Sign in to write a comment. Specifically, we provide robust evidence that contradictory analyst signals neutralize each other, particularly in the month after the announcement. The basic idea of the first method is to discount future pay-offs as in the discounted cash flow models DCF or the residual income models RIM. We use cookies to ensure that we give you the best experience on our website. We demonstrate that a trading strategy based on our implementation has significant investment value.

Given the uncertainty of the future, forecasting is a challenging task, particularly when the horizons are long. Value-based management and financial strategy This research area aims at developing operating and financial strategies to increase the firm value. Turning to fundamental analysis, there is a whole range of different methods to value firms where one common categorization of models is into absolute value models and relative value models. This doctoral thesis contributes to forecasting firm performance in the context of valuation and bankruptcy prediction. Diplom thesis, more… Link, Thomas: The costs of a rebuild are the central issue which influences the value of a company in the reproductive value approach. Within this chapter Fielmann is going to be analyzed from different perspectives like the market or the analyst coverage.

Based on this, the peer group will be established and the multiplier calculation will be provided.

bachelor thesis unternehmensbewertung

Thus, guided by economic theory, this study is the first to design a large-scale applicable implementation on around 30, technology firm quarter observations from to for the US to assess this model. However, there are some peculiarities, primarily due to difficulties associated with the unternehmensbewertung and measurement of debt and reinvestments which make slight adjustments in the valuation process indispensable. The values are winsorized at the 1st and 99th percentiles to mitigate the possible effect of extreme observations.


In Germany corporate evaluations are mostly orientated on the IDW-Standard, which is a practical guideline. In this case, the value does not depend on the opportunities of the buyer and the seller, just the given facts are required.

Summary Statistics Table 3. Master thesis, more… Gu, Jingjing: However, the logical bachelor which appears when hart dworkin dissertation valuation is inevitably how has the value been calculated and theses its price really unternehmensbewertung the bachelors of the market.

Especially accounting data has important advantages.

Company Valuation and Bankruptcy Prediction

While there is a large body of literature on bankruptcy prediction, the standard today still seem to be statistical models developed more than 30 years ago Aziz and Dar ; Balcaen and Ooghe Compared to standard valuation approaches this technique not only yields a point estimate of the value but a whole distribution bacelor possible outcomes. Publications Find an overview.

In particular, I offer an implementation of a new and theoretically grounded accounting-based approach for the estimation of default probabilities using stochastic processes. Master thesis, more… Geldner, Daniel: In particular, the research question is how the market interprets the valuation signals when they are contradictory.

We test the abnormal performance of each extreme quintile portfolio using the unterneumensbewertung model developed by Fama and French with an additional momentum factor following Tehsis BWL – Allgemeines Unternehmensbewertung auf unvollkomme The abiguity of information content of index reconstitutions in Germany.

Within a corporate evaluation it is relevant that one method is used consequently. However, if you would like to, you can change your cookie settings at any time.

bachelor thesis unternehmensbewertung

The structure of this doctoral thesis is as follows. Sample Selection Procedure Table 3.

Bachelor Thesis Colloquium – Accounting, Auditing and Analysis – LMU Munich

Master thesis, more… Schuberth, Steffen: Diplom thesis, more… Jansen, Link Volatility as an asset class. The shift in regulation had a significant impact on analyst announcements, as shown in Bradshawand hence it is unclear whether their findings hold in the current regulatory framework.


When we consider the change in the implicit return estimate as an investment signal, the abnormal returns in the next section are smaller, but the results remain qualitatively the same. Saddlepoint approximation in portfolio default models with conditionally independent and identically distributed CIID thesis times. Turning to fundamental analysis, there is a whole range of different methods to value firms where one common categorization of models is into absolute value models and relative value models.

Variable Definitions Table 3. In general, large price changes tend to precede large target price changes in Table 2. First, we confirm previous findings, such as those by Brav and Lehavyin a larger and more recent sample — that the information value in target price changes is incremental to that contained in stock recommendation levels. Diplom thesis, more… Bredl, Thomas: The following chapter investigates the ability of financial analyst reports, especially target prices, to forecast firm future value performance.

In both cases the concept of company unternehmensbewertung constitutes a crucial aid for investment theses. Consequently, analysts are unaware of the contradictory character of certain signals as they adjust target prices to stock price decreases while maintaining a buy recommendation, for example.

Equity valuation for FinTechs This research area puts a special focus on financial services industry which is disrupted by innovative financial technology start-ups.