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on German Papers |
| By: | Elmar Lukas (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg); Christian Heimann (Department Economics, University Paderborn) |
| Abstract: | Gerade in Zeiten der globalen Finanzkrise eignen sich Earn-out-Vereinbarungen in besonderem Maße, um den gesteigerten Informationsasymmetrien im Rahmen einer Unternehmensübernahme begegnen zu können. Doch wie stark profitieren die Käufer vom Einsatz eines solchen Instrumentes und was bestimmt die Intensität und Richtung? Im Rahmen einer branchenübergreifenden Untersuchung wird der Einfluss von Earn-out-Regelungen auf den Unternehmenswert deutscher Käufer untersucht. Die Ergebnisse zeigen, dass der deutsche Kapitalmarkt den Einsatz von Earn-outs grundsätzlich positiv bewertet. Bei näherer Betrachtung zeigt sich, dass neben dem Abbau von Informationsasymmetrien, auch ein höheres Earn-out-Ratio, eine nied-rigere Earn-out-Laufzeit und ein geringerer Verschuldungsgrad einen positiven Effekt haben. Der Einfluss des Earn-out-Ratios wird allerdings durch eine längere Laufzeit be-grenzt und ins Gegenteil verkehrt. |
| Keywords: | Unternehmensübernahme, Earn-out, Ereignisstudie, Shareholder Value, Informationsasymmetrien |
| JEL: | G14 G34 D8 |
| Date: | 2010–02 |
| URL: | http://d.repec.org/n?u=RePEc:mag:wpaper:100006&r=ger |
| By: | Steffen Rätzel (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg); Bodo Vogt (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg); Joachim Weimann (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg) |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:mag:wpaper:100001&r=ger |
| By: | Elke Holst; Anita Wiemer |
| Abstract: | The paper proceeds from the assumption that the inequalities of opportunity between men and women on the labor market and in society overall tend to consolidate in the management bodies of large companies. The predominance of men on the supervisory boards of Germany's largest private sector companies has created a 'male monoculture' there. In the literature, structural and ideological barriers are identified as the reasons for this severe underrepresentation of women. Increasing the percentage of women in management positions in the private sector would still require the support of upper-level (male) management. In other countries, progress has already been made in this area with the use of quotas. |
| Keywords: | Board Diversity, Gender Diversity, Glass Ceiling, Stereotypes, Gender Quota |
| JEL: | G38 J16 J44 J71 M14 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1001&r=ger |
| By: | Michael Knogler; Volkhart Vincentz; Miriam Frey (Osteuropa-Institut, Regensburg (Institut for East European Studies)) |
| Abstract: | This paper investigates patterns and determinants of growth in Ukraine in a medium-term and a long-term perspective. During 2000-2008, high growth in Ukraine was sup-ported by favourable external conditions and was mainly demand-driven. Due to the massive decline of external demand and the reversal of capital flows during the global financial crisis some factors that have underpinned growth since 2000 have been ex-hausted. The terms of trade have already deteriorated and foreign credits granted to households and enterprises, which fuelled the consumption boom, have already strongly declined In addition to capital deepening, long-term growth will therefore require maintaining robust total factor productivity, i.e. transfer of technology and efficient allocation of resources. Poor economic and political framework conditions are the main development barriers in Ukraine. Implicit and explicit subsidies, excessive state ownership, corrup-tion, weak competition and high levels of regulatory uncertainty constitute the principal obstacles to an increase of the level and efficiency of investment. The paper suggests some main areas of reforms to overcome these obstacles. |
| Date: | 2010–04 |
| URL: | http://d.repec.org/n?u=RePEc:ost:wpaper:282&r=ger |
| By: | Markus Marterbauer (Austrian Institute of Economic Research) |
| Abstract: | The concept of financial balances implies that the general government balance can be improved only if the enterprise sector and the foreign sector simultaneously increase their financial deficits and the household sector cuts its surplus. This paper explores how these adjustments can be influenced by economic policy during “a period of diminished expectations” (a period of weak GDP growth which is expected to persist for the coming years). Credit financed growth of private investment is unlikely to accelerate as capacity utilization rates are low. Increased spending by the foreign sector, which allows an export oriented growth strategy, could be dampened by simultaneous budget consolidation efforts of all European countries. Savings rates of private households have increased during the crisis. In order to reduce them various alternatives are discussed. Firstly, a credit financed housing bubble This has been practiced by some economies in recent years, but proved to be not sustainable. Secondly, a decline of unemployment rates and consequently of precautionary saving: During periods of low growth of GDP and employment, improvements in the employment elasticity of growth enhancing policy measures and reductions of working time could be effective in this respect. Thirdly, incentives for upper income households to expand investment expenditures and cut back their savings. Fourthly, a redistribution of wealth and income: This strategy leads to a decrease of average savings rates and an increase of consumption rates of private households. |
| Keywords: | Budget consolidation, fiscal balances, savings rates of private households |
| JEL: | E21 E62 H30 H62 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:imk:wpaper:6-2010&r=ger |