@article{5191, abstract = {{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.}}, author = {{Sievers, Sönke and Mokwa, Christopher F and Keienburg, Georg}}, journal = {{European Accounting Review (VHB-JOURQUAL 3 Ranking A)}}, keywords = {{value relevance, equity valuation, venture capital, human capital, start-ups}}, number = {{3}}, pages = {{467--511}}, publisher = {{Taylor \& Francis}}, title = {{{The relevance of financial versus non-financial information for the valuation of venture capital-backed firms}}}, doi = {{10.1080/09638180.2012.741051}}, volume = {{22}}, year = {{2013}}, } @article{5192, abstract = {{For the valuation of fast growing innovative firms Schwartz and Moon (Financ Anal J 56:62–75, 2000), (Financ Rev 36:7–26, 2001) develop a fundamental valuation model where key parameters follow stochastic processes. While prior research shows promising potential for this model, it has never been tested on a large scale dataset. Thus, guided by economic theory, this paper is the first to design a large-scale applicable implementation on around 30,000 technology firm quarter observations from 1992 to 2009 for the US to assess this model. Evaluating the feasibility and performance of the Schwartz-Moon model reveals that it is comparably accurate to the traditional sales multiple with key advantages in valuing small and non-listed firms. Most importantly, however, the model is able to indicate severe market over- or undervaluation from a fundamental perspective. We demonstrate that a trading strategy based on our implementation has significant investment value. Consequently, the model seems suitable for detecting misvaluations as the dot-com bubble.}}, author = {{Klobucnik, Jan and Sievers, Sönke}}, journal = {{Journal of Business Economics (VHB-JOURQUAL 3 Ranking B)}}, keywords = {{Schwartz-Moon model, Market mispricing, Empirical test, Company valuation, Trading strategy}}, number = {{9}}, pages = {{947--984}}, publisher = {{Springer}}, title = {{{Valuing high technology growth firms}}}, doi = {{https://doi.org/10.1007/s11573-013-0684-2}}, volume = {{83}}, year = {{2013}}, } @inproceedings{520, abstract = {{Preemptive Routing and Wavelength Assignment (RWA) algorithms preempt established lightpaths in case not enough resources are available to set up a new lightpath in a Wavelength Division Multiplexing (WDM) network. The selection of lightpaths to be preempted relies on internal decisions of the RWA algorithm. Thus, if dedicated properties of the network topology are required by the applications running on the network, these requirements have to be known to the RWA algorithm.Otherwise it might happen that by preempting a particular lightpath these requirements are violated. If, however, these requirements include parametersknown only at the nodes running the application, the RWA algorithm cannot evaluate the requirements. For this reason an RWA algorithm is needed which incorporates feedback from the application layer in the preemption decisions.This work proposes a simple interface along with an algorithm for computing and selecting preemption candidates in case a lightpath cannot be established. We reason about the necessity of using information from the application layer in the RWA and present two example applications which benefit from this idea.}}, author = {{Wette, Philip and Karl, Holger}}, booktitle = {{Proceedings of the 32nd IEEE International Conference on Computer Communications (INFOCOM)}}, pages = {{51--52}}, title = {{{Incorporating feedback from application layer into routing and wavelength assignment algorithms}}}, doi = {{10.1109/INFCOMW.2013.6970733}}, year = {{2013}}, } @misc{5201, author = {{Sievers, Sönke and Schlüter, Tobias and Hartmann-Wendels, Thomas}}, booktitle = {{Börsen-Zeitung}}, title = {{{Die erfolgreiche Bindung des Sparers an die Bank}}}, year = {{2013}}, } @misc{5202, author = {{Sievers, Sönke and Hartmann-Wendels, Thomas and Busch, Ramona and Schlüter, Tobias}}, booktitle = {{Börsen-Zeitung}}, pages = {{6}}, title = {{{Wie Banken Kostenvorteile weitergeben}}}, volume = {{6}}, year = {{2013}}, } @misc{521, author = {{Riebler, Heinrich}}, keywords = {{coldboot}}, publisher = {{Universität Paderborn}}, title = {{{Identifikation und Wiederherstellung von kryptographischen Schlüsseln mit FPGAs}}}, year = {{2013}}, } @misc{522, author = {{Feldotto, Matthias}}, publisher = {{Universität Paderborn}}, title = {{{HSkip+: A Self-Stabilizing Overlay Network for Nodes with Heterogeneous Bandwidths}}}, year = {{2013}}, } @article{523, abstract = {{In a distributed system with attacks and defenses, both attackers and defenders are self-interested entities. We assume a reward-sharing scheme among interdependent defenders; each defender wishes to (locally) maximize her own total fair share to the attackers extinguished due to her involvement (and possibly due to those of others). What is the maximum amount of protection achievable by a number of such defenders against a number of attackers while the system is in a Nash equilibrium? As a measure of system protection, we adopt the Defense-Ratio (Mavronicolas et al., 2008)[20], which provides the expected (inverse) proportion of attackers caught by the defenders. In a Defense-Optimal Nash equilibrium, the Defense-Ratio matches a simple lower bound.We discover that the existence of Defense-Optimal Nash equilibria depends in a subtle way on how the number of defenders compares to two natural graph-theoretic thresholds we identify. In this vein, we obtain, through a combinatorial analysis of Nash equilibria, a collection of trade-off results:• When the number of defenders is either sufficiently small or sufficiently large, Defense-Optimal Nash equilibria may exist. The corresponding decision problem is computationally tractable for a large number of defenders; the problem becomes NPNP-complete for a small number of defenders and the intractability is inherited from a previously unconsidered combinatorial problem in Fractional Graph Theory.• Perhaps paradoxically, there is a middle range of values for the number of defenders where Defense-Optimal Nash equilibria do not exist.}}, author = {{Mavronicolas, Marios and Monien, Burkhard and Papadopoulou Lesta, Vicky}}, journal = {{Discrete Applied Mathematics}}, number = {{16-17}}, pages = {{2563--2586}}, publisher = {{Elsevier}}, title = {{{How many attackers can selfish defenders catch?}}}, doi = {{10.1016/j.dam.2013.05.022}}, volume = {{161}}, year = {{2013}}, } @unpublished{524, abstract = {{We study the complexity theory for the local distributed setting introduced by Korman, Peleg and Fraigniaud. They have defined three complexity classes LD (Local Decision), NLD (Nondeterministic Local Decision) and NLD^#n. The class LD consists of all languages which can be decided with a constant number of communication rounds. The class NLD consists of all languages which can be verified by a nondeterministic algorithm with a constant number of communication rounds. In order to define the nondeterministic classes, they have transferred the notation of nondeterminism into the distributed setting by the use of certificates and verifiers. The class NLD^#n consists of all languages which can be verified by a nondeterministic algorithm where each node has access to an oracle for the number of nodes. They have shown the hierarchy LD subset NLD subset NLD^#n. Our main contributions are strict hierarchies within the classes defined by Korman, Peleg and Fraigniaud. We define additional complexity classes: the class LD(t) consists of all languages which can be decided with at most t communication rounds. The class NLD-O(f) consists of all languages which can be verified by a local verifier such that the size of the certificates that are needed to verify the language are bounded by a function from O(f). Our main results are refined strict hierarchies within these nondeterministic classes.}}, author = {{Meyer auf der Heide, Friedhelm and Swirkot, Kamil}}, publisher = {{arXiv}}, title = {{{Hierarchies in Local Distributed Decision}}}, year = {{2013}}, } @misc{525, author = {{Niklas Vinkemeier, Tim}}, publisher = {{Universität Paderborn}}, title = {{{Haptics - Hadoop performance testing in concurrent job scenarios}}}, year = {{2013}}, }