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Ziel dieser Arbeit ist es, die optimale Methode für Investoren zur Bewertung von Fußballvereinen aus der deutschen Bundesliga zu ermitteln. Dazu wurde der Ansatz verfolgt, den Dr. Tom Markham in der Arbeit "What is the optimal method to value a football club?" zur Validierung seines Ansatzes verwendet hat, indem er traditionelle Bewertungsmethoden auf ihre Eignung zur Bewertung der spezifischen Branche und des Marktes hin untersucht hat. Bei den drei untersuchten Modellen handelt es sich um die Substanzwertmethode, Varianten des DCF-Modells und Bewertungsmultiplikatoren. Darüber hinaus wurden zwei branchenspezifische Modelle vorgestellt, die Forbes-Liste der wertvollsten Fußballmannschaften und die Markham-Methode. Das Modell wurde nicht nur auf einen anderen Markt übertragen, sondern auch mit neueren Daten berechnet, nämlich mit den Spielzeiten 2010/10 bis 2020/21. Der Vergleich der Bewertungsergebnisse mit den tatsächlichen Transaktionen in diesem Zeitraum zeigt, dass die Markham-Methode zwar anwendbar ist, aber für die Bundesliga nicht die erste Wahl sein sollte.
Abstract
In the last decade, green bonds have become one of the most prominent and popular
financing instruments for mitigating climate change. The purpose of this paper is to analyze the impacts of green bonds with regard to climate neutrality and compare their performance with conventional bonds. Therefore, the following research questions were answered: What are the latest developments in the green bond market? What is the present state of standardized regulations? How do green bonds perform compared to their conventional counterparts? How transparent and "green" is the current green bond market? The paper is based on a literature review in the theoretical part and a practical part illustrating an insight into the current green bond market through three case studies.
In the green bond market, which has been growing steadily since 2015, Europe's increasingly strong and prominent position is evident. With a global market volume of over $500 billion in 2021, there has been a substantial increase in market growth during the past few years. A large body of literature shows that green bonds do not exhibit significant differences in performance compared to their conventional counterparts. As the green bond market matures, the phenomenon of a green bond premium is slowly disappearing. Which is in line with the results of the case studies. The green bonds outperform the conventional bonds and achieve a higher return. Further, a lack of standardized regulations can be observed. There are not one but many voluntary standards and regulations. As a result, the actual sustainability and impact of green bonds are difficult to measure.
Die vorliegende Ereignisstudie untersucht, wie sich die Ausgabe von Green Bonds auf den Aktienkurs eines Unternehmens auswirkt. Dazu werden 176 Ankündigungen von Green-Bond-Emissionen von 107 börsennotierten europäischen Unternehmen im Zeitraum von Januar 2013 bis November 2022 betrachtet. Dabei wird am Tag der Ankündigung eine positive durchschnittliche abnormale Rendite und eine positive durchschnittliche kumulierte abnormale Rendite im Betrachtungszeitfenster gefunden. Parametrische und nicht-parametrische Tests bestätigen die Signifikanz. Dies liefert empirische Belege dafür, dass Aktienkurse von Unternehmen positiv auf die Ausgabe von Green Bonds reagieren.
This thesis examines the existence and magnitude of the Dividend Month Premium in the German stock market over the period 1999 to 2021. The findings indicate that there appear to be significant positive abnormal returns in the lead-up to the ex-dividend date, which are reversed thereafter. This mispricing around a predictable event arises as a contradiction of the efficient market hypothesis and is driven by price pressure from dividend-seeking investors who are not exposed to additional risk compared to non-dividend periods. The asset pricing anomaly intensifies in times of economic uncertainty and is related to the level of dividend yield and liquidity. However, if firms decide to omit their dividend payments, the return premium disappears.
An average investor trying to allocate his wealth among multiple assets ideally has nearly infinite possibilities to do so. However, asset allocation strategies try to facilitate this process. Nevertheless, no consensus exists on which strategy is ideal and yields the best performance. Therefore, this paper aims to determine an ideal asset allocation strategy for an average investor by comparing two asset allocation strategies.
The focus is on comparing the practical application of Markowitz’s Modern Portfolio Theory (MPT), a sophisticated asset allocation strategy, with an equally weighted asset allocation, namely the 1/N strategy. The past performance of these two strategies is compared with the help of a calculation example based on historical data. The quantitative analysis covers three time periods of different lengths between 1991 and 2022. Also, the strategies are applied to portfolios with different amounts of assets during these periods. Although the existing literature is very controversial concerning the performance of the two strategies, this research shows a clear result. Compared to the 1/N strategy, this study’s findings show an outperformance of the MPT strategy during every period and each portfolio combination. However, the difference in performance regarding return and risk is minimal in most scenarios and would not significantly affect an average investor who invests over a long-term horizon.
Private equity investors acquire companies, aim to increase the company’s corporate value and thus aim at selling the respective company at a profit after some time. To increase the value of their portfolio companies, private equity investors employ three main value creation strategies. Financial leverage, multiple expansion, and operational value creation. There has been a significant shift in importance between these three value drivers. While in the 1980s more than 50% of value creation was achieved by leveraging equity with the help of debt capital, this value driver only accounted for 15% in the 2010s. Instead, the value driver operational value creation has gained significantly in importance. It alone accounted for 55% of total value creation in the 2010s, more than financial leverage and multiple expansion combined. The aim of this thesis is to answer the question which operational value creation levers private equity investors use to increase the value of their portfolio companies during the holding phase. In addition, the thesis deals with the question of operational value creation drivers of the future. These are derived based on prevailing megatrends of the future. Research on the operational value drivers used by private equity investors revealed that these drivers can be assigned to three main aspects.
These aspects are, on the one hand, financial aspects, where private equity investors take measures to improve working capital. Moreover, within the framework of financial aspects private equity investors influence the cost structure as well as the cost of capital and the capital structure. Furthermore, private equity investors assert influence on the governance structures of their portfolio companies. For the aspect of governance, measures such as replacement of management/change of management structure, monitoring and controlling as well as incentive systems were identified to increase the value of the company. Another identified aspect for value creation are strategic aspects. In terms of strategic aspects, private equity investors use the levers of mergers and acquisitions, organic expansion, outsourcing/insourcing as well as product and pricing strategies.
The research on the value creation levers that private equity investors will have to apply in the future in order to ensure value creation of their portfolio companies is based on the megatrends of digitalization, demographic change and sustainability. The research revealed the implementation of digitalization measures, employee, and talent management as well as the implementation of ESG criteria.
This thesis has structurally outlined value drivers that contribute to value creation in private equity investments. The research also showed that value creation levers taken can directly and indirectly influence the value of the portfolio company. Value drivers II with a direct effect on the change in equity value affect either revenue, margin or net debt, while the indirect value drivers affect the valuation multiple.
This paper analyses five different Cryptocurrencies, namely Bitcoin, Ethereum, XRP, Dogecoin and Litecoin, and studies their impact on traditional financial portfolios under different allocation strategies. The allocation strategies under consideration in this paper are the modern portfolio theory according to Markowitz, an extension of it such as the tangency portfolio, and the equally weighted portfolio. Further, this study explores the effect on the efficient frontier when Cryptocurrencies are added to the efficient portfolios. In addition to that, the paper aims to examine whether the mean – variance portfolio optimization according to Markowitz outperforms the naïve and tangency portfolio strategy. The portfolio performance is evaluated based on the Sharpe ratio. The quantitative analysis of this paper covers the time period from 2017 to 2022, in total five years. In accordance with the existing literature on portfolio optimization with Cryptocurrencies, the study reveals that besides some issues related with Cryptocurrencies such as cybercrime and a lack of regulations, Cryptocurrencies can be beneficial for portfolio diversification with traditional financial assets. Referring to the portfolio strategies, the study highlights that the optimal mean – variance portfolio and tangency portfolio do not differ significantly in terms of Sharpe ratio. However, both strategies outperform equally weighted portfolios.
In the context of the global climate crisis, socially responsible investing has gained momentum in the financial market. One of its objectives is the achievement of a positive environmental impact. Among the instruments used for this purpose are green bonds. These are fixed-income instruments whose proceeds may only be used for green activities. To this point, market-based standards aimed at establishing uniform definitions of what constitutes “green” have strongly contributed to the development of the green bond market. In order to further promote the issuance and credibility of green bonds and exploiting their financing potential, the European Commission has proposed the introduction of a European Green Bond Standard.
This thesis examines how an introduction of the European Green Bond Standard could impact the existing German green bond market and lead to more private investments in green projects in the future. To address this question, information from an extensive literature review as well as quantitative data from Refinitiv EIKON's Green Bond Guide was used.
For the German green bond market to grow, in particular an increased involvement of the private sector is essential. This thesis finds that the current draft of the European Green Bond Standard offers great potential in this respect. Through increased transparency and assurance, increased demand as well as associated reputational benefits and the possibility to use targeted policy incentives it has the potential to increase the attractiveness of green bond issuance for the private sector and thus induce more issuances. An extension of the grandfather clause, which is currently under discussion, could underpin this even further.
The paper tests the German stock market for excess volatility and stock price overvaluation with regard to the simple efficient markets model and the cyclically adjusted price-earnings ratio. Long-term historical stock market data of 49 years are used to calculate the detrended real price and ex-post value and data of 39 years to compute the cyclically adjusted price-earnings ratio, both from the sample of two German automotive stocks. The empirical evidence provided by the analysis points to excess market volatility and confirms the theory of overvalued stocks, which is linked to the bubble theory. This indicates that price fluctuations cannot be justified only by changes in fundamental values as claimed by the Efficient Market Hypothesis. The German stock market therefore shows inefficiency.
Digitalization is currently taking place in all areas of the business environment. This thesis aims to provide an overview of digitalization in the field of controlling, specifically focusing on the use business intelligence (BI) dashboards. Embracing digitalization by implementing BI enables companies to transform the way in which data and information relevant for decision making is procured and managed. The utilization of a BI solution to conduct complex analyses is exemplified by the conceptualization and development of a BI dashboard for assessing the consolidation effect at Bosch Rexroth AG. The importance of designing an effective dashboard according to its purpose in a simple, clear and intuitive way as a front-end application of a BI solution is emphasized. Furthermore, five different potential roles for the controller that arise as digitization progresses are identified, all of which require an expansion of the controller's IT capabilities.