why has private investment been so weak in recent years? This key question will be discussed by Daniel Leigh, Deputy Division Chief at the Research Department of the IMF, in his presentation of the International Monetary Fund’s April 2015 World Economic Outlook (WEO). The WEO is a survey analyzing global economic developments.

    Daniel Leigh’s research interests are in international macroeconomics, with a focus on fiscal and monetary policy. He holds a PhD in economics from Johns Hopkins University and an MSc in economics from the London School of Economics. Leigh has numerous publications in journals such as the Journal of the European Economic Association and the American Economic Review. Furthermore, he has written several chapters of the IMF’s World Economic Outlook.

    • 1 Std. 31 Min.
    Government guarantees and bank risk taking incentives

    Government guarantees and bank risk taking incentives

    This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This removal was announced in 2001, but Landesbanken were allowed to issue guaranteed bonds until 2005. We find that Landesbanken lend to riskier borrowers after 2001. This effect is most pronounced for Landesbanken with the highest expected decrease in franchise value. Landesbanken also significantly increased their off-balance sheet exposure to the global ABCP market. Our results provide implications for the debate on how to remove guarantees.

    Hedge fund flows and performance streaks: How investors weigh information

    Hedge fund flows and performance streaks: How investors weigh information

    We examine the relative weights hedge fund investors attach to past information in the fund selection process. The weighting scheme appears inconsistent with econometric forecasting models that predict fund returns, alphas or Sharpe ratios. In particular, investor flows are highly sensitive to performance streaks despite their limited predictive power regarding fund performance. Further, allocations based on forecast models’ out-of-sample predictions beat investor allocations by a significant margin, which suggests that the latter are suboptimal and reflect overreaction to certain types of information. Our findings do not support the notion that sophisticated investors have superior information or superior information processing abilities.

    • video
    Panel Discussion with Sidharth Birla on "Prospects for investments and growth under the new government in India"

    Panel Discussion with Sidharth Birla on "Prospects for investments and growth under the new government in India"

    About Sidharth Birla:

    Sidharth Birla, President of the Federation of Indian Chambers of Commerce and Industry (FICCI) – India’s apex business organization – will be leading a delegation comprising about 10 CEOs heading organizations in diverse industry sectors in India. This visit will be held on the eve of the Indo-German Investment Summit in Berlin. It is a great opportunity for business leaders from both India and Germany to explore ways of collaborating in order to realize the tremendous business potential between the two nations. Unlike other emerging economies that are being hit more severely by diminished growth prospects in the developed world, the Indian economy is poised to be an investment destination of choice for Foreign Direct Investment (FDI), with favorable demographics, a large and diversified domestic market, and competitive cost structures.

    Against this backdrop, Sidharth Birla will address the audience with a keynote speech highlighting the prospects, as well as challenges, for FDI in India. The keynote will be followed by a panel discussion, in which Sidharth Birla will be joined by three other CEOs from Indian and German bodies. This discussion will provide the opportunity to discuss specific campaigns and reform initiatives like Make in India, Digital India, Smart Cities, and so forth, in greater detail. It will also set the stage for a Q&A session with the audience.

    • 42 Min.

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