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Sofilkanitsch, Determinants of Financial Misreporting: A Survey of the Financial Restatement Literature, 2019.","bibtex":"@book{Sievers_Sofilkanitsch_2019, title={Determinants of Financial Misreporting: A Survey of the Financial Restatement Literature}, author={Sievers, Sönke and Sofilkanitsch, Christian}, year={2019} }","mla":"Sievers, Sönke, and Christian Sofilkanitsch. <i>Determinants of Financial Misreporting: A Survey of the Financial Restatement Literature</i>. 2019.","apa":"Sievers, S., &#38; Sofilkanitsch, C. (2019). <i>Determinants of Financial Misreporting: A Survey of the Financial Restatement Literature</i>."},"status":"public","date_updated":"2023-01-03T08:15:19Z","_id":"35116","user_id":"26589","author":[{"first_name":"Sönke","last_name":"Sievers","id":"46447","full_name":"Sievers, Sönke"},{"last_name":"Sofilkanitsch","full_name":"Sofilkanitsch, Christian","first_name":"Christian"}],"date_created":"2023-01-03T08:13:53Z","title":"Determinants of Financial Misreporting: A Survey of the Financial Restatement Literature","language":[{"iso":"eng"}]},{"doi":"10.1287/mnsc.2018.3274","main_file_link":[{"url":"https://pubsonline.informs.org/doi/10.1287/mnsc.2018.3274"}],"volume":66,"author":[{"full_name":"Hüther, Niklas","last_name":"Hüther","first_name":"Niklas"},{"full_name":"Robinson, David T.","last_name":"Robinson","first_name":"David T."},{"first_name":"Sönke","last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447"},{"first_name":"Thomas","last_name":"Hartmann-Wendels","full_name":"Hartmann-Wendels, Thomas"}],"date_updated":"2026-04-09T08:27:26Z","page":"1756-1782","intvolume":"        66","citation":{"ama":"Hüther N, Robinson DT, Sievers S, Hartmann-Wendels T. Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships. <i>Management Science (VHB-JOURQUAL 4 Ranking A+)</i>. 2019;66(4):1756-1782. doi:<a href=\"https://doi.org/10.1287/mnsc.2018.3274\">10.1287/mnsc.2018.3274</a>","ieee":"N. Hüther, D. T. Robinson, S. Sievers, and T. Hartmann-Wendels, “Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships,” <i>Management Science (VHB-JOURQUAL 4 Ranking A+)</i>, vol. 66, no. 4, pp. 1756–1782, 2019, doi: <a href=\"https://doi.org/10.1287/mnsc.2018.3274\">10.1287/mnsc.2018.3274</a>.","chicago":"Hüther, Niklas, David T. Robinson, Sönke Sievers, and Thomas Hartmann-Wendels. “Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships.” <i>Management Science (VHB-JOURQUAL 4 Ranking A+)</i> 66, no. 4 (2019): 1756–82. <a href=\"https://doi.org/10.1287/mnsc.2018.3274\">https://doi.org/10.1287/mnsc.2018.3274</a>.","apa":"Hüther, N., Robinson, D. T., Sievers, S., &#38; Hartmann-Wendels, T. (2019). Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships. <i>Management Science (VHB-JOURQUAL 4 Ranking A+)</i>, <i>66</i>(4), 1756–1782. <a href=\"https://doi.org/10.1287/mnsc.2018.3274\">https://doi.org/10.1287/mnsc.2018.3274</a>","mla":"Hüther, Niklas, et al. “Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships.” <i>Management Science (VHB-JOURQUAL 4 Ranking A+)</i>, vol. 66, no. 4, 2019, pp. 1756–82, doi:<a href=\"https://doi.org/10.1287/mnsc.2018.3274\">10.1287/mnsc.2018.3274</a>.","short":"N. Hüther, D.T. Robinson, S. Sievers, T. Hartmann-Wendels, Management Science (VHB-JOURQUAL 4 Ranking A+) 66 (2019) 1756–1782.","bibtex":"@article{Hüther_Robinson_Sievers_Hartmann-Wendels_2019, title={Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships}, volume={66}, DOI={<a href=\"https://doi.org/10.1287/mnsc.2018.3274\">10.1287/mnsc.2018.3274</a>}, number={4}, journal={Management Science (VHB-JOURQUAL 4 Ranking A+)}, author={Hüther, Niklas and Robinson, David T. and Sievers, Sönke and Hartmann-Wendels, Thomas}, year={2019}, pages={1756–1782} }"},"related_material":{"link":[{"relation":"supplementary_material","url":"https://pubsonline.informs.org/doi/suppl/10.1287/mnsc.2018.3274/suppl_file/mnsc.2018.3274.sm1.pdf"},{"url":"https://corpgov.law.harvard.edu/2018/01/13/paying-for-performance-in-private-equity-evidence-from-vc-partnerships","relation":"other"},{"relation":"earlier_version","url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3087320"}]},"publication_identifier":{"issn":["0025-1909","1526-5501"]},"publication_status":"published","article_type":"original","department":[{"_id":"275"}],"user_id":"115848","_id":"20688","status":"public","type":"journal_article","title":"Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships","date_created":"2020-12-08T13:19:35Z","year":"2019","issue":"4","quality_controlled":"1","language":[{"iso":"eng"}],"keyword":["venture capital","compensation","private equity","VC partnership","pay-performance relation"],"abstract":[{"lang":"eng","text":"We offer the first empirical analysis connecting the timing of general partner (GP) compensation to private equity fund performance. Using detailed information on limited partnership agreements between private equity limited and general partners, we find that “GP-friendly” contracts—agreements that pay general partners on a deal-by-deal basis instead of withholding carried interest until a benchmark return has been earned—are associated with higher returns, both gross and net of fees. This is robust to measures of performance persistence, time period effects, and other contract terms and is related to exit-timing incentives. Timing practices balance GP incentives against limited partner downside protection."}],"publication":"Management Science (VHB-JOURQUAL 4 Ranking A+)"},{"language":[{"iso":"eng"}],"user_id":"46447","department":[{"_id":"275"}],"_id":"20876","status":"public","type":"report","main_file_link":[{"url":"https://en.wiwi.uni-paderborn.de/fileadmin/dep2ls9/Dateien_Sievers/BCG-Synergies-Take-Center-Stage-Sep-2018_FINAL."}],"title":"Synergies Take Center Stage","date_created":"2021-01-06T08:39:28Z","author":[{"last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447","first_name":"Sönke"},{"first_name":"Georg","full_name":"Keienburg, Georg","last_name":"Keienburg"},{"full_name":"Schmid, Timo","last_name":"Schmid","first_name":"Timo"},{"full_name":"Degen, Dominik","last_name":"Degen","first_name":"Dominik"}],"publisher":"The Boston Consulting Group, Inc., M&A Report","date_updated":"2022-01-06T06:54:41Z","citation":{"ama":"Sievers S, Keienburg G, Schmid T, Degen D. <i>Synergies Take Center Stage</i>. The Boston Consulting Group, Inc., M&#38;A Report; 2018.","chicago":"Sievers, Sönke, Georg Keienburg, Timo Schmid, and Dominik Degen. <i>Synergies Take Center Stage</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2018.","ieee":"S. Sievers, G. Keienburg, T. Schmid, and D. Degen, <i>Synergies Take Center Stage</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2018.","short":"S. Sievers, G. Keienburg, T. Schmid, D. Degen, Synergies Take Center Stage, The Boston Consulting Group, Inc., M&#38;A Report, 2018.","bibtex":"@book{Sievers_Keienburg_Schmid_Degen_2018, title={Synergies Take Center Stage}, publisher={The Boston Consulting Group, Inc., M&#38;A Report}, author={Sievers, Sönke and Keienburg, Georg and Schmid, Timo and Degen, Dominik}, year={2018} }","mla":"Sievers, Sönke, et al. <i>Synergies Take Center Stage</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2018.","apa":"Sievers, S., Keienburg, G., Schmid, T., &#38; Degen, D. (2018). <i>Synergies Take Center Stage</i>. The Boston Consulting Group, Inc., M&#38;A Report."},"year":"2018","publication_status":"published"},{"date_updated":"2022-01-06T06:54:41Z","author":[{"last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447","first_name":"Sönke"}],"date_created":"2021-01-06T10:05:37Z","title":"Blog post by Prof. Sönke Sievers: Kapitalmarktorientierte Erfolgsmessung von M&A Transaktionen – Deutsche und weltweite Evidenz.","main_file_link":[{"url":"https://www.tax-legal-excellence.com/kapitalmarktorientierte-erfolgsmessung-ma-transaktionen-weltweite-evidenz/"}],"publication_status":"published","year":"2018","citation":{"short":"S. Sievers, Blog post by Prof. Sönke Sievers: Kapitalmarktorientierte Erfolgsmessung von M&#38;A Transaktionen – Deutsche und weltweite Evidenz., 2018.","bibtex":"@book{Sievers_2018, title={Blog post by Prof. Sönke Sievers: Kapitalmarktorientierte Erfolgsmessung von M&#38;A Transaktionen – Deutsche und weltweite Evidenz.}, author={Sievers, Sönke}, year={2018} }","mla":"Sievers, Sönke. <i>Blog post by Prof. Sönke Sievers: Kapitalmarktorientierte Erfolgsmessung von M&#38;A Transaktionen – Deutsche und weltweite Evidenz.</i> 2018.","apa":"Sievers, S. (2018). <i>Blog post by Prof. Sönke Sievers: Kapitalmarktorientierte Erfolgsmessung von M&#38;A Transaktionen – Deutsche und weltweite Evidenz.</i>","ama":"Sievers S. <i>Blog post by Prof. Sönke Sievers: Kapitalmarktorientierte Erfolgsmessung von M&#38;A Transaktionen – Deutsche und weltweite Evidenz.</i>; 2018.","chicago":"Sievers, Sönke. <i>Blog post by Prof. Sönke Sievers: Kapitalmarktorientierte Erfolgsmessung von M&#38;A Transaktionen – Deutsche und weltweite Evidenz.</i>, 2018.","ieee":"S. Sievers, <i>Blog post by Prof. Sönke Sievers: Kapitalmarktorientierte Erfolgsmessung von M&#38;A Transaktionen – Deutsche und weltweite Evidenz.</i> 2018."},"_id":"20878","department":[{"_id":"275"}],"user_id":"46447","language":[{"iso":"ger"}],"type":"report","status":"public"},{"author":[{"last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447","first_name":"Sönke"},{"last_name":"Degen","full_name":"Degen, Dominik","first_name":"Dominik"},{"first_name":"Georg","full_name":"Keienburg, Georg","last_name":"Keienburg"},{"first_name":"Timo","last_name":"Schmid","full_name":"Schmid, Timo"},{"last_name":"Kengelbach","full_name":"Kengelbach, Jens","first_name":"Jens"}],"date_created":"2021-01-06T10:11:15Z","publisher":"The Boston Consulting Group, Inc., M&A Report","date_updated":"2022-01-06T06:54:41Z","main_file_link":[{"url":"https://en.wiwi.uni-paderborn.de/fileadmin/dep2ls9/Dateien_Sievers/BCG-As-Prices-Peak-Should-Dealmakers-Wait-for-the-Next-Downturn-Mar-2018.pdf"}],"title":"Update on the M&A market entitled As Prices Peak, Should Dealmakers wait for the next Downturn?","publication_status":"published","citation":{"mla":"Sievers, Sönke, et al. <i>Update on the M&#38;A Market Entitled As Prices Peak, Should Dealmakers Wait for the next Downturn?</i> The Boston Consulting Group, Inc., M&#38;A Report, 2018.","bibtex":"@book{Sievers_Degen_Keienburg_Schmid_Kengelbach_2018, title={Update on the M&#38;A market entitled As Prices Peak, Should Dealmakers wait for the next Downturn?}, publisher={The Boston Consulting Group, Inc., M&#38;A Report}, author={Sievers, Sönke and Degen, Dominik and Keienburg, Georg and Schmid, Timo and Kengelbach, Jens}, year={2018} }","short":"S. Sievers, D. Degen, G. Keienburg, T. Schmid, J. Kengelbach, Update on the M&#38;A Market Entitled As Prices Peak, Should Dealmakers Wait for the next Downturn?, The Boston Consulting Group, Inc., M&#38;A Report, 2018.","apa":"Sievers, S., Degen, D., Keienburg, G., Schmid, T., &#38; Kengelbach, J. (2018). <i>Update on the M&#38;A market entitled As Prices Peak, Should Dealmakers wait for the next Downturn?</i> The Boston Consulting Group, Inc., M&#38;A Report.","chicago":"Sievers, Sönke, Dominik Degen, Georg Keienburg, Timo Schmid, and Jens Kengelbach. <i>Update on the M&#38;A Market Entitled As Prices Peak, Should Dealmakers Wait for the next Downturn?</i> The Boston Consulting Group, Inc., M&#38;A Report, 2018.","ieee":"S. Sievers, D. Degen, G. Keienburg, T. Schmid, and J. Kengelbach, <i>Update on the M&#38;A market entitled As Prices Peak, Should Dealmakers wait for the next Downturn?</i> The Boston Consulting Group, Inc., M&#38;A Report, 2018.","ama":"Sievers S, Degen D, Keienburg G, Schmid T, Kengelbach J. <i>Update on the M&#38;A Market Entitled As Prices Peak, Should Dealmakers Wait for the next Downturn?</i> The Boston Consulting Group, Inc., M&#38;A Report; 2018."},"year":"2018","department":[{"_id":"275"}],"user_id":"46447","_id":"20879","language":[{"iso":"eng"}],"type":"report","status":"public"},{"type":"report","status":"public","department":[{"_id":"275"}],"user_id":"46447","_id":"20880","language":[{"iso":"eng"}],"publication_status":"published","citation":{"apa":"Sievers, S., Robinson, D. T., Hüther, N., &#38; Hartmann-Wendels, T. (2018). <i>Post on Paying for Performance in Private Equity: Evidence from VC Partnerships.</i> Havard .","bibtex":"@book{Sievers_Robinson_Hüther_Hartmann-Wendels_2018, place={Havard }, title={Post on Paying for Performance in Private Equity: Evidence from VC Partnerships.}, author={Sievers, Sönke and Robinson, David T. and Hüther, Niklas and Hartmann-Wendels, Thomas}, year={2018} }","mla":"Sievers, Sönke, et al. <i>Post on Paying for Performance in Private Equity: Evidence from VC Partnerships.</i> 2018.","short":"S. Sievers, D.T. Robinson, N. Hüther, T. Hartmann-Wendels, Post on Paying for Performance in Private Equity: Evidence from VC Partnerships., Havard , 2018.","ama":"Sievers S, Robinson DT, Hüther N, Hartmann-Wendels T. <i>Post on Paying for Performance in Private Equity: Evidence from VC Partnerships.</i> Havard ; 2018.","ieee":"S. Sievers, D. T. Robinson, N. Hüther, and T. Hartmann-Wendels, <i>Post on Paying for Performance in Private Equity: Evidence from VC Partnerships.</i> Havard , 2018.","chicago":"Sievers, Sönke, David T. Robinson, Niklas Hüther, and Thomas Hartmann-Wendels. <i>Post on Paying for Performance in Private Equity: Evidence from VC Partnerships.</i> Havard , 2018."},"year":"2018","place":"Havard ","author":[{"first_name":"Sönke","id":"46447","full_name":"Sievers, Sönke","last_name":"Sievers"},{"full_name":"Robinson, David T.","last_name":"Robinson","first_name":"David T."},{"first_name":"Niklas","last_name":"Hüther","full_name":"Hüther, Niklas"},{"last_name":"Hartmann-Wendels","full_name":"Hartmann-Wendels, Thomas","first_name":"Thomas"}],"date_created":"2021-01-06T10:15:11Z","date_updated":"2022-01-06T06:54:41Z","main_file_link":[{"url":"https://en.wiwi.uni-paderborn.de/fileadmin/dep2ls9/Dateien_Sievers/2018-01-13-paying-for-performance-in-private-equity-evidence-from-vc-par....pdf"}],"title":"Post on Paying for Performance in Private Equity: Evidence from VC Partnerships."},{"citation":{"short":"J. Kengelbach, D. Degen, G. Keienburg, T. Schmid, S. Sievers, BCG-Report (2018).","mla":"Kengelbach, Jens, et al. “As Prices Peak, Should Dealmakers Wait for the next Downturn?” <i>BCG-Report</i>, The Boston Consulting Group, 2018.","bibtex":"@article{Kengelbach_Degen_Keienburg_Schmid_Sievers_2018, title={As Prices Peak, Should Dealmakers wait for the next Downturn?}, journal={BCG-Report}, publisher={The Boston Consulting Group}, author={Kengelbach, Jens and Degen, Dominik and Keienburg, Georg and Schmid, Timo and Sievers, Sönke}, year={2018} }","apa":"Kengelbach, J., Degen, D., Keienburg, G., Schmid, T., &#38; Sievers, S. (2018). As Prices Peak, Should Dealmakers wait for the next Downturn? <i>BCG-Report</i>.","ieee":"J. Kengelbach, D. Degen, G. Keienburg, T. Schmid, and S. Sievers, “As Prices Peak, Should Dealmakers wait for the next Downturn?,” <i>BCG-Report</i>, 2018.","chicago":"Kengelbach, Jens, Dominik Degen, Georg Keienburg, Timo Schmid, and Sönke Sievers. “As Prices Peak, Should Dealmakers Wait for the next Downturn?” <i>BCG-Report</i>, 2018.","ama":"Kengelbach J, Degen D, Keienburg G, Schmid T, Sievers S. As Prices Peak, Should Dealmakers wait for the next Downturn? <i>BCG-Report</i>. Published online 2018."},"year":"2018","author":[{"full_name":"Kengelbach, Jens","last_name":"Kengelbach","first_name":"Jens"},{"first_name":"Dominik","full_name":"Degen, Dominik","last_name":"Degen"},{"first_name":"Georg","last_name":"Keienburg","full_name":"Keienburg, Georg"},{"full_name":"Schmid, Timo","last_name":"Schmid","first_name":"Timo"},{"full_name":"Sievers, Sönke","id":"46447","last_name":"Sievers","first_name":"Sönke"}],"date_created":"2023-01-03T08:31:36Z","date_updated":"2023-01-03T08:33:40Z","publisher":"The Boston Consulting Group","title":"As Prices Peak, Should Dealmakers wait for the next Downturn?","publication":"BCG-Report","type":"journal_article","status":"public","user_id":"26589","_id":"35121","language":[{"iso":"eng"}]},{"_id":"4874","user_id":"36049","department":[{"_id":"275"}],"article_type":"original","language":[{"iso":"ger"}],"type":"journal_article","publication":"Die Wirtschaftsprüfung","abstract":[{"lang":"ger","text":"Restrukturierungen werden sowohl durch die Digitalisierung, aber auch durch klassische Themen – beispielsweise\r\ndie Notwendigkeit von Umsatz- und Kostensynergien in kompetitiven Märkten – verstärkt vorangetrieben.\r\nDieser Beitrag beleuchtet vor allem die Motive und Folgen aus wissenschaftlicher Perspektive, indem großzahlige\r\nempirische Befunde zu den Themen Beschäftigung, Finanzkennzahlen und Kapitalerhöhungen sowie steuerliche\r\nMotive prägnant zusammengefasst und im Kontext des geplanten Joint Ventures von thyssenkrupp und Tata\r\nSteel diskutiert werden."}],"status":"public","date_updated":"2024-04-17T13:34:51Z","author":[{"full_name":"Sievers, Sönke","id":"46447","last_name":"Sievers","first_name":"Sönke"},{"first_name":"Caren","full_name":"Sureth-Sloane, Caren","id":"530","last_name":"Sureth-Sloane","orcid":" 0000-0002-8183-5901"},{"first_name":"André","id":"36049","full_name":"Uhde, André","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857"}],"date_created":"2018-10-26T07:22:22Z","volume":71,"title":"Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp","main_file_link":[{"url":"https://www.idw.de/blob/108664/22a8a20e1240f553a0e6794daf8541c4/down-2018-09-data.pdf"}],"publication_status":"published","issue":"9","year":"2018","citation":{"apa":"Sievers, S., Sureth-Sloane, C., &#38; Uhde, A. (2018). Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp. <i>Die Wirtschaftsprüfung</i>, <i>71</i>(9), 569–575.","mla":"Sievers, Sönke, et al. “Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp.” <i>Die Wirtschaftsprüfung</i>, vol. 71, no. 9, 2018, pp. 569–75.","short":"S. Sievers, C. Sureth-Sloane, A. Uhde, Die Wirtschaftsprüfung 71 (2018) 569–575.","bibtex":"@article{Sievers_Sureth-Sloane_Uhde_2018, title={Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp}, volume={71}, number={9}, journal={Die Wirtschaftsprüfung}, author={Sievers, Sönke and Sureth-Sloane, Caren and Uhde, André}, year={2018}, pages={569–575} }","ieee":"S. Sievers, C. Sureth-Sloane, and A. Uhde, “Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp,” <i>Die Wirtschaftsprüfung</i>, vol. 71, no. 9, pp. 569–575, 2018.","chicago":"Sievers, Sönke, Caren Sureth-Sloane, and André Uhde. “Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp.” <i>Die Wirtschaftsprüfung</i> 71, no. 9 (2018): 569–75.","ama":"Sievers S, Sureth-Sloane C, Uhde A. Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp. <i>Die Wirtschaftsprüfung</i>. 2018;71(9):569-575."},"intvolume":"        71","page":"569-575"},{"type":"working_paper","status":"public","abstract":[{"lang":"eng","text":"This study proposes a simple theoretical framework that allows for assessing financial distress up to five years in advance. We jointly model financial distress by using two of its key driving factors: declining cash-generating ability and insufficient liquidity reserves. The model is based on stochastic processes and incorporates firm-level and industry-sector developments. A large-scale empirical implementation for US-listed firms over the period of 1980-2010 shows important improvements in the discriminatory accuracy and demonstrates incremental information content beyond state-of-the-art accounting and market-based prediction models. Consequently, this study might provide important ex ante warning signals for investors, regulators and practitioners."}],"department":[{"_id":"275"}],"user_id":"46447","_id":"20868","language":[{"iso":"eng"}],"keyword":["Financial distress prediction","probability of default","accounting information","stochastic processes","simulation"],"publication_status":"published","page":"84","citation":{"ieee":"S. Sievers, J. Klobucnik, and D. Miersch, <i>Predicting Early Warning Signals of Financial Distress: Theory and Empirical Evidence</i>. 2017.","chicago":"Sievers, Sönke, Jan Klobucnik, and David Miersch. <i>Predicting Early Warning Signals of Financial Distress: Theory and Empirical Evidence</i>, 2017. <a href=\"https://doi.org/10.2139/ssrn.2237757\">https://doi.org/10.2139/ssrn.2237757</a>.","ama":"Sievers S, Klobucnik J, Miersch D. <i>Predicting Early Warning Signals of Financial Distress: Theory and Empirical Evidence</i>.; 2017. doi:<a href=\"https://doi.org/10.2139/ssrn.2237757\">10.2139/ssrn.2237757</a>","apa":"Sievers, S., Klobucnik, J., &#38; Miersch, D. (2017). <i>Predicting Early Warning Signals of Financial Distress: Theory and Empirical Evidence</i>. <a href=\"https://doi.org/10.2139/ssrn.2237757\">https://doi.org/10.2139/ssrn.2237757</a>","mla":"Sievers, Sönke, et al. <i>Predicting Early Warning Signals of Financial Distress: Theory and Empirical Evidence</i>. 2017, doi:<a href=\"https://doi.org/10.2139/ssrn.2237757\">10.2139/ssrn.2237757</a>.","short":"S. Sievers, J. Klobucnik, D. Miersch, Predicting Early Warning Signals of Financial Distress: Theory and Empirical Evidence, 2017.","bibtex":"@book{Sievers_Klobucnik_Miersch_2017, title={Predicting Early Warning Signals of Financial Distress: Theory and Empirical Evidence}, DOI={<a href=\"https://doi.org/10.2139/ssrn.2237757\">10.2139/ssrn.2237757</a>}, author={Sievers, Sönke and Klobucnik, Jan and Miersch, David}, year={2017} }"},"jel":["C63","C52","C53","G33","M41"],"year":"2017","date_created":"2021-01-05T11:44:45Z","author":[{"id":"46447","full_name":"Sievers, Sönke","last_name":"Sievers","first_name":"Sönke"},{"full_name":"Klobucnik, Jan","last_name":"Klobucnik","first_name":"Jan"},{"full_name":"Miersch, David","last_name":"Miersch","first_name":"David"}],"date_updated":"2022-01-06T06:54:41Z","doi":"10.2139/ssrn.2237757","main_file_link":[{"url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2237757"}],"title":"Predicting Early Warning Signals of Financial Distress: Theory and Empirical Evidence"},{"language":[{"iso":"eng"}],"_id":"5174","user_id":"46447","department":[{"_id":"275"}],"status":"public","type":"report","title":"The Technology Takeover","main_file_link":[{"url":"https://en.wiwi.uni-paderborn.de/fileadmin/dep2ls9/Dateien_Sievers/2017_MA_Report_The_Technology_Takeover_BCG_Uni_Paderborn.pdf"}],"publisher":"The Boston Consulting Group, Inc., M&A Report","date_updated":"2022-01-06T07:01:41Z","date_created":"2018-10-31T10:19:03Z","author":[{"last_name":"Sievers","id":"46447","full_name":"Sievers, Sönke","first_name":"Sönke"},{"last_name":"Kengelbach","full_name":"Kengelbach, Jens","first_name":"Jens"},{"first_name":"Georg","full_name":"Keienburg, Georg","last_name":"Keienburg"},{"first_name":"Timo","last_name":"Schmid","full_name":"Schmid, Timo"},{"full_name":"Gjersta, Ketil","last_name":"Gjersta","first_name":"Ketil"},{"full_name":"Nielsen, Jesper","last_name":"Nielsen","first_name":"Jesper"},{"last_name":"Walker","full_name":"Walker, Decker","first_name":"Decker"}],"year":"2017","citation":{"short":"S. Sievers, J. Kengelbach, G. Keienburg, T. Schmid, K. Gjersta, J. Nielsen, D. Walker, The Technology Takeover, The Boston Consulting Group, Inc., M&#38;A Report, 2017.","bibtex":"@book{Sievers_Kengelbach_Keienburg_Schmid_Gjersta_Nielsen_Walker_2017, title={The Technology Takeover}, publisher={The Boston Consulting Group, Inc., M&#38;A Report}, author={Sievers, Sönke and Kengelbach, Jens and Keienburg, Georg and Schmid, Timo and Gjersta, Ketil and Nielsen, Jesper and Walker, Decker}, year={2017} }","mla":"Sievers, Sönke, et al. <i>The Technology Takeover</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2017.","apa":"Sievers, S., Kengelbach, J., Keienburg, G., Schmid, T., Gjersta, K., Nielsen, J., &#38; Walker, D. (2017). <i>The Technology Takeover</i>. The Boston Consulting Group, Inc., M&#38;A Report.","ama":"Sievers S, Kengelbach J, Keienburg G, et al. <i>The Technology Takeover</i>. The Boston Consulting Group, Inc., M&#38;A Report; 2017.","ieee":"S. Sievers <i>et al.</i>, <i>The Technology Takeover</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2017.","chicago":"Sievers, Sönke, Jens Kengelbach, Georg Keienburg, Timo Schmid, Ketil Gjersta, Jesper Nielsen, and Decker Walker. <i>The Technology Takeover</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2017."},"publication_status":"published"},{"status":"public","type":"report","language":[{"iso":"eng"}],"user_id":"46447","department":[{"_id":"275"}],"_id":"5200","citation":{"short":"J. Kengelbach, G. Keienburg, T. Schmid, S. Sievers, O. Mehring, Masters of the Corporate Portfolio, The Boston Consulting Group, Inc., M&#38;A Report, 2016.","bibtex":"@book{Kengelbach_Keienburg_Schmid_Sievers_Mehring_2016, title={Masters of the Corporate Portfolio}, publisher={The Boston Consulting Group, Inc., M&#38;A Report}, author={Kengelbach, Jens and Keienburg, Georg and Schmid, Timo and Sievers, Sönke and Mehring, Oliver}, year={2016} }","mla":"Kengelbach, Jens, et al. <i>Masters of the Corporate Portfolio</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2016.","apa":"Kengelbach, J., Keienburg, G., Schmid, T., Sievers, S., &#38; Mehring, O. (2016). <i>Masters of the Corporate Portfolio</i>. The Boston Consulting Group, Inc., M&#38;A Report.","chicago":"Kengelbach, Jens, Georg Keienburg, Timo Schmid, Sönke Sievers, and Oliver Mehring. <i>Masters of the Corporate Portfolio</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2016.","ieee":"J. Kengelbach, G. Keienburg, T. Schmid, S. Sievers, and O. Mehring, <i>Masters of the Corporate Portfolio</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2016.","ama":"Kengelbach J, Keienburg G, Schmid T, Sievers S, Mehring O. <i>Masters of the Corporate Portfolio</i>. The Boston Consulting Group, Inc., M&#38;A Report; 2016."},"year":"2016","publication_status":"published","main_file_link":[{"url":"https://en.wiwi.uni-paderborn.de/fileadmin/dep2ls9/Dateien_Sievers/2016_MA_Report_Masters_of_the_Corporate_Portfolio_BCG_Uni_Paderborn.pdf"}],"title":"Masters of the Corporate Portfolio","author":[{"first_name":"Jens","last_name":"Kengelbach","full_name":"Kengelbach, Jens"},{"first_name":"Georg","last_name":"Keienburg","full_name":"Keienburg, Georg"},{"last_name":"Schmid","full_name":"Schmid, Timo","first_name":"Timo"},{"first_name":"Sönke","last_name":"Sievers","id":"46447","full_name":"Sievers, Sönke"},{"last_name":"Mehring","full_name":"Mehring, Oliver","id":"36373","first_name":"Oliver"}],"date_created":"2018-10-31T12:26:07Z","date_updated":"2022-01-06T07:01:43Z","publisher":"The Boston Consulting Group, Inc., M&A Report"},{"department":[{"_id":"275"}],"user_id":"115848","_id":"5130","language":[{"iso":"ger"}],"keyword":["M&A","Erfolgsfaktoren","Transaktionsanzahl","Diversifizierung","Volatilität","Cash-Deals","Stock-Deals","Portfoliomaster"],"article_type":"original","publication":"Corporate Finance (VHB-JOURQUAL 4 Ranking C)","type":"journal_article","status":"public","abstract":[{"text":"Unternehmen, die regelmäßig ihr Geschäftsfeldportfolio durch aktives M&A-Geschäft in Form von\r\nVerkäufen und Käufen steuern, erzielen deutlich bessere Ein- und Zweijahresrenditen für Aktionäre\r\nals alternative M&A-Strategien. Ursächlich hierfür ist u.a., dass die bekannten Effekte in Form von\r\nAbschlägen für z.B. diversifizierende Transaktionen oder Stock-Deals deutlich geringer ausfallen als\r\nbei Vergleichsgruppen wie z.B. One-Time-Deal Unternehmen.\r\nDieser Beitrag analysiert die Gründe für den Erfolg von Portfoliomastern, Unternehmen die mehr\r\nals vier Deals in fünf Jahren durchführen. Durch ein professionalisiertes M&A-Management grenzen\r\nsie sich positiv in ihrer mittel- und langfristigen Renditeentwicklung gegenüber Strategic-Shiftern\r\n(zwei bis vier Deals) und One-Timern ab. Ihr Erfolg beruht darauf sowohl bei diversifizierenden\r\nals auch Stock-Deals bekannte übliche Performanceabschläge zu vermeiden und auch in volatilen\r\nMarkphasen wertschaffende Deals umzusetzen.","lang":"ger"}],"volume":81,"date_created":"2018-10-31T08:36:37Z","author":[{"first_name":"Sönke","id":"46447","full_name":"Sievers, Sönke","last_name":"Sievers"},{"id":"36373","full_name":"Mehring, Oliver","last_name":"Mehring","first_name":"Oliver"},{"last_name":"Keienburg","full_name":"Keienburg, Georg","first_name":"Georg"},{"full_name":"Kengelbach, Jens","last_name":"Kengelbach","first_name":"Jens"}],"date_updated":"2026-04-09T08:01:51Z","publisher":"Corporate Finance","main_file_link":[{"url":"https://research.owlit.de/document/4ac211e6-6e18-3aac-b452-3db2723c84dc"}],"title":"Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added?","issue":"9","publication_status":"published","page":"283-290","intvolume":"        81","citation":{"bibtex":"@article{Sievers_Mehring_Keienburg_Kengelbach_2016, title={Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added?}, volume={81}, number={9}, journal={Corporate Finance (VHB-JOURQUAL 4 Ranking C)}, publisher={Corporate Finance}, author={Sievers, Sönke and Mehring, Oliver and Keienburg, Georg and Kengelbach, Jens}, year={2016}, pages={283–290} }","mla":"Sievers, Sönke, et al. “Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added?” <i>Corporate Finance (VHB-JOURQUAL 4 Ranking C)</i>, vol. 81, no. 9, Corporate Finance, 2016, pp. 283–90.","short":"S. Sievers, O. Mehring, G. Keienburg, J. Kengelbach, Corporate Finance (VHB-JOURQUAL 4 Ranking C) 81 (2016) 283–290.","apa":"Sievers, S., Mehring, O., Keienburg, G., &#38; Kengelbach, J. (2016). Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added? <i>Corporate Finance (VHB-JOURQUAL 4 Ranking C)</i>, <i>81</i>(9), 283–290.","chicago":"Sievers, Sönke, Oliver Mehring, Georg Keienburg, and Jens Kengelbach. “Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added?” <i>Corporate Finance (VHB-JOURQUAL 4 Ranking C)</i> 81, no. 9 (2016): 283–90.","ieee":"S. Sievers, O. Mehring, G. Keienburg, and J. Kengelbach, “Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added?,” <i>Corporate Finance (VHB-JOURQUAL 4 Ranking C)</i>, vol. 81, no. 9, pp. 283–290, 2016.","ama":"Sievers S, Mehring O, Keienburg G, Kengelbach J. Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added? <i>Corporate Finance (VHB-JOURQUAL 4 Ranking C)</i>. 2016;81(9):283-290."},"year":"2016"},{"publication":" Credit and Capital Markets – Kredit und Kapital (VHB-JOURQUAL 4 Ranking C)","type":"journal_article","abstract":[{"text":"This study examines the loan-pricing behavior of German banks for a large variety of retail and corporate loan products. We find that a bank’s operational efficiency is priced in bank loan rates and alters interest-setting behavior. Specifically, we establish that a higher degree of operational efficiency leads to lower loan markups, which makes prices more competitive and smoothes the setting of interest rates. By employing state-of-the-art stochastic frontier efficiency measures to capture a bank’s operational efficiency, we take a look at the bank customers’ perspective and demonstrate the extent to which borrowers benefit from cost-efficient banking.","lang":"eng"}],"status":"public","_id":"20867","department":[{"_id":"275"}],"user_id":"115848","article_type":"original","language":[{"iso":"eng"}],"publication_status":"published","issue":"1","year":"2016","page":"93-125","intvolume":"        49","jel":["G21","G28"],"citation":{"ama":"Sievers S, Schlüter T, Busch R, Hartmann-Wendels T. Loan Pricing: Do Borrowers Benefit from Cost-Efficient Banking? <i> Credit and Capital Markets – Kredit und Kapital (VHB-JOURQUAL 4 Ranking C)</i>. 2016;49(1):93-125. doi:<a href=\"https://doi.org/10.3790/ccm.49.1.93\">10.3790/ccm.49.1.93</a>","ieee":"S. Sievers, T. Schlüter, R. Busch, and T. Hartmann-Wendels, “Loan Pricing: Do Borrowers Benefit from Cost-Efficient Banking?,” <i> Credit and Capital Markets – Kredit und Kapital (VHB-JOURQUAL 4 Ranking C)</i>, vol. 49, no. 1, pp. 93–125, 2016, doi: <a href=\"https://doi.org/10.3790/ccm.49.1.93\">10.3790/ccm.49.1.93</a>.","chicago":"Sievers, Sönke, Tobias Schlüter, Ramona Busch, and Thomas Hartmann-Wendels. “Loan Pricing: Do Borrowers Benefit from Cost-Efficient Banking?” <i> Credit and Capital Markets – Kredit Und Kapital (VHB-JOURQUAL 4 Ranking C)</i> 49, no. 1 (2016): 93–125. <a href=\"https://doi.org/10.3790/ccm.49.1.93\">https://doi.org/10.3790/ccm.49.1.93</a>.","apa":"Sievers, S., Schlüter, T., Busch, R., &#38; Hartmann-Wendels, T. (2016). Loan Pricing: Do Borrowers Benefit from Cost-Efficient Banking? <i> Credit and Capital Markets – Kredit Und Kapital (VHB-JOURQUAL 4 Ranking C)</i>, <i>49</i>(1), 93–125. <a href=\"https://doi.org/10.3790/ccm.49.1.93\">https://doi.org/10.3790/ccm.49.1.93</a>","short":"S. Sievers, T. Schlüter, R. Busch, T. Hartmann-Wendels,  Credit and Capital Markets – Kredit Und Kapital (VHB-JOURQUAL 4 Ranking C) 49 (2016) 93–125.","mla":"Sievers, Sönke, et al. “Loan Pricing: Do Borrowers Benefit from Cost-Efficient Banking?” <i> Credit and Capital Markets – Kredit Und Kapital (VHB-JOURQUAL 4 Ranking C)</i>, vol. 49, no. 1, 2016, pp. 93–125, doi:<a href=\"https://doi.org/10.3790/ccm.49.1.93\">10.3790/ccm.49.1.93</a>.","bibtex":"@article{Sievers_Schlüter_Busch_Hartmann-Wendels_2016, title={Loan Pricing: Do Borrowers Benefit from Cost-Efficient Banking?}, volume={49}, DOI={<a href=\"https://doi.org/10.3790/ccm.49.1.93\">10.3790/ccm.49.1.93</a>}, number={1}, journal={ Credit and Capital Markets – Kredit und Kapital (VHB-JOURQUAL 4 Ranking C)}, author={Sievers, Sönke and Schlüter, Tobias and Busch, Ramona and Hartmann-Wendels, Thomas}, year={2016}, pages={93–125} }"},"date_updated":"2026-04-09T08:15:05Z","volume":49,"author":[{"first_name":"Sönke","last_name":"Sievers","id":"46447","full_name":"Sievers, Sönke"},{"first_name":"Tobias","full_name":"Schlüter, Tobias","last_name":"Schlüter"},{"first_name":"Ramona","last_name":"Busch","full_name":"Busch, Ramona"},{"full_name":"Hartmann-Wendels, Thomas","last_name":"Hartmann-Wendels","first_name":"Thomas"}],"date_created":"2021-01-05T11:30:36Z","title":"Loan Pricing: Do Borrowers Benefit from Cost-Efficient Banking?","doi":"10.3790/ccm.49.1.93","main_file_link":[{"url":"https://elibrary.duncker-humblot.com/journals/id/33/vol/49/iss/1330/art/5420/"}]},{"type":"journal_article","publication":"Journal of Banking & Finance (VHB-JOURQUAL 4 Ranking A)","status":"public","abstract":[{"lang":"eng","text":"Banks face a 'behavioralization' of their balance sheets since deposit funding increasingly consists of non-maturing deposits with uncertain cash flows exposing banks to asset liability (ALM) risk. Thus, this study examines the behavior of banks’ retail customers regarding non-maturing deposits. Our unique sample comprises the contract and cash flow data for 2.2 million individual contracts from 1991 to 2010. We find that contractual rewards, i.e., qualified interest payments, and government subsidies, effectively stabilize saving behavior and thus bank funding. The probability of an early deposit withdrawal decreases by approximately 40%, and cash flow volatility drops by about 25%. Our findings provide important insights for banks using pricing incentives to steer desired saving patterns for their non-maturing deposit portfolios. Finally, these results are informative regarding the bank liquidity regulations (Basel III) concerning the stability of deposits and the minimum requirements for risk management (European Commission DIRECTIVE 2006/48/EC). "}],"user_id":"115848","department":[{"_id":"275"}],"_id":"4873","language":[{"iso":"eng"}],"article_type":"original","keyword":["retail saving behavior","non-maturing deposits","deposit funding","contractual rewards","interest rate bonus","saving persistence","cash flow volatility"],"publication_status":"published","quality_controlled":"1","jel":["G01","G21","G28"],"citation":{"apa":"Schlueter, T., Sievers, S., &#38; Hartmann-Wendels, T. (2015). Bank funding stability, pricing strategies and the guidance of depositors. <i>Journal of Banking &#38; Finance (VHB-JOURQUAL 4 Ranking A)</i>, <i>51</i>, 43–61. <a href=\"https://doi.org/10.2139/ssrn.2001449\">https://doi.org/10.2139/ssrn.2001449</a>","mla":"Schlueter, Tobias, et al. “Bank Funding Stability, Pricing Strategies and the Guidance of Depositors.” <i>Journal of Banking &#38; Finance (VHB-JOURQUAL 4 Ranking A)</i>, vol. 51, 2015, pp. 43–61, doi:<a href=\"https://doi.org/10.2139/ssrn.2001449\">10.2139/ssrn.2001449</a>.","bibtex":"@article{Schlueter_Sievers_Hartmann-Wendels_2015, title={Bank funding stability, pricing strategies and the guidance of depositors}, volume={51}, DOI={<a href=\"https://doi.org/10.2139/ssrn.2001449\">10.2139/ssrn.2001449</a>}, journal={Journal of Banking &#38; Finance (VHB-JOURQUAL 4 Ranking A)}, author={Schlueter, Tobias and Sievers, Sönke and Hartmann-Wendels, Thomas}, year={2015}, pages={43–61} }","short":"T. Schlueter, S. Sievers, T. Hartmann-Wendels, Journal of Banking &#38; Finance (VHB-JOURQUAL 4 Ranking A) 51 (2015) 43–61.","ama":"Schlueter T, Sievers S, Hartmann-Wendels T. Bank funding stability, pricing strategies and the guidance of depositors. <i>Journal of Banking &#38; Finance (VHB-JOURQUAL 4 Ranking A)</i>. 2015;51:43-61. doi:<a href=\"https://doi.org/10.2139/ssrn.2001449\">10.2139/ssrn.2001449</a>","ieee":"T. Schlueter, S. Sievers, and T. Hartmann-Wendels, “Bank funding stability, pricing strategies and the guidance of depositors,” <i>Journal of Banking &#38; Finance (VHB-JOURQUAL 4 Ranking A)</i>, vol. 51, pp. 43–61, 2015, doi: <a href=\"https://doi.org/10.2139/ssrn.2001449\">10.2139/ssrn.2001449</a>.","chicago":"Schlueter, Tobias, Sönke Sievers, and Thomas Hartmann-Wendels. “Bank Funding Stability, Pricing Strategies and the Guidance of Depositors.” <i>Journal of Banking &#38; Finance (VHB-JOURQUAL 4 Ranking A)</i> 51 (2015): 43–61. <a href=\"https://doi.org/10.2139/ssrn.2001449\">https://doi.org/10.2139/ssrn.2001449</a>."},"intvolume":"        51","page":"43-61","year":"2015","author":[{"first_name":"Tobias","full_name":"Schlueter, Tobias","last_name":"Schlueter"},{"first_name":"Sönke","last_name":"Sievers","id":"46447","full_name":"Sievers, Sönke"},{"last_name":"Hartmann-Wendels","full_name":"Hartmann-Wendels, Thomas","first_name":"Thomas"}],"date_created":"2018-10-26T07:08:32Z","volume":51,"date_updated":"2026-04-09T08:14:22Z","main_file_link":[{"url":"https://www.sciencedirect.com/science/article/pii/S0378426614003380"}],"doi":"10.2139/ssrn.2001449","title":"Bank funding stability, pricing strategies and the guidance of depositors"},{"author":[{"first_name":"Sönke","last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447"}],"date_created":"2018-10-31T10:10:35Z","date_updated":"2022-01-06T07:01:41Z","publisher":"Verlag-Haus Monsenstein und Vannerdat","title":"Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation Issues","publication_identifier":{"isbn":["978-3-86582-925-2"]},"publication_status":"published","citation":{"bibtex":"@book{Sievers_2013, title={Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation Issues}, publisher={Verlag-Haus Monsenstein und Vannerdat}, author={Sievers, Sönke}, year={2013} }","short":"S. Sievers, Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation Issues, Verlag-Haus Monsenstein und Vannerdat, 2013.","mla":"Sievers, Sönke. <i>Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation Issues</i>. Verlag-Haus Monsenstein und Vannerdat, 2013.","apa":"Sievers, S. (2013). <i>Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation Issues</i>. Verlag-Haus Monsenstein und Vannerdat.","ieee":"S. Sievers, <i>Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation Issues</i>. Verlag-Haus Monsenstein und Vannerdat, 2013.","chicago":"Sievers, Sönke. <i>Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation Issues</i>. Verlag-Haus Monsenstein und Vannerdat, 2013.","ama":"Sievers S. <i>Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation Issues</i>. Verlag-Haus Monsenstein und Vannerdat; 2013."},"year":"2013","department":[{"_id":"275"}],"user_id":"64756","_id":"5172","language":[{"iso":"eng"}],"keyword":["Unternehmensbewertung","Unternehmenswachstum","Return on Investment Unternehmensbewertung","Investition","Steuervergünstigung"],"type":"book","status":"public"},{"_id":"5201","publication_date":"2013-01-10","department":[{"_id":"275"}],"user_id":"46447","language":[{"iso":"ger"}],"publication":"Börsen-Zeitung","type":"newspaper_article","status":"public","date_updated":"2022-01-06T07:01:43Z","date_created":"2018-10-31T12:29:38Z","author":[{"first_name":"Sönke","last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447"},{"full_name":"Schlüter, Tobias","last_name":"Schlüter","first_name":"Tobias"},{"last_name":"Hartmann-Wendels","full_name":"Hartmann-Wendels, Thomas","first_name":"Thomas"}],"title":"Die erfolgreiche Bindung des Sparers an die Bank","main_file_link":[{"url":"https://www.boersen-zeitung.de/index.php?li=1&artid=2013018054&titel=Die-erfolgreiche-Bindung-des-Sparers-an-die-Bank"}],"publication_status":"published","year":"2013","citation":{"bibtex":"@article{Sievers_Schlüter_Hartmann-Wendels_2013, title={Die erfolgreiche Bindung des Sparers an die Bank}, journal={Börsen-Zeitung}, author={Sievers, Sönke and Schlüter, Tobias and Hartmann-Wendels, Thomas}, year={2013} }","mla":"Sievers, Sönke, et al. “Die erfolgreiche Bindung des Sparers an die Bank.” <i>Börsen-Zeitung</i>, 2013.","short":"S. Sievers, T. Schlüter, T. Hartmann-Wendels, Börsen-Zeitung (2013).","apa":"Sievers, S., Schlüter, T., &#38; Hartmann-Wendels, T. (2013). Die erfolgreiche Bindung des Sparers an die Bank. <i>Börsen-Zeitung</i>.","ieee":"S. Sievers, T. Schlüter, and T. Hartmann-Wendels, “Die erfolgreiche Bindung des Sparers an die Bank,” <i>Börsen-Zeitung</i>, 2013.","chicago":"Sievers, Sönke, Tobias Schlüter, and Thomas Hartmann-Wendels. “Die erfolgreiche Bindung des Sparers an die Bank.” <i>Börsen-Zeitung</i>, 2013.","ama":"Sievers S, Schlüter T, Hartmann-Wendels T. Die erfolgreiche Bindung des Sparers an die Bank. <i>Börsen-Zeitung</i>. 2013."}},{"publication_status":"published","page":"6","intvolume":"         6","citation":{"short":"S. Sievers, T. Hartmann-Wendels, R. Busch, T. Schlüter, Börsen-Zeitung 6 (2013).","bibtex":"@article{Sievers_Hartmann-Wendels_Busch_Schlüter_2013, title={Wie Banken Kostenvorteile weitergeben}, volume={6}, journal={Börsen-Zeitung}, author={Sievers, Sönke and Hartmann-Wendels, Thomas and Busch, Ramona and Schlüter, Tobias}, year={2013} }","mla":"Sievers, Sönke, et al. “Wie Banken Kostenvorteile weitergeben.” <i>Börsen-Zeitung</i>, vol. 6, 2013.","apa":"Sievers, S., Hartmann-Wendels, T., Busch, R., &#38; Schlüter, T. (2013). Wie Banken Kostenvorteile weitergeben. <i>Börsen-Zeitung</i>.","chicago":"Sievers, Sönke, Thomas Hartmann-Wendels, Ramona Busch, and Tobias Schlüter. “Wie Banken Kostenvorteile weitergeben.” <i>Börsen-Zeitung</i>, 2013.","ieee":"S. Sievers, T. Hartmann-Wendels, R. Busch, and T. Schlüter, “Wie Banken Kostenvorteile weitergeben,” <i>Börsen-Zeitung</i>, vol. 6, 2013.","ama":"Sievers S, Hartmann-Wendels T, Busch R, Schlüter T. Wie Banken Kostenvorteile weitergeben. <i>Börsen-Zeitung</i>. 2013."},"year":"2013","volume":6,"author":[{"first_name":"Sönke","id":"46447","full_name":"Sievers, Sönke","last_name":"Sievers"},{"first_name":"Thomas","full_name":"Hartmann-Wendels, Thomas","last_name":"Hartmann-Wendels"},{"last_name":"Busch","full_name":"Busch, Ramona","first_name":"Ramona"},{"last_name":"Schlüter","full_name":"Schlüter, Tobias","first_name":"Tobias"}],"date_created":"2018-10-31T12:32:09Z","date_updated":"2022-01-06T07:01:43Z","main_file_link":[{"url":"https://www.boersen-zeitung.de/index.php?li=1&artid=2013006066"}],"title":"Wie Banken Kostenvorteile weitergeben","publication":"Börsen-Zeitung","type":"newspaper_article","status":"public","department":[{"_id":"275"}],"user_id":"46447","_id":"5202","publication_date":"2013-01-10","language":[{"iso":"ger"}]},{"title":"The relevance of financial versus non-financial information for the valuation of venture capital-backed firms","date_created":"2018-10-31T11:27:42Z","publisher":"Taylor \\& Francis","year":"2013","issue":"3","quality_controlled":"1","language":[{"iso":"eng"}],"keyword":["value relevance","equity valuation","venture capital","human capital","start-ups"],"abstract":[{"lang":"eng","text":"This study examines the relevance of financial and non-financial information for the valuation of venture capital (VC) investments. Based on a hand-collected data set on venture-backed start-ups in Germany, we investigate the internal due diligence documents of over 200 investment rounds. We document that balance sheet and income statement items capture as much economic content as verifiable non-financial information (e.g. team experience or the number of patents) while controlling for several deal characteristics (e.g. industry, investment round, or yearly VC fund inflows). In addition, we show that valuations based on accounting and non-accounting information yield a level of valuation accuracy that is comparable to that of publicly traded firms. Further analyses show that the industry-specific total asset multiples outperform the popular revenue multiples but lead to significantly less accurate results than those obtained from the more comprehensive valuation models. Overall, our findings might inform researchers and standard-setters of the usefulness of accounting information for investment companies and provide additional evidence to gauge the overall valuation accuracy in VC settings."}],"publication":"European Accounting Review (VHB-JOURQUAL 4 Ranking A)","main_file_link":[{"url":"http://www.tandfonline.com/doi/full/10.1080/09638180.2012.741051"}],"doi":"10.1080/09638180.2012.741051","author":[{"last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447","first_name":"Sönke"},{"last_name":"Mokwa","full_name":"Mokwa, Christopher F","first_name":"Christopher F"},{"first_name":"Georg","last_name":"Keienburg","full_name":"Keienburg, Georg"}],"volume":22,"date_updated":"2026-04-09T07:59:17Z","citation":{"short":"S. Sievers, C.F. Mokwa, G. Keienburg, European Accounting Review (VHB-JOURQUAL 4 Ranking A) 22 (2013) 467–511.","bibtex":"@article{Sievers_Mokwa_Keienburg_2013, title={The relevance of financial versus non-financial information for the valuation of venture capital-backed firms}, volume={22}, DOI={<a href=\"https://doi.org/10.1080/09638180.2012.741051\">10.1080/09638180.2012.741051</a>}, number={3}, journal={European Accounting Review (VHB-JOURQUAL 4 Ranking A)}, publisher={Taylor \\&#38; Francis}, author={Sievers, Sönke and Mokwa, Christopher F and Keienburg, Georg}, year={2013}, pages={467–511} }","mla":"Sievers, Sönke, et al. “The Relevance of Financial versus Non-Financial Information for the Valuation of Venture Capital-Backed Firms.” <i>European Accounting Review (VHB-JOURQUAL 4 Ranking A)</i>, vol. 22, no. 3, Taylor \\&#38; Francis, 2013, pp. 467–511, doi:<a href=\"https://doi.org/10.1080/09638180.2012.741051\">10.1080/09638180.2012.741051</a>.","apa":"Sievers, S., Mokwa, C. F., &#38; Keienburg, G. (2013). The relevance of financial versus non-financial information for the valuation of venture capital-backed firms. <i>European Accounting Review (VHB-JOURQUAL 4 Ranking A)</i>, <i>22</i>(3), 467–511. <a href=\"https://doi.org/10.1080/09638180.2012.741051\">https://doi.org/10.1080/09638180.2012.741051</a>","ama":"Sievers S, Mokwa CF, Keienburg G. The relevance of financial versus non-financial information for the valuation of venture capital-backed firms. <i>European Accounting Review (VHB-JOURQUAL 4 Ranking A)</i>. 2013;22(3):467-511. doi:<a href=\"https://doi.org/10.1080/09638180.2012.741051\">10.1080/09638180.2012.741051</a>","ieee":"S. Sievers, C. F. Mokwa, and G. Keienburg, “The relevance of financial versus non-financial information for the valuation of venture capital-backed firms,” <i>European Accounting Review (VHB-JOURQUAL 4 Ranking A)</i>, vol. 22, no. 3, pp. 467–511, 2013, doi: <a href=\"https://doi.org/10.1080/09638180.2012.741051\">10.1080/09638180.2012.741051</a>.","chicago":"Sievers, Sönke, Christopher F Mokwa, and Georg Keienburg. “The Relevance of Financial versus Non-Financial Information for the Valuation of Venture Capital-Backed Firms.” <i>European Accounting Review (VHB-JOURQUAL 4 Ranking A)</i> 22, no. 3 (2013): 467–511. <a href=\"https://doi.org/10.1080/09638180.2012.741051\">https://doi.org/10.1080/09638180.2012.741051</a>."},"jel":["G24","G32","M41"],"page":"467-511","intvolume":"        22","related_material":{"link":[{"url":"http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1449740","relation":"earlier_version"}]},"publication_status":"published","extern":"1","article_type":"original","user_id":"115848","department":[{"_id":"275"}],"_id":"5191","status":"public","type":"journal_article"},{"quality_controlled":"1","issue":"9","year":"2013","publisher":"Springer","date_created":"2018-10-31T11:31:56Z","title":"Valuing high technology growth firms","publication":"Journal of Business Economics (VHB-JOURQUAL 4 Ranking B)","abstract":[{"lang":"eng","text":"For the valuation of fast growing innovative firms Schwartz and Moon (Financ Anal J 56:62–75, 2000), (Financ Rev 36:7–26, 2001) develop a fundamental valuation model where key parameters follow stochastic processes. While prior research shows promising potential for this model, it has never been tested on a large scale dataset. Thus, guided by economic theory, this paper is the first to design a large-scale applicable implementation on around 30,000 technology firm quarter observations from 1992 to 2009 for the US to assess this model. Evaluating the feasibility and performance of the Schwartz-Moon model reveals that it is comparably accurate to the traditional sales multiple with key advantages in valuing small and non-listed firms. Most importantly, however, the model is able to indicate severe market over- or undervaluation from a fundamental perspective. We demonstrate that a trading strategy based on our implementation has significant investment value. Consequently, the model seems suitable for detecting misvaluations as the dot-com bubble."}],"keyword":["Schwartz-Moon model","Market mispricing","Empirical test","Company valuation","Trading strategy"],"language":[{"iso":"eng"}],"publication_status":"published","citation":{"chicago":"Klobucnik, Jan, and Sönke Sievers. “Valuing High Technology Growth Firms.” <i>Journal of Business Economics (VHB-JOURQUAL 4 Ranking B)</i> 83, no. 9 (2013): 947–84. <a href=\"https://doi.org/10.1007/s11573-013-0684-2\">https://doi.org/10.1007/s11573-013-0684-2</a>.","ieee":"J. Klobucnik and S. Sievers, “Valuing high technology growth firms,” <i>Journal of Business Economics (VHB-JOURQUAL 4 Ranking B)</i>, vol. 83, no. 9, pp. 947–984, 2013, doi: <a href=\"https://doi.org/10.1007/s11573-013-0684-2\">https://doi.org/10.1007/s11573-013-0684-2</a>.","ama":"Klobucnik J, Sievers S. Valuing high technology growth firms. <i>Journal of Business Economics (VHB-JOURQUAL 4 Ranking B)</i>. 2013;83(9):947-984. doi:<a href=\"https://doi.org/10.1007/s11573-013-0684-2\">https://doi.org/10.1007/s11573-013-0684-2</a>","mla":"Klobucnik, Jan, and Sönke Sievers. “Valuing High Technology Growth Firms.” <i>Journal of Business Economics (VHB-JOURQUAL 4 Ranking B)</i>, vol. 83, no. 9, Springer, 2013, pp. 947–84, doi:<a href=\"https://doi.org/10.1007/s11573-013-0684-2\">https://doi.org/10.1007/s11573-013-0684-2</a>.","bibtex":"@article{Klobucnik_Sievers_2013, title={Valuing high technology growth firms}, volume={83}, DOI={<a href=\"https://doi.org/10.1007/s11573-013-0684-2\">https://doi.org/10.1007/s11573-013-0684-2</a>}, number={9}, journal={Journal of Business Economics (VHB-JOURQUAL 4 Ranking B)}, publisher={Springer}, author={Klobucnik, Jan and Sievers, Sönke}, year={2013}, pages={947–984} }","short":"J. Klobucnik, S. Sievers, Journal of Business Economics (VHB-JOURQUAL 4 Ranking B) 83 (2013) 947–984.","apa":"Klobucnik, J., &#38; Sievers, S. (2013). Valuing high technology growth firms. <i>Journal of Business Economics (VHB-JOURQUAL 4 Ranking B)</i>, <i>83</i>(9), 947–984. <a href=\"https://doi.org/10.1007/s11573-013-0684-2\">https://doi.org/10.1007/s11573-013-0684-2</a>"},"jel":["G11","G12","G17","G33"],"intvolume":"        83","page":"947-984","date_updated":"2026-04-09T08:00:16Z","author":[{"last_name":"Klobucnik","full_name":"Klobucnik, Jan","first_name":"Jan"},{"first_name":"Sönke","id":"46447","full_name":"Sievers, Sönke","last_name":"Sievers"}],"volume":83,"main_file_link":[{"url":"https://link.springer.com/article/10.1007/s11573-013-0684-2"}],"doi":"https://doi.org/10.1007/s11573-013-0684-2","type":"journal_article","status":"public","_id":"5192","user_id":"115848","department":[{"_id":"275"}],"article_type":"original","extern":"1"},{"publication":"Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+)","abstract":[{"lang":"eng","text":"Standard equity valuation approaches (i.e., DDM, RIM, and DCF model) are derived under the assumption of ideal conditions, such as infinite payoffs and clean surplus accounting. Because these conditions are hardly ever met, we extend the standard approaches, based on the fundamental principle of financial statement articulation. The extended models are then tested empirically by employing two sets of forecasts: (1) analyst forecasts provided by Value Line and (2) forecasts generated by cross-sectional regression models. The main result is that our extended models yield considerably smaller valuation errors. Moreover, by construction, identical value estimates are obtained across the extended models. By reestablishing empirical equivalence under non-ideal conditions, our approach provides a benchmark that enables us to quantify the errors resulting from individual deviations from ideal conditions, and thus, to analyze the robustness of the standard approaches. Finally, by providing a level playing field for the different valuation approaches, our findings have implications for other empirical settings, for example, estimating the implied cost of capital. "}],"language":[{"iso":"eng"}],"keyword":["Dividend Discount Model","Residual Income","Discounted Cash Flow","Dirty Surplus","Terminal Value","Valuation Error"],"issue":"1","quality_controlled":"1","year":"2013","date_created":"2018-10-31T07:58:17Z","publisher":"Wiley Online Library","title":"Extended dividend, cash flow, and residual income valuation models: Accounting for deviations from ideal conditions","type":"journal_article","status":"public","department":[{"_id":"275"}],"user_id":"115848","_id":"5113","extern":"1","article_type":"original","related_material":{"link":[{"url":"http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1145201","relation":"earlier_version"}]},"publication_status":"published","intvolume":"        30","page":"42-79","jel":["G12","G14","M41"],"citation":{"apa":"Heinrichs, N., Hess, D., Homburg, C., Lorenz, M., &#38; Sievers, S. (2013). Extended dividend, cash flow, and residual income valuation models: Accounting for deviations from ideal conditions. <i>Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+)</i>, <i>30</i>(1), 42–79. <a href=\"https://doi.org/10.2139/ssrn.1145201\">https://doi.org/10.2139/ssrn.1145201</a>","mla":"Heinrichs, Nicolas, et al. “Extended Dividend, Cash Flow, and Residual Income Valuation Models: Accounting for Deviations from Ideal Conditions.” <i>Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+)</i>, vol. 30, no. 1, Wiley Online Library, 2013, pp. 42–79, doi:<a href=\"https://doi.org/10.2139/ssrn.1145201\">10.2139/ssrn.1145201</a>.","bibtex":"@article{Heinrichs_Hess_Homburg_Lorenz_Sievers_2013, title={Extended dividend, cash flow, and residual income valuation models: Accounting for deviations from ideal conditions}, volume={30}, DOI={<a href=\"https://doi.org/10.2139/ssrn.1145201\">10.2139/ssrn.1145201</a>}, number={1}, journal={Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+)}, publisher={Wiley Online Library}, author={Heinrichs, Nicolas and Hess, Dieter and Homburg, Carsten and Lorenz, Michael and Sievers, Sönke}, year={2013}, pages={42–79} }","short":"N. Heinrichs, D. Hess, C. Homburg, M. Lorenz, S. Sievers, Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+) 30 (2013) 42–79.","ieee":"N. Heinrichs, D. Hess, C. Homburg, M. Lorenz, and S. Sievers, “Extended dividend, cash flow, and residual income valuation models: Accounting for deviations from ideal conditions,” <i>Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+)</i>, vol. 30, no. 1, pp. 42–79, 2013, doi: <a href=\"https://doi.org/10.2139/ssrn.1145201\">10.2139/ssrn.1145201</a>.","chicago":"Heinrichs, Nicolas, Dieter Hess, Carsten Homburg, Michael Lorenz, and Sönke Sievers. “Extended Dividend, Cash Flow, and Residual Income Valuation Models: Accounting for Deviations from Ideal Conditions.” <i>Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+)</i> 30, no. 1 (2013): 42–79. <a href=\"https://doi.org/10.2139/ssrn.1145201\">https://doi.org/10.2139/ssrn.1145201</a>.","ama":"Heinrichs N, Hess D, Homburg C, Lorenz M, Sievers S. Extended dividend, cash flow, and residual income valuation models: Accounting for deviations from ideal conditions. <i>Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+)</i>. 2013;30(1):42-79. doi:<a href=\"https://doi.org/10.2139/ssrn.1145201\">10.2139/ssrn.1145201</a>"},"volume":30,"author":[{"full_name":"Heinrichs, Nicolas","last_name":"Heinrichs","first_name":"Nicolas"},{"first_name":"Dieter","full_name":"Hess, Dieter","last_name":"Hess"},{"first_name":"Carsten","last_name":"Homburg","full_name":"Homburg, Carsten"},{"first_name":"Michael","full_name":"Lorenz, Michael","last_name":"Lorenz"},{"id":"46447","full_name":"Sievers, Sönke","last_name":"Sievers","first_name":"Sönke"}],"date_updated":"2026-04-09T08:22:32Z","doi":"10.2139/ssrn.1145201","main_file_link":[{"url":"http://onlinelibrary.wiley.com/doi/10.1111/j.1911-3846.2011.01148.x/abstract"}]}]