[{"language":[{"iso":"ger"}],"user_id":"46447","department":[{"_id":"275"}],"_id":"5411","status":"public","abstract":[{"text":"Öffentlich gelistete Firmen, die die Mehrheit an anderen börsennotierten Unternehmen er-werben und den Kapitalmarkt an den Synergieerwartungen teilhaben lassen, werden mit höheren kumulativen abnormalen Renditen im Ankündigungszeitpunkt belohnt verglichen mit solchen Unternehmen, die diese geheim halten. Des Weiteren ist die empirische Evi-denz konsistent mit der Idee, dass diese Käuferunternehmen ihre Transaktionen besser in-tegrieren, weil auch die industrieadjustierten Ein- und Zweijahresrenditen der ankündigen-den Unternehmen ökonomisch und statistisch signifikant höher sind als die der zurückhal-tenden Käuferfirmen. ","lang":"ger"}],"type":"working_paper","main_file_link":[{"url":"https://research.owlit.de/document/22b8e6a6-5e6c-3760-8595-2f639bd001d8"}],"title":"Wertgenerierung bei M&A Transaktionen durch Bekanntgabe von Synergien?","date_created":"2018-11-07T12:06:20Z","author":[{"full_name":"Mehring, Oliver","id":"36373","last_name":"Mehring","first_name":"Oliver"},{"last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447","first_name":"Sönke"},{"full_name":"Keienburg, Georg","last_name":"Keienburg","first_name":"Georg"},{"last_name":"Kengelbach","full_name":"Kengelbach, Jens","first_name":"Jens"}],"volume":"3-4","publisher":"Corporate Finance","date_updated":"2022-01-06T07:01:52Z","citation":{"apa":"Mehring, O., Sievers, S., Keienburg, G., &#38; Kengelbach, J. (2019). <i>Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?</i> (Vol. 3–4, pp. 76–84). Corporate Finance.","short":"O. Mehring, S. Sievers, G. Keienburg, J. Kengelbach, Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?, Corporate Finance, 2019.","mla":"Mehring, Oliver, et al. <i>Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?</i> Vol. 3–4, Corporate Finance, 2019, pp. 76–84.","bibtex":"@book{Mehring_Sievers_Keienburg_Kengelbach_2019, title={Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?}, volume={3–4}, publisher={Corporate Finance}, author={Mehring, Oliver and Sievers, Sönke and Keienburg, Georg and Kengelbach, Jens}, year={2019}, pages={76–84} }","chicago":"Mehring, Oliver, Sönke Sievers, Georg Keienburg, and Jens Kengelbach. <i>Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?</i> Vol. 3–4. Corporate Finance, 2019.","ieee":"O. Mehring, S. Sievers, G. Keienburg, and J. Kengelbach, <i>Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?</i>, vol. 3–4. Corporate Finance, 2019, pp. 76–84.","ama":"Mehring O, Sievers S, Keienburg G, Kengelbach J. <i>Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?</i> Vol 3-4. Corporate Finance; 2019:76-84."},"page":"76-84","year":"2019","publication_status":"published"},{"keyword":["Keywords: non-GAAP reporting","restatements","information content of earnings","firm value","overvaluation"],"language":[{"iso":"eng"}],"_id":"13137","user_id":"46447","department":[{"_id":"186"},{"_id":"189"}],"abstract":[{"lang":"eng","text":"Non-GAAP reporting is under debate as managers may opportunistically inflate non-GAAP earnings. By separating firms into groups based on exclusions of recurring expenses before material restatements occur this paper investigates whether market participants are misled based on ex-ante non-GAAP reporting. The results show a decline in cumulative abnormal returns (–11.8% aggressive non-GAAP Reporting vs. –2.7% non-aggressive non-GAAP reporting), reduction in overvaluation (–22.18% vs. no decline) and losses in the earnings response coefficient (–51.8% vs. no significant decline) for firms with prior aggressive non-GAAP reporting. Further, we document that investors are less responsive to aggressively reported non-GAAP earnings ex-post, indicating that increased attention enhances investor’s ability to see through the quality of non-GAAP exclusions. "}],"status":"public","type":"working_paper","title":"Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?","main_file_link":[{"url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3415109"}],"date_updated":"2022-01-06T06:51:28Z","author":[{"first_name":"Jens","last_name":"Müller","id":"1245","full_name":"Müller, Jens"},{"full_name":"Sievers, Sönke","id":"46447","last_name":"Sievers","first_name":"Sönke"},{"first_name":"Oliver","full_name":"Mehring, Oliver","id":"36373","last_name":"Mehring"},{"first_name":"Christian","last_name":"Sofilkanitsch","full_name":"Sofilkanitsch, Christian"}],"date_created":"2019-09-04T09:48:44Z","year":"2019","citation":{"apa":"Müller, J., Sievers, S., Mehring, O., &#38; Sofilkanitsch, C. (2019). <i>Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?</i>","short":"J. Müller, S. Sievers, O. Mehring, C. Sofilkanitsch, Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?, 2019.","mla":"Müller, Jens, et al. <i>Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?</i> 2019.","bibtex":"@book{Müller_Sievers_Mehring_Sofilkanitsch_2019, title={Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?}, author={Müller, Jens and Sievers, Sönke and Mehring, Oliver and Sofilkanitsch, Christian}, year={2019} }","ieee":"J. Müller, S. Sievers, O. Mehring, and C. Sofilkanitsch, <i>Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?</i> 2019.","chicago":"Müller, Jens, Sönke Sievers, Oliver Mehring, and Christian Sofilkanitsch. <i>Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?</i>, 2019.","ama":"Müller J, Sievers S, Mehring O, Sofilkanitsch C. <i>Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?</i>; 2019."},"jel":["H2","M41"],"page":"65","publication_status":"published"},{"main_file_link":[{"url":"https://en.wiwi.uni-paderborn.de/fileadmin/dep2ls9/Dateien_Sievers/2016_MA_Report_Masters_of_the_Corporate_Portfolio_BCG_Uni_Paderborn.pdf"}],"title":"Masters of the Corporate Portfolio","date_created":"2018-10-31T12:26:07Z","author":[{"full_name":"Kengelbach, Jens","last_name":"Kengelbach","first_name":"Jens"},{"first_name":"Georg","last_name":"Keienburg","full_name":"Keienburg, Georg"},{"first_name":"Timo","last_name":"Schmid","full_name":"Schmid, Timo"},{"first_name":"Sönke","last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447"},{"last_name":"Mehring","id":"36373","full_name":"Mehring, Oliver","first_name":"Oliver"}],"publisher":"The Boston Consulting Group, Inc., M&A Report","date_updated":"2022-01-06T07:01:43Z","citation":{"apa":"Kengelbach, J., Keienburg, G., Schmid, T., Sievers, S., &#38; Mehring, O. (2016). <i>Masters of the Corporate Portfolio</i>. The Boston Consulting Group, Inc., M&#38;A Report.","short":"J. Kengelbach, G. Keienburg, T. Schmid, S. Sievers, O. Mehring, Masters of the Corporate Portfolio, The Boston Consulting Group, Inc., M&#38;A Report, 2016.","mla":"Kengelbach, Jens, et al. <i>Masters of the Corporate Portfolio</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2016.","bibtex":"@book{Kengelbach_Keienburg_Schmid_Sievers_Mehring_2016, title={Masters of the Corporate Portfolio}, publisher={The Boston Consulting Group, Inc., M&#38;A Report}, author={Kengelbach, Jens and Keienburg, Georg and Schmid, Timo and Sievers, Sönke and Mehring, Oliver}, year={2016} }","ama":"Kengelbach J, Keienburg G, Schmid T, Sievers S, Mehring O. <i>Masters of the Corporate Portfolio</i>. The Boston Consulting Group, Inc., M&#38;A Report; 2016.","ieee":"J. Kengelbach, G. Keienburg, T. Schmid, S. Sievers, and O. Mehring, <i>Masters of the Corporate Portfolio</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2016.","chicago":"Kengelbach, Jens, Georg Keienburg, Timo Schmid, Sönke Sievers, and Oliver Mehring. <i>Masters of the Corporate Portfolio</i>. The Boston Consulting Group, Inc., M&#38;A Report, 2016."},"year":"2016","publication_status":"published","language":[{"iso":"eng"}],"user_id":"46447","department":[{"_id":"275"}],"_id":"5200","status":"public","type":"report"},{"type":"journal_article","publication":"Corporate Finance (VHB-JOURQUAL 4 Ranking C)","status":"public","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."}],"user_id":"115848","department":[{"_id":"275"}],"_id":"5130","language":[{"iso":"ger"}],"article_type":"original","keyword":["M&A","Erfolgsfaktoren","Transaktionsanzahl","Diversifizierung","Volatilität","Cash-Deals","Stock-Deals","Portfoliomaster"],"issue":"9","publication_status":"published","citation":{"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.","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} }","short":"S. Sievers, O. Mehring, G. Keienburg, J. Kengelbach, Corporate Finance (VHB-JOURQUAL 4 Ranking C) 81 (2016) 283–290.","apa":"Sievers, S., Mehring, O., Keienburg, G., &#38; Kengelbach, J. (2016). Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added? <i>Corporate Finance (VHB-JOURQUAL 4 Ranking C)</i>, <i>81</i>(9), 283–290.","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.","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.","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."},"intvolume":"        81","page":"283-290","year":"2016","date_created":"2018-10-31T08:36:37Z","author":[{"first_name":"Sönke","last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447"},{"first_name":"Oliver","full_name":"Mehring, Oliver","id":"36373","last_name":"Mehring"},{"full_name":"Keienburg, Georg","last_name":"Keienburg","first_name":"Georg"},{"first_name":"Jens","full_name":"Kengelbach, Jens","last_name":"Kengelbach"}],"volume":81,"publisher":"Corporate Finance","date_updated":"2026-04-09T08:01:51Z","main_file_link":[{"url":"https://research.owlit.de/document/4ac211e6-6e18-3aac-b452-3db2723c84dc"}],"title":"Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added?"}]