@article{5192, abstract = {{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.}}, author = {{Klobucnik, Jan and Sievers, Sönke}}, journal = {{Journal of Business Economics (VHB-JOURQUAL 4 Ranking B)}}, keywords = {{Schwartz-Moon model, Market mispricing, Empirical test, Company valuation, Trading strategy}}, number = {{9}}, pages = {{947--984}}, publisher = {{Springer}}, title = {{{Valuing high technology growth firms}}}, doi = {{https://doi.org/10.1007/s11573-013-0684-2}}, volume = {{83}}, year = {{2013}}, } @article{5113, abstract = {{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. }}, author = {{Heinrichs, Nicolas and Hess, Dieter and Homburg, Carsten and Lorenz, Michael and Sievers, Sönke}}, journal = {{Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+)}}, keywords = {{Dividend Discount Model, Residual Income, Discounted Cash Flow, Dirty Surplus, Terminal Value, Valuation Error}}, number = {{1}}, pages = {{42--79}}, publisher = {{Wiley Online Library}}, title = {{{Extended dividend, cash flow, and residual income valuation models: Accounting for deviations from ideal conditions}}}, doi = {{10.2139/ssrn.1145201}}, volume = {{30}}, year = {{2013}}, } @article{20863, abstract = {{This article examines and extends research on the relation between the capital asset pricing model market beta, accounting risk measures and macroeconomic risk factors. We employ a beta decomposition approach that nests competing models with different business risk proxies and allows to frame cross-model comparison. Because model tests require estimated independent variables resulting in measurement error, we empirically estimate three comparable model specifications with instrumental variable estimators and for the first time provide thorough instrument diagnostics in this setting. Correcting for the heretofore neglected weak instruments problem we find that growth risk (i.e., the risk of firm sales variations that are inconsistent with the market wide trends), is the business risk that explains cross-sectional variations in market beta best.}}, author = {{Schlueter, Tobias and Sievers, Sönke}}, issn = {{0924-865X}}, journal = {{Review of Quantitative Finance and Accounting (VHB-JOURQUAL 4 Ranking B)}}, keywords = {{CAPM, Cost of capital, Accounting beta, Intrinsic business risk, Growth risk, Instrumental variables}}, number = {{3}}, pages = {{535--570}}, title = {{{Determinants of market beta: the impacts of firm-specific accounting figures and market conditions}}}, doi = {{10.1007/s11156-013-0352-1}}, year = {{2013}}, } @article{5108, abstract = {{This study integrates the government in the context of company valuation. Our framework allows to analyze and to quantify the risk-sharing effects and conflicts of interest between the government and the shareholders when firms follow different financial policies. We provide novel evidence that firms with fixed future levels of debt might invest more than socially desirable. Economically, this happens if the gain in tax-shields is big enough to outweigh the loss in the unlevered firm value. Our findings have implications for the practice of investment subsidy programs provided by the government to avoid fostering investments beyond the socially optimal level. }}, author = {{Kreutzmann, Daniel and Sievers, Sönke and Mueller, Christian}}, journal = {{Applied Financial Economics (VHB-JOURQUAL 4 Ranking C)}}, keywords = {{corporate tax claim, company valuation, optimal investment, cost of capital}}, number = {{11}}, pages = {{977--989}}, publisher = {{Taylor \& Francis}}, title = {{{Investment distortions and the value of the government's tax claim}}}, doi = {{10.1080/09603107.2013.786161}}, volume = {{23}}, year = {{2013}}, } @article{2519, author = {{Haake, Claus-Jochen and Martini, Jan Thomas}}, issn = {{0926-2644}}, journal = {{Group Decision and Negotiation}}, number = {{4}}, pages = {{657--680}}, publisher = {{Springer Nature}}, title = {{{Negotiating Transfer Prices}}}, doi = {{10.1007/s10726-012-9286-6}}, volume = {{22}}, year = {{2012}}, } @article{2521, author = {{Haake, Claus-Jochen and Krieger, Tim and Minter, Steffen}}, issn = {{1612-4804}}, journal = {{International Economics and Economic Policy}}, number = {{4}}, pages = {{583--612}}, publisher = {{Springer Nature}}, title = {{{On the institutional design of burden sharing when financing external border enforcement in the EU}}}, doi = {{10.1007/s10368-012-0226-3}}, volume = {{10}}, year = {{2012}}, } @misc{2797, author = {{Meier, Christian and Kundisch, Dennis}}, booktitle = {{Banklexikon}}, publisher = {{Gabler}}, title = {{{Online Banking}}}, year = {{2012}}, } @techreport{2828, author = {{Kundisch, Dennis and John, Thomas}}, pages = {{9--11}}, title = {{{Geschäftsmodelle als Thema der Wirtschaftsinformatik - Statements zum Themenfeld "Stand der Forschung"}}}, year = {{2012}}, } @inbook{2608, author = {{Betz, Stefan}}, booktitle = {{Entscheidungsprobleme im Supply Chain Management - Quantitative Lösungsansätze für den Mittelstand}}, editor = {{Betz, Stefan}}, pages = {{49--72}}, title = {{{Entscheidungsorientierte Planung unscharfer Erfolge von KMU in Supply Chains}}}, year = {{2012}}, } @inbook{2609, author = {{Betz, Stefan}}, booktitle = {{Entscheidungsprobleme im Supply Chain Management - Quantitative Lösungsansätze für den Mittelstand}}, editor = {{Betz, Stefan}}, pages = {{105--132}}, title = {{{Analyse des Bullwhip-Effekts in einer Supply Chain von KMU}}}, year = {{2012}}, } @article{2640, author = {{Kundisch, Dennis}}, journal = {{International Journal of Electronic Finance}}, number = {{2}}, pages = {{103--120}}, title = {{{Trading Venue Decision of Private Online Investors}}}, volume = {{6}}, year = {{2012}}, } @article{2641, author = {{Zimmermann, Steffen and Katzmarzik, A. and Kundisch, Dennis}}, journal = {{The DATA BASE for Advances in Information Systems}}, number = {{1}}, pages = {{24--45}}, title = {{{IT Sourcing Portfolio Management for IT Services Providers - An Approach for using Modern Portfolio Theory to allocate Software Development Projects to available Sites}}}, volume = {{43}}, year = {{2012}}, } @article{2642, author = {{Kundisch, Dennis and Zorzi, R.}}, journal = {{Information Systems and e-Business Management}}, number = {{1}}, pages = {{85--99}}, title = {{{Enhancing the Quality of Financial Advice with Web 2.0 - An Approach Considering Social Capital in Private Asset Allocation}}}, volume = {{10}}, year = {{2012}}, } @article{2643, author = {{Kundisch, Dennis and John, Thomas}}, journal = {{WISU - Das Wirtschaftsstudium}}, pages = {{345--347}}, title = {{{Investitionsbewertung mit Realoptionen}}}, volume = {{3}}, year = {{2012}}, } @article{2655, author = {{Beutner, Marc and Zoyke, A. and Kundisch, Dennis and Herrmann, Philipp and Whittaker, Michael and Magenheim, Johannes and Reinhardt, W.}}, journal = {{Kölner Zeitschrift für Wirtschaft und Pädagogik (KWP)}}, number = {{53}}, pages = {{3--52}}, title = {{{PINGO - Umsetzung von E-Learning in der Hoschule in Adaption und Weiterentwicklung des Peer Instruction Ansatzes - Didaktische und organisatorische Reflexion Studierendenaktivierung in Lehrveranstaltungen}}}, volume = {{27}}, year = {{2012}}, } @book{2668, editor = {{Betz, Stefan}}, title = {{{Entscheidungsprobleme im Supply Chain Management - Quantitative Lösungsansätze für den Mittelstand}}}, year = {{2012}}, } @inproceedings{3449, author = {{Becker, Jörg and Bernhold, Torben and Beverungen, Daniel and Kaling, Nina and Knackstedt, Ralf and Vanesa, Lellek and Peter Rauer, Hans}}, booktitle = {{Dienstleistungsmodellierung 2012}}, location = {{Bamberg, Deutschland}}, pages = {{208----226}}, title = {{{Softwaregestützte Konstruktion von Produktivitätsmodellen im Facility Management}}}, doi = {{10.1007/978-3-658-00863-5_10}}, year = {{2012}}, } @inproceedings{3450, author = {{Becker, Jörg and Beverungen, Daniel and Breuker, Dominic and Peter Rauer, Hans}}, booktitle = {{Proceedings of the 16th Pacific Asian Conference on Information Systems (PACIS) 2012}}, location = {{Ho Chi Minh City, Vietnam}}, pages = {{Paper 56}}, title = {{{Resolving trade-offs in Service Performance Benchmarking using Data Envelopment Analysis}}}, year = {{2012}}, } @inproceedings{3451, author = {{Becker, Jörg and Beverungen, Daniel and Knackstedt, Ralf and Peter Rauer, Hans and Sigge, Daniel}}, booktitle = {{Proceedings of the 45th Hawaii International Conference on System Sciences (HICSS) 2012}}, location = {{Kauai, USA}}, pages = {{1522----1531}}, title = {{{Service Productivity Management --- Status Quo and Directions for the Design of Conceptual Modeling Grammars.}}}, doi = {{10.1109/HICSS.2012.525}}, year = {{2012}}, } @inproceedings{3452, author = {{Heide, Tobias and Tumbas, Sanja and Beverungen, Daniel and Knackstedt, Ralf and Becker, Jörg}}, booktitle = {{Services and Economic Development: Local and Global Challenges}}, isbn = {{978-606-505-565-0}}, location = {{Bucharest, Romania}}, pages = {{1----21}}, title = {{{Global versus Local Properties of Service Science: Insights from a Comparative International Study on Research Results}}}, year = {{2012}}, }