---
_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? <i>Corporate
    Finance (VHB-JOURQUAL 4 Ranking C)</i>. 2016;81(9):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.
  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?” <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.
  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.
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: '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. <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>
  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>
  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}
    }'
  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>.'
  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>.'
  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>.
  short: T. Schlueter, S. Sievers, T. Hartmann-Wendels, Journal of Banking &#38; 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: '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. <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>'
  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>'
  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}
    }'
  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>.'
  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>.'
  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>.'
  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'
...