---
_id: '5130'
abstract:
- lang: ger
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."
article_type: original
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Oliver
full_name: Mehring, Oliver
id: '36373'
last_name: Mehring
- first_name: Georg
full_name: Keienburg, Georg
last_name: Keienburg
- first_name: Jens
full_name: Kengelbach, Jens
last_name: Kengelbach
citation:
ama: Sievers S, Mehring O, Keienburg G, Kengelbach J. Erfolgsfaktoren bei Mergers
and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added? Corporate
Finance (VHB-JOURQUAL 4 Ranking C). 2016;81(9):283-290.
apa: Sievers, S., Mehring, O., Keienburg, G., & Kengelbach, J. (2016). Erfolgsfaktoren
bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added?
Corporate Finance (VHB-JOURQUAL 4 Ranking C), 81(9), 283–290.
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} }'
chicago: 'Sievers, Sönke, Oliver Mehring, Georg Keienburg, and Jens Kengelbach.
“Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster
mehr Value Added?” Corporate Finance (VHB-JOURQUAL 4 Ranking C) 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?,”
Corporate Finance (VHB-JOURQUAL 4 Ranking C), vol. 81, no. 9, pp. 283–290,
2016.
mla: Sievers, Sönke, et al. “Erfolgsfaktoren bei Mergers and Acquisitions – Warum
schaffen Portfoliomaster mehr Value Added?” Corporate Finance (VHB-JOURQUAL
4 Ranking C), 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.
date_created: 2018-10-31T08:36:37Z
date_updated: 2026-04-09T08:01:51Z
department:
- _id: '275'
intvolume: ' 81'
issue: '9'
keyword:
- M&A
- Erfolgsfaktoren
- Transaktionsanzahl
- Diversifizierung
- Volatilität
- Cash-Deals
- Stock-Deals
- Portfoliomaster
language:
- iso: ger
main_file_link:
- url: https://research.owlit.de/document/4ac211e6-6e18-3aac-b452-3db2723c84dc
page: 283-290
publication: Corporate Finance (VHB-JOURQUAL 4 Ranking C)
publication_status: published
publisher: Corporate Finance
status: public
title: Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster
mehr Value Added?
type: journal_article
user_id: '115848'
volume: 81
year: '2016'
...
---
_id: '20867'
abstract:
- lang: eng
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.
article_type: original
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Tobias
full_name: Schlüter, Tobias
last_name: Schlüter
- first_name: Ramona
full_name: Busch, Ramona
last_name: Busch
- first_name: Thomas
full_name: Hartmann-Wendels, Thomas
last_name: Hartmann-Wendels
citation:
ama: 'Sievers S, Schlüter T, Busch R, Hartmann-Wendels T. Loan Pricing: Do Borrowers
Benefit from Cost-Efficient Banking? Credit and Capital Markets – Kredit und
Kapital (VHB-JOURQUAL 4 Ranking C). 2016;49(1):93-125. doi:10.3790/ccm.49.1.93'
apa: 'Sievers, S., Schlüter, T., Busch, R., & Hartmann-Wendels, T. (2016). Loan
Pricing: Do Borrowers Benefit from Cost-Efficient Banking? Credit and Capital
Markets – Kredit Und Kapital (VHB-JOURQUAL 4 Ranking C), 49(1), 93–125.
https://doi.org/10.3790/ccm.49.1.93'
bibtex: '@article{Sievers_Schlüter_Busch_Hartmann-Wendels_2016, title={Loan Pricing:
Do Borrowers Benefit from Cost-Efficient Banking?}, volume={49}, DOI={10.3790/ccm.49.1.93},
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} }'
chicago: 'Sievers, Sönke, Tobias Schlüter, Ramona Busch, and Thomas Hartmann-Wendels.
“Loan Pricing: Do Borrowers Benefit from Cost-Efficient Banking?” Credit and
Capital Markets – Kredit Und Kapital (VHB-JOURQUAL 4 Ranking C) 49, no. 1
(2016): 93–125. https://doi.org/10.3790/ccm.49.1.93.'
ieee: 'S. Sievers, T. Schlüter, R. Busch, and T. Hartmann-Wendels, “Loan Pricing:
Do Borrowers Benefit from Cost-Efficient Banking?,” Credit and Capital Markets
– Kredit und Kapital (VHB-JOURQUAL 4 Ranking C), vol. 49, no. 1, pp. 93–125,
2016, doi: 10.3790/ccm.49.1.93.'
mla: 'Sievers, Sönke, et al. “Loan Pricing: Do Borrowers Benefit from Cost-Efficient
Banking?” Credit and Capital Markets – Kredit Und Kapital (VHB-JOURQUAL 4
Ranking C), vol. 49, no. 1, 2016, pp. 93–125, doi:10.3790/ccm.49.1.93.'
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.
date_created: 2021-01-05T11:30:36Z
date_updated: 2026-04-09T08:15:05Z
department:
- _id: '275'
doi: 10.3790/ccm.49.1.93
intvolume: ' 49'
issue: '1'
jel:
- G21
- G28
language:
- iso: eng
main_file_link:
- url: https://elibrary.duncker-humblot.com/journals/id/33/vol/49/iss/1330/art/5420/
page: 93-125
publication: ' Credit and Capital Markets – Kredit und Kapital (VHB-JOURQUAL 4 Ranking
C)'
publication_status: published
status: public
title: 'Loan Pricing: Do Borrowers Benefit from Cost-Efficient Banking?'
type: journal_article
user_id: '115848'
volume: 49
year: '2016'
...
---
_id: '4873'
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). '
article_type: original
author:
- first_name: Tobias
full_name: Schlueter, Tobias
last_name: Schlueter
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Thomas
full_name: Hartmann-Wendels, Thomas
last_name: Hartmann-Wendels
citation:
ama: Schlueter T, Sievers S, Hartmann-Wendels T. Bank funding stability, pricing
strategies and the guidance of depositors. Journal of Banking & Finance
(VHB-JOURQUAL 4 Ranking A). 2015;51:43-61. doi:10.2139/ssrn.2001449
apa: Schlueter, T., Sievers, S., & Hartmann-Wendels, T. (2015). Bank funding
stability, pricing strategies and the guidance of depositors. Journal of Banking
& Finance (VHB-JOURQUAL 4 Ranking A), 51, 43–61. https://doi.org/10.2139/ssrn.2001449
bibtex: '@article{Schlueter_Sievers_Hartmann-Wendels_2015, title={Bank funding stability,
pricing strategies and the guidance of depositors}, volume={51}, DOI={10.2139/ssrn.2001449},
journal={Journal of Banking & Finance (VHB-JOURQUAL 4 Ranking A)}, author={Schlueter,
Tobias and Sievers, Sönke and Hartmann-Wendels, Thomas}, year={2015}, pages={43–61}
}'
chicago: 'Schlueter, Tobias, Sönke Sievers, and Thomas Hartmann-Wendels. “Bank Funding
Stability, Pricing Strategies and the Guidance of Depositors.” Journal of Banking
& Finance (VHB-JOURQUAL 4 Ranking A) 51 (2015): 43–61. https://doi.org/10.2139/ssrn.2001449.'
ieee: 'T. Schlueter, S. Sievers, and T. Hartmann-Wendels, “Bank funding stability,
pricing strategies and the guidance of depositors,” Journal of Banking &
Finance (VHB-JOURQUAL 4 Ranking A), vol. 51, pp. 43–61, 2015, doi: 10.2139/ssrn.2001449.'
mla: Schlueter, Tobias, et al. “Bank Funding Stability, Pricing Strategies and the
Guidance of Depositors.” Journal of Banking & Finance (VHB-JOURQUAL 4 Ranking
A), vol. 51, 2015, pp. 43–61, doi:10.2139/ssrn.2001449.
short: T. Schlueter, S. Sievers, T. Hartmann-Wendels, Journal of Banking & Finance
(VHB-JOURQUAL 4 Ranking A) 51 (2015) 43–61.
date_created: 2018-10-26T07:08:32Z
date_updated: 2026-04-09T08:14:22Z
department:
- _id: '275'
doi: 10.2139/ssrn.2001449
intvolume: ' 51'
jel:
- G01
- G21
- G28
keyword:
- retail saving behavior
- non-maturing deposits
- deposit funding
- contractual rewards
- interest rate bonus
- saving persistence
- cash flow volatility
language:
- iso: eng
main_file_link:
- url: https://www.sciencedirect.com/science/article/pii/S0378426614003380
page: 43-61
publication: Journal of Banking & Finance (VHB-JOURQUAL 4 Ranking A)
publication_status: published
quality_controlled: '1'
status: public
title: Bank funding stability, pricing strategies and the guidance of depositors
type: journal_article
user_id: '115848'
volume: 51
year: '2015'
...
---
_id: '5172'
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
ama: 'Sievers S. Company Valuation and Growth: Theory, Empirical Evidence and
Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat; 2013.'
apa: 'Sievers, S. (2013). Company Valuation and Growth: Theory, Empirical Evidence
and Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat.'
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} }'
chicago: 'Sievers, Sönke. Company Valuation and Growth: Theory, Empirical Evidence
and Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat,
2013.'
ieee: 'S. Sievers, Company Valuation and Growth: Theory, Empirical Evidence and
Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat, 2013.'
mla: 'Sievers, Sönke. Company Valuation and Growth: Theory, Empirical Evidence
and Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat,
2013.'
short: 'S. Sievers, Company Valuation and Growth: Theory, Empirical Evidence and
Practical Implementation Issues, Verlag-Haus Monsenstein und Vannerdat, 2013.'
date_created: 2018-10-31T10:10:35Z
date_updated: 2022-01-06T07:01:41Z
department:
- _id: '275'
keyword:
- Unternehmensbewertung
- Unternehmenswachstum
- Return on Investment Unternehmensbewertung
- Investition
- Steuervergünstigung
language:
- iso: eng
publication_identifier:
isbn:
- 978-3-86582-925-2
publication_status: published
publisher: Verlag-Haus Monsenstein und Vannerdat
status: public
title: 'Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation
Issues'
type: book
user_id: '64756'
year: '2013'
...
---
_id: '5201'
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Tobias
full_name: Schlüter, Tobias
last_name: Schlüter
- first_name: Thomas
full_name: Hartmann-Wendels, Thomas
last_name: Hartmann-Wendels
citation:
ama: Sievers S, Schlüter T, Hartmann-Wendels T. Die erfolgreiche Bindung des Sparers
an die Bank. Börsen-Zeitung. 2013.
apa: Sievers, S., Schlüter, T., & Hartmann-Wendels, T. (2013). Die erfolgreiche
Bindung des Sparers an die Bank. Börsen-Zeitung.
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} }'
chicago: Sievers, Sönke, Tobias Schlüter, and Thomas Hartmann-Wendels. “Die erfolgreiche
Bindung des Sparers an die Bank.” Börsen-Zeitung, 2013.
ieee: S. Sievers, T. Schlüter, and T. Hartmann-Wendels, “Die erfolgreiche Bindung
des Sparers an die Bank,” Börsen-Zeitung, 2013.
mla: Sievers, Sönke, et al. “Die erfolgreiche Bindung des Sparers an die Bank.”
Börsen-Zeitung, 2013.
short: S. Sievers, T. Schlüter, T. Hartmann-Wendels, Börsen-Zeitung (2013).
date_created: 2018-10-31T12:29:38Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
language:
- iso: ger
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: Börsen-Zeitung
publication_date: 2013-01-10
publication_status: published
status: public
title: Die erfolgreiche Bindung des Sparers an die Bank
type: newspaper_article
user_id: '46447'
year: '2013'
...
---
_id: '5202'
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Thomas
full_name: Hartmann-Wendels, Thomas
last_name: Hartmann-Wendels
- first_name: Ramona
full_name: Busch, Ramona
last_name: Busch
- first_name: Tobias
full_name: Schlüter, Tobias
last_name: Schlüter
citation:
ama: Sievers S, Hartmann-Wendels T, Busch R, Schlüter T. Wie Banken Kostenvorteile
weitergeben. Börsen-Zeitung. 2013.
apa: Sievers, S., Hartmann-Wendels, T., Busch, R., & Schlüter, T. (2013). Wie
Banken Kostenvorteile weitergeben. Börsen-Zeitung.
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}
}'
chicago: Sievers, Sönke, Thomas Hartmann-Wendels, Ramona Busch, and Tobias Schlüter.
“Wie Banken Kostenvorteile weitergeben.” Börsen-Zeitung, 2013.
ieee: S. Sievers, T. Hartmann-Wendels, R. Busch, and T. Schlüter, “Wie Banken Kostenvorteile
weitergeben,” Börsen-Zeitung, vol. 6, 2013.
mla: Sievers, Sönke, et al. “Wie Banken Kostenvorteile weitergeben.” Börsen-Zeitung,
vol. 6, 2013.
short: S. Sievers, T. Hartmann-Wendels, R. Busch, T. Schlüter, Börsen-Zeitung 6
(2013).
date_created: 2018-10-31T12:32:09Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
intvolume: ' 6'
language:
- iso: ger
main_file_link:
- url: https://www.boersen-zeitung.de/index.php?li=1&artid=2013006066
page: '6'
publication: Börsen-Zeitung
publication_date: 2013-01-10
publication_status: published
status: public
title: Wie Banken Kostenvorteile weitergeben
type: newspaper_article
user_id: '46447'
volume: 6
year: '2013'
...
---
_id: '5191'
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.
article_type: original
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Christopher F
full_name: Mokwa, Christopher F
last_name: Mokwa
- first_name: Georg
full_name: Keienburg, Georg
last_name: Keienburg
citation:
ama: Sievers S, Mokwa CF, Keienburg G. The relevance of financial versus non-financial
information for the valuation of venture capital-backed firms. European Accounting
Review (VHB-JOURQUAL 4 Ranking A). 2013;22(3):467-511. doi:10.1080/09638180.2012.741051
apa: Sievers, S., Mokwa, C. F., & Keienburg, G. (2013). The relevance of financial
versus non-financial information for the valuation of venture capital-backed firms.
European Accounting Review (VHB-JOURQUAL 4 Ranking A), 22(3), 467–511.
https://doi.org/10.1080/09638180.2012.741051
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={10.1080/09638180.2012.741051},
number={3}, journal={European Accounting Review (VHB-JOURQUAL 4 Ranking A)}, publisher={Taylor
\& Francis}, author={Sievers, Sönke and Mokwa, Christopher F and Keienburg,
Georg}, year={2013}, pages={467–511} }'
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.” European Accounting Review (VHB-JOURQUAL 4 Ranking A) 22, no. 3
(2013): 467–511. https://doi.org/10.1080/09638180.2012.741051.'
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,”
European Accounting Review (VHB-JOURQUAL 4 Ranking A), vol. 22, no. 3,
pp. 467–511, 2013, doi: 10.1080/09638180.2012.741051.'
mla: Sievers, Sönke, et al. “The Relevance of Financial versus Non-Financial Information
for the Valuation of Venture Capital-Backed Firms.” European Accounting Review
(VHB-JOURQUAL 4 Ranking A), vol. 22, no. 3, Taylor \& Francis, 2013, pp.
467–511, doi:10.1080/09638180.2012.741051.
short: S. Sievers, C.F. Mokwa, G. Keienburg, European Accounting Review (VHB-JOURQUAL
4 Ranking A) 22 (2013) 467–511.
date_created: 2018-10-31T11:27:42Z
date_updated: 2026-04-09T07:59:17Z
department:
- _id: '275'
doi: 10.1080/09638180.2012.741051
extern: '1'
intvolume: ' 22'
issue: '3'
jel:
- G24
- G32
- M41
keyword:
- value relevance
- equity valuation
- venture capital
- human capital
- start-ups
language:
- iso: eng
main_file_link:
- url: http://www.tandfonline.com/doi/full/10.1080/09638180.2012.741051
page: 467-511
publication: European Accounting Review (VHB-JOURQUAL 4 Ranking A)
publication_status: published
publisher: Taylor \& Francis
quality_controlled: '1'
related_material:
link:
- relation: earlier_version
url: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1449740
status: public
title: The relevance of financial versus non-financial information for the valuation
of venture capital-backed firms
type: journal_article
user_id: '115848'
volume: 22
year: '2013'
...
---
_id: '5192'
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.
article_type: original
author:
- first_name: Jan
full_name: Klobucnik, Jan
last_name: Klobucnik
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
ama: Klobucnik J, Sievers S. Valuing high technology growth firms. Journal of
Business Economics (VHB-JOURQUAL 4 Ranking B). 2013;83(9):947-984. doi:https://doi.org/10.1007/s11573-013-0684-2
apa: Klobucnik, J., & Sievers, S. (2013). Valuing high technology growth firms.
Journal of Business Economics (VHB-JOURQUAL 4 Ranking B), 83(9),
947–984. https://doi.org/10.1007/s11573-013-0684-2
bibtex: '@article{Klobucnik_Sievers_2013, title={Valuing high technology growth
firms}, volume={83}, DOI={https://doi.org/10.1007/s11573-013-0684-2},
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} }'
chicago: 'Klobucnik, Jan, and Sönke Sievers. “Valuing High Technology Growth Firms.”
Journal of Business Economics (VHB-JOURQUAL 4 Ranking B) 83, no. 9 (2013):
947–84. https://doi.org/10.1007/s11573-013-0684-2.'
ieee: 'J. Klobucnik and S. Sievers, “Valuing high technology growth firms,” Journal
of Business Economics (VHB-JOURQUAL 4 Ranking B), vol. 83, no. 9, pp. 947–984,
2013, doi: https://doi.org/10.1007/s11573-013-0684-2.'
mla: Klobucnik, Jan, and Sönke Sievers. “Valuing High Technology Growth Firms.”
Journal of Business Economics (VHB-JOURQUAL 4 Ranking B), vol. 83, no.
9, Springer, 2013, pp. 947–84, doi:https://doi.org/10.1007/s11573-013-0684-2.
short: J. Klobucnik, S. Sievers, Journal of Business Economics (VHB-JOURQUAL 4 Ranking
B) 83 (2013) 947–984.
date_created: 2018-10-31T11:31:56Z
date_updated: 2026-04-09T08:00:16Z
department:
- _id: '275'
doi: https://doi.org/10.1007/s11573-013-0684-2
extern: '1'
intvolume: ' 83'
issue: '9'
jel:
- G11
- G12
- G17
- G33
keyword:
- Schwartz-Moon model
- Market mispricing
- Empirical test
- Company valuation
- Trading strategy
language:
- iso: eng
main_file_link:
- url: https://link.springer.com/article/10.1007/s11573-013-0684-2
page: 947-984
publication: Journal of Business Economics (VHB-JOURQUAL 4 Ranking B)
publication_status: published
publisher: Springer
quality_controlled: '1'
status: public
title: Valuing high technology growth firms
type: journal_article
user_id: '115848'
volume: 83
year: '2013'
...
---
_id: '5113'
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. '
article_type: original
author:
- first_name: Nicolas
full_name: Heinrichs, Nicolas
last_name: Heinrichs
- first_name: Dieter
full_name: Hess, Dieter
last_name: Hess
- first_name: Carsten
full_name: Homburg, Carsten
last_name: Homburg
- first_name: Michael
full_name: Lorenz, Michael
last_name: Lorenz
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
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. Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+).
2013;30(1):42-79. doi:10.2139/ssrn.1145201'
apa: 'Heinrichs, N., Hess, D., Homburg, C., Lorenz, M., & Sievers, S. (2013).
Extended dividend, cash flow, and residual income valuation models: Accounting
for deviations from ideal conditions. Contemporary Accounting Research (VHB-JOURQUAL
4 Ranking A+), 30(1), 42–79. https://doi.org/10.2139/ssrn.1145201'
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={10.2139/ssrn.1145201},
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}
}'
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.” Contemporary Accounting Research
(VHB-JOURQUAL 4 Ranking A+) 30, no. 1 (2013): 42–79. https://doi.org/10.2139/ssrn.1145201.'
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,” Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking
A+), vol. 30, no. 1, pp. 42–79, 2013, doi: 10.2139/ssrn.1145201.'
mla: 'Heinrichs, Nicolas, et al. “Extended Dividend, Cash Flow, and Residual Income
Valuation Models: Accounting for Deviations from Ideal Conditions.” Contemporary
Accounting Research (VHB-JOURQUAL 4 Ranking A+), vol. 30, no. 1, Wiley Online
Library, 2013, pp. 42–79, doi:10.2139/ssrn.1145201.'
short: N. Heinrichs, D. Hess, C. Homburg, M. Lorenz, S. Sievers, Contemporary Accounting
Research (VHB-JOURQUAL 4 Ranking A+) 30 (2013) 42–79.
date_created: 2018-10-31T07:58:17Z
date_updated: 2026-04-09T08:22:32Z
department:
- _id: '275'
doi: 10.2139/ssrn.1145201
extern: '1'
intvolume: ' 30'
issue: '1'
jel:
- G12
- G14
- M41
keyword:
- Dividend Discount Model
- Residual Income
- Discounted Cash Flow
- Dirty Surplus
- Terminal Value
- Valuation Error
language:
- iso: eng
main_file_link:
- url: http://onlinelibrary.wiley.com/doi/10.1111/j.1911-3846.2011.01148.x/abstract
page: 42-79
publication: Contemporary Accounting Research (VHB-JOURQUAL 4 Ranking A+)
publication_status: published
publisher: Wiley Online Library
quality_controlled: '1'
related_material:
link:
- relation: earlier_version
url: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1145201
status: public
title: 'Extended dividend, cash flow, and residual income valuation models: Accounting
for deviations from ideal conditions'
type: journal_article
user_id: '115848'
volume: 30
year: '2013'
...
---
_id: '20863'
abstract:
- lang: eng
text: 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.
article_type: original
author:
- first_name: Tobias
full_name: Schlueter, Tobias
last_name: Schlueter
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
ama: 'Schlueter T, Sievers S. Determinants of market beta: the impacts of firm-specific
accounting figures and market conditions. Review of Quantitative Finance and
Accounting (VHB-JOURQUAL 4 Ranking B). 2013;(3):535-570. doi:10.1007/s11156-013-0352-1'
apa: 'Schlueter, T., & Sievers, S. (2013). Determinants of market beta: the
impacts of firm-specific accounting figures and market conditions. Review of
Quantitative Finance and Accounting (VHB-JOURQUAL 4 Ranking B), 3,
535–570. https://doi.org/10.1007/s11156-013-0352-1'
bibtex: '@article{Schlueter_Sievers_2013, title={Determinants of market beta: the
impacts of firm-specific accounting figures and market conditions}, DOI={10.1007/s11156-013-0352-1},
number={3}, journal={Review of Quantitative Finance and Accounting (VHB-JOURQUAL
4 Ranking B)}, author={Schlueter, Tobias and Sievers, Sönke}, year={2013}, pages={535–570}
}'
chicago: 'Schlueter, Tobias, and Sönke Sievers. “Determinants of Market Beta: The
Impacts of Firm-Specific Accounting Figures and Market Conditions.” Review
of Quantitative Finance and Accounting (VHB-JOURQUAL 4 Ranking B), no. 3 (2013):
535–70. https://doi.org/10.1007/s11156-013-0352-1.'
ieee: 'T. Schlueter and S. Sievers, “Determinants of market beta: the impacts of
firm-specific accounting figures and market conditions,” Review of Quantitative
Finance and Accounting (VHB-JOURQUAL 4 Ranking B), no. 3, pp. 535–570, 2013,
doi: 10.1007/s11156-013-0352-1.'
mla: 'Schlueter, Tobias, and Sönke Sievers. “Determinants of Market Beta: The Impacts
of Firm-Specific Accounting Figures and Market Conditions.” Review of Quantitative
Finance and Accounting (VHB-JOURQUAL 4 Ranking B), no. 3, 2013, pp. 535–70,
doi:10.1007/s11156-013-0352-1.'
short: T. Schlueter, S. Sievers, Review of Quantitative Finance and Accounting (VHB-JOURQUAL
4 Ranking B) (2013) 535–570.
date_created: 2021-01-05T09:28:36Z
date_updated: 2026-04-09T08:02:58Z
department:
- _id: '275'
doi: 10.1007/s11156-013-0352-1
extern: '1'
issue: '3'
jel:
- C36
- G11
- G12
keyword:
- CAPM
- Cost of capital
- Accounting beta
- Intrinsic business risk
- Growth risk
- Instrumental variables
language:
- iso: eng
main_file_link:
- url: https://link.springer.com/article/10.1007/s11156-013-0352-1
page: 535-570
publication: Review of Quantitative Finance and Accounting (VHB-JOURQUAL 4 Ranking
B)
publication_identifier:
issn:
- 0924-865X
- 1573-7179
publication_status: published
quality_controlled: '1'
status: public
title: 'Determinants of market beta: the impacts of firm-specific accounting figures
and market conditions'
type: journal_article
user_id: '115848'
year: '2013'
...
---
_id: '5108'
abstract:
- lang: eng
text: '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. '
article_type: original
author:
- first_name: Daniel
full_name: Kreutzmann, Daniel
last_name: Kreutzmann
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Christian
full_name: Mueller, Christian
last_name: Mueller
citation:
ama: Kreutzmann D, Sievers S, Mueller C. Investment distortions and the value of
the government’s tax claim. Applied Financial Economics (VHB-JOURQUAL 4 Ranking
C). 2013;23(11):977-989. doi:10.1080/09603107.2013.786161
apa: Kreutzmann, D., Sievers, S., & Mueller, C. (2013). Investment distortions
and the value of the government’s tax claim. Applied Financial Economics (VHB-JOURQUAL
4 Ranking C), 23(11), 977–989. https://doi.org/10.1080/09603107.2013.786161
bibtex: '@article{Kreutzmann_Sievers_Mueller_2013, title={Investment distortions
and the value of the government’s tax claim}, volume={23}, DOI={10.1080/09603107.2013.786161},
number={11}, journal={Applied Financial Economics (VHB-JOURQUAL 4 Ranking C)},
publisher={Taylor \& Francis}, author={Kreutzmann, Daniel and Sievers, Sönke
and Mueller, Christian}, year={2013}, pages={977–989} }'
chicago: 'Kreutzmann, Daniel, Sönke Sievers, and Christian Mueller. “Investment
Distortions and the Value of the Government’s Tax Claim.” Applied Financial
Economics (VHB-JOURQUAL 4 Ranking C) 23, no. 11 (2013): 977–89. https://doi.org/10.1080/09603107.2013.786161.'
ieee: 'D. Kreutzmann, S. Sievers, and C. Mueller, “Investment distortions and the
value of the government’s tax claim,” Applied Financial Economics (VHB-JOURQUAL
4 Ranking C), vol. 23, no. 11, pp. 977–989, 2013, doi: 10.1080/09603107.2013.786161.'
mla: Kreutzmann, Daniel, et al. “Investment Distortions and the Value of the Government’s
Tax Claim.” Applied Financial Economics (VHB-JOURQUAL 4 Ranking C), vol.
23, no. 11, Taylor \& Francis, 2013, pp. 977–89, doi:10.1080/09603107.2013.786161.
short: D. Kreutzmann, S. Sievers, C. Mueller, Applied Financial Economics (VHB-JOURQUAL
4 Ranking C) 23 (2013) 977–989.
date_created: 2018-10-31T07:50:58Z
date_updated: 2026-04-09T08:04:59Z
department:
- _id: '275'
doi: 10.1080/09603107.2013.786161
extern: '1'
intvolume: ' 23'
issue: '11'
jel:
- G31
- G32
- H21
- H25
keyword:
- corporate tax claim
- company valuation
- optimal investment
- cost of capital
language:
- iso: eng
main_file_link:
- url: https://www.tandfonline.com/doi/full/10.1080/09603107.2013.786161#.VE5YmBZwmAd
page: 977-989
publication: Applied Financial Economics (VHB-JOURQUAL 4 Ranking C)
publication_status: published
publisher: Taylor \& Francis
status: public
title: Investment distortions and the value of the government's tax claim
type: journal_article
user_id: '115848'
volume: 23
year: '2013'
...
---
_id: '20870'
abstract:
- lang: eng
text: This study shows how venture capital investors can identify potential biases
in multi-year management forecasts before an investment decision and derive significantly
more accurate failure predictions. By advancing a cross-sectional projection method
developed by prior research and using firm-specific information in financial statements
and business plans, we derive benchmarks for management revenue forecasts. With
these benchmarks, we estimate forecast errors as an a priori measure of biased
expectations. Using this measure for our proprietary dataset on venture-backed
start-ups in Germany, we find evidence of substantial upward forecast biases.
We uncover that firms with large forecast errors fail significantly more often
than do less biased entrepreneurs in years following the investment. Overall,
our results highlight the implications of excessive optimism and overconfidence
in entrepreneurial environments and emphasize the relevance of accounting information
and business plans for venture capital investment decisions.
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Christopher Frederik
full_name: Mokwa, Christopher Frederik
last_name: Mokwa
citation:
ama: Sievers S, Mokwa CF. The Relevance of Biases in Management Forecasts for
Failure Prediction in Venture Capital Investments.; 2012. doi:10.2139/ssrn.2100501
apa: Sievers, S., & Mokwa, C. F. (2012). The Relevance of Biases in Management
Forecasts for Failure Prediction in Venture Capital Investments. https://doi.org/10.2139/ssrn.2100501
bibtex: '@book{Sievers_Mokwa_2012, title={The Relevance of Biases in Management
Forecasts for Failure Prediction in Venture Capital Investments}, DOI={10.2139/ssrn.2100501},
author={Sievers, Sönke and Mokwa, Christopher Frederik}, year={2012} }'
chicago: Sievers, Sönke, and Christopher Frederik Mokwa. The Relevance of Biases
in Management Forecasts for Failure Prediction in Venture Capital Investments,
2012. https://doi.org/10.2139/ssrn.2100501.
ieee: S. Sievers and C. F. Mokwa, The Relevance of Biases in Management Forecasts
for Failure Prediction in Venture Capital Investments. 2012.
mla: Sievers, Sönke, and Christopher Frederik Mokwa. The Relevance of Biases
in Management Forecasts for Failure Prediction in Venture Capital Investments.
2012, doi:10.2139/ssrn.2100501.
short: S. Sievers, C.F. Mokwa, The Relevance of Biases in Management Forecasts for
Failure Prediction in Venture Capital Investments, 2012.
date_created: 2021-01-05T11:59:50Z
date_updated: 2022-01-06T06:54:41Z
department:
- _id: '275'
doi: 10.2139/ssrn.2100501
extern: '1'
jel:
- G24
- G32
- M13
- M41
keyword:
- Management forecast biases
- cross-sectional projection models
- venture-backed start-ups
- failure prediction
- overoptimism
- overconfidence
language:
- iso: eng
main_file_link:
- url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2100501
page: '31'
publication_status: published
status: public
title: The Relevance of Biases in Management Forecasts for Failure Prediction in Venture
Capital Investments
type: working_paper
user_id: '46447'
year: '2012'
...
---
_id: '5193'
abstract:
- lang: eng
text: We study the predictive ability of individual analyst target price changes
for post-event abnormal stock returns within each recommendation category. Although
prior studies generally demonstrate the investment value of target prices, we
find that target price changes do not cause abnormal returns within each recommendation
level. Instead, contradictory analyst signals (e.g., strong buy reiterations with
large target price decreases) neutralize each other, whereas confirmatory signals
reinforce each other. Further, our analysis reveals that large target price downgrades
can be explained by preceding stock price decreases. However, upgrades are not
preceded by stock price increases, thereby demonstrating asymmetric analyst behavior
when adjusting target prices to stock prices. Our results suggest that investors
should treat recommendations with caution when they are issued with large contradictory
target price changes. Thus, instead of blindly following a recommendation, investors
might put more weight on the change in the corresponding target price and consider
transaction costs.
article_type: original
author:
- first_name: Stefan
full_name: Kanne, Stefan
last_name: Kanne
- first_name: Jan
full_name: Klobucnik, Jan
last_name: Klobucnik
- first_name: Daniel
full_name: Kreutzmann, Daniel
last_name: Kreutzmann
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
ama: Kanne S, Klobucnik J, Kreutzmann D, Sievers S. To buy or not to buy? The value
of contradictory analyst signals. Financial Markets and Portfolio Management
(VHB-JOURQUAL 3 Ranking C). 2012;26(4):405-428. doi:10.1007/s11408-012-0196-z
apa: Kanne, S., Klobucnik, J., Kreutzmann, D., & Sievers, S. (2012). To buy
or not to buy? The value of contradictory analyst signals. Financial Markets
and Portfolio Management (VHB-JOURQUAL 3 Ranking C), 26(4), 405–428.
https://doi.org/10.1007/s11408-012-0196-z
bibtex: '@article{Kanne_Klobucnik_Kreutzmann_Sievers_2012, title={To buy or not
to buy? The value of contradictory analyst signals}, volume={26}, DOI={10.1007/s11408-012-0196-z},
number={4}, journal={Financial Markets and Portfolio Management (VHB-JOURQUAL
3 Ranking C)}, publisher={Springer}, author={Kanne, Stefan and Klobucnik, Jan
and Kreutzmann, Daniel and Sievers, Sönke}, year={2012}, pages={405–428} }'
chicago: 'Kanne, Stefan, Jan Klobucnik, Daniel Kreutzmann, and Sönke Sievers. “To
Buy or Not to Buy? The Value of Contradictory Analyst Signals.” Financial Markets
and Portfolio Management (VHB-JOURQUAL 3 Ranking C) 26, no. 4 (2012): 405–28.
https://doi.org/10.1007/s11408-012-0196-z.'
ieee: S. Kanne, J. Klobucnik, D. Kreutzmann, and S. Sievers, “To buy or not to buy?
The value of contradictory analyst signals,” Financial Markets and Portfolio
Management (VHB-JOURQUAL 3 Ranking C), vol. 26, no. 4, pp. 405–428, 2012.
mla: Kanne, Stefan, et al. “To Buy or Not to Buy? The Value of Contradictory Analyst
Signals.” Financial Markets and Portfolio Management (VHB-JOURQUAL 3 Ranking
C), vol. 26, no. 4, Springer, 2012, pp. 405–28, doi:10.1007/s11408-012-0196-z.
short: S. Kanne, J. Klobucnik, D. Kreutzmann, S. Sievers, Financial Markets and
Portfolio Management (VHB-JOURQUAL 3 Ranking C) 26 (2012) 405–428.
date_created: 2018-10-31T11:34:44Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
doi: 10.1007/s11408-012-0196-z
extern: '1'
intvolume: ' 26'
issue: '4'
jel:
- G11
- G12
- G17
- G24
keyword:
- Analyst recommendation
- Target price
- Stock performance
- Trading strategy
language:
- iso: eng
main_file_link:
- url: https://link.springer.com/article/10.1007/s11408-012-0196-z
page: 405-428
publication: Financial Markets and Portfolio Management (VHB-JOURQUAL 3 Ranking C)
publication_status: published
publisher: Springer
status: public
title: To buy or not to buy? The value of contradictory analyst signals
type: journal_article
user_id: '46447'
volume: 26
year: '2012'
...
---
_id: '5196'
abstract:
- lang: eng
text: 'This study shows how venture capital investors can identify potential biases
in multi-year management forecasts before an investment decision and derive significantly
more accurate failure predictions. By advancing a cross-sectional projection method
developed by prior research and using firm-specific information in financial statements
and business plans, we derive benchmarks for management revenue forecasts. With
these benchmarks, we estimate forecast errors as an a priori measure of biased
expectations. Using this measure for our proprietary dataset on venture-backed
start-ups in Germany, we find evidence of substantial upward forecast biases.
We uncover that firms with large forecast errors fail significantly more often
than do less biased entrepreneurs in years following the investment. Overall,
our results highlight the implications of excessive optimism and overconfidence
in entrepreneurial environments and emphasize the relevance of accounting information
and business plans for venture capital investment decisions. '
author:
- first_name: Christopher Frederik
full_name: Mokwa, Christopher Frederik
last_name: Mokwa
- first_name: Sönke
full_name: Sievers, Sönke
last_name: Sievers
citation:
ama: Mokwa CF, Sievers S. The Relevance of Biases in Management Forecasts for Failure
Prediction in Venture Capital Investments. SSRN Electronic Journal. 2012.
doi:10.2139/ssrn.2100501
apa: Mokwa, C. F., & Sievers, S. (2012). The Relevance of Biases in Management
Forecasts for Failure Prediction in Venture Capital Investments. SSRN Electronic
Journal. https://doi.org/10.2139/ssrn.2100501
bibtex: '@article{Mokwa_Sievers_2012, title={The Relevance of Biases in Management
Forecasts for Failure Prediction in Venture Capital Investments}, DOI={10.2139/ssrn.2100501},
journal={SSRN Electronic Journal}, author={Mokwa, Christopher Frederik and Sievers,
Sönke}, year={2012} }'
chicago: Mokwa, Christopher Frederik, and Sönke Sievers. “The Relevance of Biases
in Management Forecasts for Failure Prediction in Venture Capital Investments.”
SSRN Electronic Journal, 2012. https://doi.org/10.2139/ssrn.2100501.
ieee: C. F. Mokwa and S. Sievers, “The Relevance of Biases in Management Forecasts
for Failure Prediction in Venture Capital Investments,” SSRN Electronic Journal,
2012.
mla: Mokwa, Christopher Frederik, and Sönke Sievers. “The Relevance of Biases in
Management Forecasts for Failure Prediction in Venture Capital Investments.” SSRN
Electronic Journal, 2012, doi:10.2139/ssrn.2100501.
short: C.F. Mokwa, S. Sievers, SSRN Electronic Journal (2012).
date_created: 2018-10-31T12:12:28Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
doi: 10.2139/ssrn.2100501
jel:
- G24
- G32
- M13
- M41
keyword:
- Management forecast biases
- cross-sectional projection models
- venture-backed start-ups
- failure prediction
- overoptimism
- overconfidence
language:
- iso: eng
publication: SSRN Electronic Journal
publication_status: published
status: public
title: The Relevance of Biases in Management Forecasts for Failure Prediction in Venture
Capital Investments
type: journal_article
user_id: '64756'
year: '2012'
...
---
_id: '5198'
abstract:
- lang: eng
text: 'This study provides evidence of significant biases in multi-year management
forecasts by analyzing a proprietary dataset on venture-backed start-ups in Germany.
We find that revenues and expenses are highly overestimated in each of the investigated
one- to five-year-ahead planning periods. Furthermore, entrepreneurs underestimate
one-year-ahead profit forecasts but clearly overestimate their profit forecasts
for all longer-term forecast horizons. Additional analyses reveal that teams with
prior management experience issue even more overestimated forecasts and misrepresent
their forward-looking information. In contrast, greater asset verifiability and
corporate lead investors are associated with lower levels of forecast errors.
All key results hold if bias is either measured by traditionally comparing forecasts
to ex-post realizations or by using a cross-sectional projection approach based
on historical accounting data developed by prior research. '
author:
- first_name: Christopher
full_name: Mokwa, Christopher
last_name: Mokwa
- first_name: Sönke
full_name: Sievers, Sönke
last_name: Sievers
citation:
ama: 'Mokwa C, Sievers S. Biases in Management Forecasts of Venture-Backed Start-Ups:
Evidence from Internal Due Diligence Documents of VC Investors. SSRN Electronic
Journal. 2012. doi:10.2139/ssrn.1714399'
apa: 'Mokwa, C., & Sievers, S. (2012). Biases in Management Forecasts of Venture-Backed
Start-Ups: Evidence from Internal Due Diligence Documents of VC Investors. SSRN
Electronic Journal. https://doi.org/10.2139/ssrn.1714399'
bibtex: '@article{Mokwa_Sievers_2012, title={Biases in Management Forecasts of Venture-Backed
Start-Ups: Evidence from Internal Due Diligence Documents of VC Investors}, DOI={10.2139/ssrn.1714399}, journal={SSRN
Electronic Journal}, author={Mokwa, Christopher and Sievers, Sönke}, year={2012}
}'
chicago: 'Mokwa, Christopher, and Sönke Sievers. “Biases in Management Forecasts
of Venture-Backed Start-Ups: Evidence from Internal Due Diligence Documents of
VC Investors.” SSRN Electronic Journal, 2012. https://doi.org/10.2139/ssrn.1714399.'
ieee: 'C. Mokwa and S. Sievers, “Biases in Management Forecasts of Venture-Backed
Start-Ups: Evidence from Internal Due Diligence Documents of VC Investors,” SSRN
Electronic Journal, 2012.'
mla: 'Mokwa, Christopher, and Sönke Sievers. “Biases in Management Forecasts of
Venture-Backed Start-Ups: Evidence from Internal Due Diligence Documents of VC
Investors.” SSRN Electronic Journal, 2012, doi:10.2139/ssrn.1714399.'
short: C. Mokwa, S. Sievers, SSRN Electronic Journal (2012).
date_created: 2018-10-31T12:16:45Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
doi: 10.2139/ssrn.1714399
jel:
- G24
- G32
- M13
- M41
keyword:
- Management forecasts
- Forecasting biases
- Venture-backed start-ups
- Projection methods
language:
- iso: eng
publication: SSRN Electronic Journal
publication_status: published
status: public
title: 'Biases in Management Forecasts of Venture-Backed Start-Ups: Evidence from
Internal Due Diligence Documents of VC Investors'
type: journal_article
user_id: '64756'
year: '2012'
...
---
_id: '5194'
author:
- first_name: Carsten
full_name: Homburg, Carsten
last_name: Homburg
- first_name: Michael
full_name: Lorenz, Michael
last_name: Lorenz
- first_name: Sönke
full_name: Sievers, Sönke
last_name: Sievers
citation:
ama: 'Homburg C, Lorenz M, Sievers S. Unternehmensbewertung in Deutschland: Verfahren,
Finanzplanung und Kapitalkostenermittlung. Controlling \& Management.
2011;55(2):119-130.'
apa: 'Homburg, C., Lorenz, M., & Sievers, S. (2011). Unternehmensbewertung in
Deutschland: Verfahren, Finanzplanung und Kapitalkostenermittlung. Controlling
\& Management, 55(2), 119–130.'
bibtex: '@article{Homburg_Lorenz_Sievers_2011, title={Unternehmensbewertung in Deutschland:
Verfahren, Finanzplanung und Kapitalkostenermittlung}, volume={55}, number={2},
journal={Controlling \& Management}, publisher={Springer}, author={Homburg,
Carsten and Lorenz, Michael and Sievers, Sönke}, year={2011}, pages={119–130}
}'
chicago: 'Homburg, Carsten, Michael Lorenz, and Sönke Sievers. “Unternehmensbewertung
in Deutschland: Verfahren, Finanzplanung und Kapitalkostenermittlung.” Controlling
\& Management 55, no. 2 (2011): 119–30.'
ieee: 'C. Homburg, M. Lorenz, and S. Sievers, “Unternehmensbewertung in Deutschland:
Verfahren, Finanzplanung und Kapitalkostenermittlung,” Controlling \& Management,
vol. 55, no. 2, pp. 119–130, 2011.'
mla: 'Homburg, Carsten, et al. “Unternehmensbewertung in Deutschland: Verfahren,
Finanzplanung und Kapitalkostenermittlung.” Controlling \& Management,
vol. 55, no. 2, Springer, 2011, pp. 119–30.'
short: C. Homburg, M. Lorenz, S. Sievers, Controlling \& Management 55 (2011)
119–130.
date_created: 2018-10-31T11:37:11Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
intvolume: ' 55'
issue: '2'
language:
- iso: ger
page: 119-130
publication: Controlling \& Management
publication_status: published
publisher: Springer
status: public
title: 'Unternehmensbewertung in Deutschland: Verfahren, Finanzplanung und Kapitalkostenermittlung'
type: journal_article
user_id: '64756'
volume: 55
year: '2011'
...
---
_id: '5195'
abstract:
- lang: eng
text: 'This article analyses 336 German venture capital transactions from 1990 to
2005 and seeks to determine why selected financial securities differ across deals.
We find that a broad array of financial instruments is used, covering straight
equity, mezzanine and debt‐like securities. Based on the chosen financial securities’
upside potential and downside protection characteristics, we provide an explanation
for the differing use of these securities. Our results show that investors’ deal
experience, adverse selection risks and economic prospects in the public equity
market influence the selection of financial securities. '
article_type: original
author:
- first_name: Thomas
full_name: Hartmann-Wendels, Thomas
last_name: Hartmann-Wendels
- first_name: Georg
full_name: Keienburg, Georg
last_name: Keienburg
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
ama: 'Hartmann-Wendels T, Keienburg G, Sievers S. Adverse selection, investor experience
and security choice in venture capital finance: evidence from Germany. European
Financial Management (VHB-JOURQUAL 4 Ranking B). 2011;17(3):464-499. doi:10.1111/j.1468-036X.2010.00568.x'
apa: 'Hartmann-Wendels, T., Keienburg, G., & Sievers, S. (2011). Adverse selection,
investor experience and security choice in venture capital finance: evidence from
Germany. European Financial Management (VHB-JOURQUAL 4 Ranking B), 17(3),
464–499. https://doi.org/10.1111/j.1468-036X.2010.00568.x'
bibtex: '@article{Hartmann-Wendels_Keienburg_Sievers_2011, title={Adverse selection,
investor experience and security choice in venture capital finance: evidence from
Germany}, volume={17}, DOI={10.1111/j.1468-036X.2010.00568.x},
number={3}, journal={European Financial Management (VHB-JOURQUAL 4 Ranking B)},
publisher={Wiley Online Library}, author={Hartmann-Wendels, Thomas and Keienburg,
Georg and Sievers, Sönke}, year={2011}, pages={464–499} }'
chicago: 'Hartmann-Wendels, Thomas, Georg Keienburg, and Sönke Sievers. “Adverse
Selection, Investor Experience and Security Choice in Venture Capital Finance:
Evidence from Germany.” European Financial Management (VHB-JOURQUAL 4 Ranking
B) 17, no. 3 (2011): 464–99. https://doi.org/10.1111/j.1468-036X.2010.00568.x.'
ieee: 'T. Hartmann-Wendels, G. Keienburg, and S. Sievers, “Adverse selection, investor
experience and security choice in venture capital finance: evidence from Germany,”
European Financial Management (VHB-JOURQUAL 4 Ranking B), vol. 17, no.
3, pp. 464–499, 2011, doi: 10.1111/j.1468-036X.2010.00568.x.'
mla: 'Hartmann-Wendels, Thomas, et al. “Adverse Selection, Investor Experience and
Security Choice in Venture Capital Finance: Evidence from Germany.” European
Financial Management (VHB-JOURQUAL 4 Ranking B), vol. 17, no. 3, Wiley Online
Library, 2011, pp. 464–99, doi:10.1111/j.1468-036X.2010.00568.x.'
short: T. Hartmann-Wendels, G. Keienburg, S. Sievers, European Financial Management
(VHB-JOURQUAL 4 Ranking B) 17 (2011) 464–499.
date_created: 2018-10-31T11:39:27Z
date_updated: 2026-04-09T08:01:03Z
department:
- _id: '275'
doi: 10.1111/j.1468-036X.2010.00568.x
extern: '1'
intvolume: ' 17'
issue: '3'
jel:
- G24
- G32
keyword:
- venture capital
- capital structure
- contract theory
- deal experience
language:
- iso: eng
main_file_link:
- url: https://onlinelibrary.wiley.com/doi/full/10.1111/j.1468-036X.2010.00568.x
page: 464-499
publication: European Financial Management (VHB-JOURQUAL 4 Ranking B)
publication_status: published
publisher: Wiley Online Library
quality_controlled: '1'
status: public
title: 'Adverse selection, investor experience and security choice in venture capital
finance: evidence from Germany'
type: journal_article
user_id: '115848'
volume: 17
year: '2011'
...
---
_id: '20877'
article_type: original
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Carsten
full_name: Homburg, Carsten
last_name: Homburg
- first_name: Michael
full_name: Lorenz, Michael
last_name: Lorenz
citation:
ama: Sievers S, Homburg C, Lorenz M. Unternehmensbewertung in Deutschland: Verfahren,
Finanzplanung und Kapitalkostenermittlung. Controlling & Management Review
(VHB-JOURQUAL 4 Ranking C). Published online 2011. doi:10.1007/s12176-011-0096-5
apa: Sievers, S., Homburg, C., & Lorenz, M. (2011). Unternehmensbewertung in
Deutschland: Verfahren, Finanzplanung und Kapitalkostenermittlung. Controlling
& Management Review (VHB-JOURQUAL 4 Ranking C). https://doi.org/10.1007/s12176-011-0096-5
bibtex: '@article{Sievers_Homburg_Lorenz_2011, title={Unternehmensbewertung in Deutschland:
Verfahren, Finanzplanung und Kapitalkostenermittlung}, DOI={10.1007/s12176-011-0096-5},
journal={Controlling & Management Review (VHB-JOURQUAL 4 Ranking C)}, author={Sievers,
Sönke and Homburg, Carsten and Lorenz, Michael}, year={2011} }'
chicago: Sievers, Sönke, Carsten Homburg, and Michael Lorenz. “Unternehmensbewertung
in Deutschland: Verfahren, Finanzplanung und Kapitalkostenermittlung.” Controlling
& Management Review (VHB-JOURQUAL 4 Ranking C), 2011. https://doi.org/10.1007/s12176-011-0096-5.
ieee: 'S. Sievers, C. Homburg, and M. Lorenz, “Unternehmensbewertung in Deutschland:
Verfahren, Finanzplanung und Kapitalkostenermittlung,” Controlling & Management
Review (VHB-JOURQUAL 4 Ranking C), 2011, doi: 10.1007/s12176-011-0096-5.'
mla: Sievers, Sönke, et al. “Unternehmensbewertung in Deutschland: Verfahren, Finanzplanung
und Kapitalkostenermittlung.” Controlling & Management Review (VHB-JOURQUAL
4 Ranking C), 2011, doi:10.1007/s12176-011-0096-5.
short: S. Sievers, C. Homburg, M. Lorenz, Controlling & Management Review (VHB-JOURQUAL
4 Ranking C) (2011).
date_created: 2021-01-06T09:06:27Z
date_updated: 2026-04-09T08:26:54Z
department:
- _id: '275'
doi: 10.1007/s12176-011-0096-5
extern: '1'
language:
- iso: ger
main_file_link:
- url: https://www.springerprofessional.de/unternehmensbewertung-in-deutschland-verfahren-finanzplanung-und/6050202
publication: Controlling & Management Review (VHB-JOURQUAL 4 Ranking C)
publication_status: published
status: public
title: 'Unternehmensbewertung in Deutschland: Verfahren, Finanzplanung und Kapitalkostenermittlung'
type: journal_article
user_id: '115848'
year: '2011'
...