TY - JOUR AU - Beutner, Marc AU - Fortmann, L. M. ID - 9705 IS - 54 JF - Kölner Zeitschrift für Wirtschaft und Pädagogik TI - COR-VET – Career Orientation in Vocational Education and Training in Europe VL - 28 ER - TY - JOUR AU - Beutner, Marc AU - Kundisch, Dennis AU - Magenheim, J AU - Hermann, P AU - Reinhardt, W AU - Zoyke, A ID - 9706 IS - 3 JF - Informatik Spektrum TI - Classroom Response Systeme VL - 36 ER - TY - JOUR AU - Bauhoff, Frauke AU - Schneider, Martin ID - 3976 JF - Industrielle Beziehungen/The German Journal of Industrial Relations TI - „Sekret{\"a}rin des Vorstandes “gesucht: Stellenanzeigen und die expressive Funktion des AGG ER - TY - JOUR AU - Bauhoff, Frauke AU - Schneider, Martin ID - 3979 JF - Industrielle Beziehungen/The German Journal of Industrial Relations TI - „Sekretärin des Vorstandes“ gesucht: Stellenanzeigen und die expressive Funktion des AGG ER - TY - CHAP AU - Becker, Jörg AU - Bernhold, Torben AU - Beverungen, Daniel AU - Kaling, Nina AU - Knackstedt, Ralf AU - Vanessa, Lellek AU - Peter Rauer, Hans ED - Thomas, Oliver ED - Nüttgens, Markus ID - 5031 T2 - Dienstleistungsmodellierung 2012: Product-Service Systems und Produktivität TI - Softwaregestützte Konstruktion von Produktivitätsmodellen im Facility Management ER - TY - BOOK AU - König, Rolf AU - Sureth-Sloane, Caren ID - 5042 TI - Besteuerung und Rechtsformwahl ER - TY - GEN AU - Maiterth, Ralf AU - Sureth-Sloane, Caren ID - 5043 IS - 125 T2 - Frankfurter Allgemeine Zeitung TI - Vermögensteuer vernichtet Eigenkapital ER - TY - GEN AU - Meißner, Fabian AU - Sureth-Sloane, Caren ID - 5044 TI - The Impact of Corporate Taxes and Flexibility on Entrepreneurial Decisions with Moral Hazard and Simultaneous Firm and Personal Level Taxation VL - 141 ER - TY - GEN AU - Sureth-Sloane, Caren ID - 5046 T2 - Cicero Online TI - Die Reichensteuer gefährdet Arbeitsplätze ER - TY - JOUR AB - 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. AU - Kreutzmann, Daniel AU - Sievers, Sönke AU - Mueller, Christian ID - 5108 IS - 11 JF - Applied Financial Economics (VHB-JOURQUAL 3 Ranking C) KW - corporate tax claim KW - company valuation KW - optimal investment KW - cost of capital TI - Investment distortions and the value of the government's tax claim VL - 23 ER - TY - JOUR AU - Gilroy, Bernard Michael AU - Schreckenberg, Heike AU - Seiler, Volker ID - 5111 IS - 2 JF - Federal Governance TI - Subsidiarity between economic freedom and harmonized regulation: is there an optimal degree of European integration? VL - 10 ER - TY - JOUR AU - Gilroy, Bernard Michael AU - Lukas, Elmar AU - Heimann, Christian ID - 5112 JF - Jahrbücher für Nationalokonomie 6 Statistik TI - Technologiestandort Deutschland und internationale Wissensspillover. VL - 233 ER - TY - JOUR AB - 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. AU - Heinrichs, Nicolas AU - Hess, Dieter AU - Homburg, Carsten AU - Lorenz, Michael AU - Sievers, Sönke ID - 5113 IS - 1 JF - Contemporary Accounting Research (VHB-JOURQUAL 3 Ranking A) KW - Dividend Discount Model KW - Residual Income KW - Discounted Cash Flow KW - Dirty Surplus KW - Terminal Value KW - Valuation Error TI - Extended dividend, cash flow, and residual income valuation models: Accounting for deviations from ideal conditions VL - 30 ER - TY - JOUR AU - Gilroy, Bernard Michael AU - Heimann, Anastasia AU - Schopf, Mark ID - 5114 IS - 1 JF - Basic Income Studies TI - Basic income and labour supply: The German case VL - 8 ER - TY - JOUR AU - Gilroy, Bernard Michael AU - Nguyen, Birke Thuy Duong ID - 5115 IS - 3 JF - WiSt-Wirtschaftswissenschaftliches Studium TI - Ist Fairer Handel Wirklich Fair? VL - 42 ER - TY - GEN AU - Gilroy, Bernard Michael AU - Schreckenberg, Heike AU - Seiler, Volker ID - 5117 TI - Water as an alternative asset ER - TY - GEN AB - In this paper, we analyze a model in which two divisions negotiate over an intrafirm transfer price for an intermediate product. Formally, we consider bargaining problems under incomplete information, since the upstream division’s (seller's) costs and downstream division's (buyer's) revenues are supposed to be private information. Assuming two possible types for buyer and seller each, we first establish that the bargaining problem is regular, regardless whether incentive and/or efficiency constraints are imposed. This allows us to apply the generalized Nash bargaining solution to determine transfer payments and transfer probabilities. Furthermore, we derive general properties of this solution for the transfer pricing problem and compare the model developed here with the existing literature for negotiated transfer pricing under incomplete information. In particular, we focus on the models presented in Wagenhofer (1994). AU - Brangewitz, Sonja AU - Haake, Claus-Jochen ID - 5146 KW - Transfer Pricing KW - Negotiation KW - Generalized Nash Bargaining Solution KW - Incomplete Information TI - Cooperative Transfer Price Negotiations under Incomplete Information VL - 64 ER - TY - BOOK AU - Sievers, Sönke ID - 5172 KW - Unternehmensbewertung KW - Unternehmenswachstum KW - Return on Investment Unternehmensbewertung KW - Investition KW - Steuervergünstigung SN - 978-3-86582-925-2 TI - Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation Issues ER - TY - JOUR AB - 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. AU - Sievers, Sönke AU - Mokwa, Christopher F AU - Keienburg, Georg ID - 5191 IS - 3 JF - European Accounting Review (VHB-JOURQUAL 3 Ranking A) KW - value relevance KW - equity valuation KW - venture capital KW - human capital KW - start-ups TI - The relevance of financial versus non-financial information for the valuation of venture capital-backed firms VL - 22 ER - TY - JOUR AB - 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. AU - Klobucnik, Jan AU - Sievers, Sönke ID - 5192 IS - 9 JF - Journal of Business Economics (VHB-JOURQUAL 3 Ranking B) KW - Schwartz-Moon model KW - Market mispricing KW - Empirical test KW - Company valuation KW - Trading strategy TI - Valuing high technology growth firms VL - 83 ER -