Bernhard Schwetzler

HHL Leipzig Graduate School of Management - Department of Finance

professor

Jahnallee 59

D-04109 Leipzig

Germany

  • HHL Leipzig Graduate School of Management - Department of Finance

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SCHOLARLY PAPERS

47

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82

Scholarly Papers (47)

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1.

An Anatomy of Serial Acquirers, M&A Learning, and the Role of Post-Merger Integration

Number of pages: 47 Posted: 19 Oct 2011 Last Revised: 19 Dec 2012
Dr. Jens Kengelbach, Dominic C. Klemmer, Bernhard Schwetzler and Marco O. Sperling
The Boston Consulting Group, Boston Consulting Group, HHL Leipzig Graduate School of Management - Department of Finance and University of Marburg - School of Business & Economics
Downloads 1,897 (19,215)
Citation 4

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Mergers & Acquisitions, Serial Acquisitions, Indigestion Hypothesis, Organizational Learning

2.

Valuation Effects of Corporate Cash Holdings: Evidence from Germany

HHL Working Paper
Number of pages: 30 Posted: 29 Jan 2004
Bernhard Schwetzler and Carsten Reimund
HHL Leipzig Graduate School of Management - Department of Finance and Handelshochschule Leipzig (HHL) - Leipzig Graduate School of Management
Downloads 1,858 (19,859)
Citation 13

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Corporate cash holdings, valuation, Germany

3.

Inorganic Growth Strategies and the Evolution of the Private Equity Business Model

Journal of Corporate Finance, Vol. 45, August 2017, Pages 31-63
Number of pages: 77 Posted: 10 Oct 2013 Last Revised: 19 Jul 2017
Benjamin Hammer, Alexander Knauer, Magnus Pflücke and Bernhard Schwetzler
Lancaster University - Department of Accounting and Finance, Handelshochschule Leipzig (HHL), HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 1,212 (37,567)
Citation 20

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Leveraged buyout, mergers and acquisitions, buy and build, add-on, bolt-on

4.

Pricing and Value Creation in Private Equity-backed Buy-and-Build Strategies

Journal of Corporate Finance, Vol. 77, December 2022, 102285
Number of pages: 68 Posted: 23 Sep 2018 Last Revised: 01 Mar 2023
Benjamin Hammer, Nikolaus Marcotty-Dehm, Denis Schweizer and Bernhard Schwetzler
Lancaster University - Department of Accounting and Finance, HHL Leipzig Graduate School of Management, Concordia University and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 1,061 (45,626)
Citation 7

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Leveraged buyout; M&A; add-on; tuck-in, multiple expansion

5.

Buying Performance? The Impact of Multiple Arbitrage in B&B Strategies

Downloads 843 (62,925)
Citation 5

Buying Performance? The Impact of Multiple Arbitrage in B&B Strategies

Number of pages: 64 Posted: 30 Jul 2022
Philipp Heisig, Jonas Kick and Bernhard Schwetzler
HHL Leipzig Graduate School of Management, HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 781 (68,461)
Citation 5

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Private equity; buy-and-build; value creation; multiple arbitrage; equity value CAGR

Buying Performance? The Impact of Multiple Arbitrage in B&B Strategies

Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2023
Number of pages: 64 Posted: 20 Oct 2023
Philipp Heisig, Jonas Kick and Bernhard Schwetzler
HHL Leipzig Graduate School of Management, HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 62 (773,541)

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6.

Terminal Value, Accounting Numbers, and Inflation

Number of pages: 23 Posted: 18 Sep 2008
Gunther Friedl and Bernhard Schwetzler
Technische Universität München (TUM) - Faculty of Economics and Business Administration and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 627 (92,324)
Citation 4

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Valuation, Terminal Value, Inflation, Growth Model

7.

Zielkapitalstruktur im WACC und Un-Levern, Re-Levern bei der Unternehmensbewertung – Brutto- oder Netto-Verschuldung ? (Target Capital Structure in the WACC, De-levern and Re-levern in Corporate Valuation - Gross Debt or Net Debt?)

Number of pages: 17 Posted: 06 Apr 2017
Bernhard Schwetzler
HHL Leipzig Graduate School of Management - Department of Finance
Downloads 566 (105,126)
Citation 1

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capital structure, WACC, beta

8.

Costs of Financial Distress: The German Evidence

Number of pages: 28 Posted: 01 Oct 2006 Last Revised: 25 May 2008
Bernhard Schwetzler, Carsten Reimund and Florian Zainhofer
HHL Leipzig Graduate School of Management - Department of Finance, Handelshochschule Leipzig (HHL) - Leipzig Graduate School of Management and University of Fribourg (Switzerland) - Chair for Financial Management
Downloads 564 (105,609)

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Capital Structure, Costs of Financial Distress

9.

Specialization of Private Equity Firms and Corporate Financial Distress

Number of pages: 12 Posted: 21 Mar 2015 Last Revised: 27 Nov 2023
Benjamin Hammer, Robert Loos, Lukas Andreas Oswald and Bernhard Schwetzler
Lancaster University - Department of Accounting and Finance, HHL Leipzig Graduate School of Management, HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 534 (113,117)

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Leveraged buyout, bankruptcy, default risk, Altman Z-Score, industry specialization

10.

The Development of Earnings Quality in Germany and its Implication for Further Research: A Quantitative Empirical Analysis of German Listed Companies Between 1997 and 2006

Number of pages: 42 Posted: 11 Dec 2008 Last Revised: 27 Mar 2010
Paul Pronobis, Bernhard Schwetzler, Marco O. Sperling and Henning Zülch
Free University of Bolzano-Bozen, HHL Leipzig Graduate School of Management - Department of Finance, University of Marburg - School of Business & Economics and HHL Leipzig Graduate School of Management
Downloads 524 (115,806)

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earnings quality, persistence, predictability, volatility, accruals quality, earnings management, timeliness, prudence, value relevance

11.

Does Consistency Improve Multiple Quality?

Number of pages: 46 Posted: 10 Mar 2011 Last Revised: 17 Sep 2013
Alberto Chullen, Hannes Kaltenbrunner and Bernhard Schwetzler
Handelshochschule Leipzig (HHL), Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 453 (138,108)

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valuation, multiples

12.

Conglomerate Discount and Cash Distortion: New Evidence from Germany

HHL Working Paper
Number of pages: 33 Posted: 15 Apr 2003
Bernhard Schwetzler and Carsten Reimund
HHL Leipzig Graduate School of Management - Department of Finance and Handelshochschule Leipzig (HHL) - Leipzig Graduate School of Management
Downloads 446 (140,739)
Citation 3

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13.

Conglomerates on the Rise Again? A Cross-Regional Study on the Impact of the 2008-2009 Financial Crisis on the Diversi fication Discount

Journal of Corporate Finance, Vol. 22, No. 4, 2013
Number of pages: 35 Posted: 25 Oct 2011 Last Revised: 15 Mar 2014
Bernhard Schwetzler and Christin Rudolph
HHL Leipzig Graduate School of Management - Department of Finance and Handelshochschule Leipzig (HHL)
Downloads 436 (144,369)
Citation 4

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conglomerate discount, capital market development, legal investor protection, financial crisis

14.

The Certification Hypothesis of Fairness Opinions for Acquiring Firms

International Review of Law and Economics, Vol. 31, No. 4, pp. 240-248, HHL Research Paper Series in Corporate Governance No. 4
Number of pages: 24 Posted: 23 Mar 2009 Last Revised: 24 May 2012
Pierfrancesco La Mura, Marc Steffen Rapp, Bernhard Schwetzler and Andreas Wilms
Handelshochschule Leipzig, University of Marburg - School of Business & Economics, HHL Leipzig Graduate School of Management - Department of Finance and Handelshochschule Leipzig (HHL)
Downloads 416 (152,493)
Citation 1

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Fairness opinion, acquisition, management incentives

15.

Does Culture Affect the Performance of Private Equity Buyouts?

Journal of Business Economics, Vol. 88, May 2018, Pages 393-469
Number of pages: 62 Posted: 18 Nov 2016 Last Revised: 19 Apr 2018
Benjamin Hammer, Heiko Hinrichs and Bernhard Schwetzler
Lancaster University - Department of Accounting and Finance, HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 334 (194,511)
Citation 4

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Private equity; leveraged buyouts; exit channel; operating performance; culture

16.

Same, Same but Different: How Preferential Claims Skew Returns of Venture Capital Investments

Number of pages: 36 Posted: 24 Apr 2019 Last Revised: 19 Feb 2020
Julian Kaboth, Arnd Lodowicks, Maximilian Schreiter and Bernhard Schwetzler
HHL Leipzig Graduate School of Management, affiliation not provided to SSRN, Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 318 (205,128)

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venture capital finance, liquidation preferences, preferential claims, option-pricing

17.

The Disappearing ‘Deutschland AG’ – An Analysis of Blockholdings in German Large Caps

Problems and Perspectives in Management, Vol.9, Issue 4, pp.46 - 58
Number of pages: 28 Posted: 04 Mar 2008 Last Revised: 24 May 2012
Kerstin Fehre, Marc Steffen Rapp, Bernhard Schwetzler and Marco O. Sperling
Karlsruhe Institute of Technology, University of Marburg - School of Business & Economics, HHL Leipzig Graduate School of Management - Department of Finance and University of Marburg - School of Business & Economics
Downloads 318 (205,128)

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block trades, ownership structure, ultimate ownership, Germany

18.

Personal Taxes and Circularity Problems in Corporate Valuation - a Note (Not Only) on 'Valuation with or Without Personal Income Taxes?' by Frank Richter, Sbr 2004

Number of pages: 23 Posted: 15 Aug 2004
Bernhard Schwetzler and Marc Steffen Rapp
HHL Leipzig Graduate School of Management - Department of Finance and University of Marburg - School of Business & Economics
Downloads 308 (212,360)

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valuation, personal taxes

19.

Wachstums- und Renditeannahmen in der Terminal Value Ermittlung – eine empirische Analyse deutscher Bewertungsgutachten (Assumptions on Growth and Profitability in Terminal Value Calculations - An Empirical Analysis)

Number of pages: 47 Posted: 02 Jun 2022
Bernhard Schwetzler
HHL Leipzig Graduate School of Management - Department of Finance
Downloads 300 (218,457)

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Terminal value; discounted cash flow; growth

20.

Modeling Dynamic Redemption and Default Risk for LBO Evaluation: A Boundary Crossing Approach

Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 58 Posted: 15 Feb 2015 Last Revised: 15 Jun 2016
Alexander D.F. Lahmann, Maximilian Schreiter and Bernhard Schwetzler
Handelshochschule Leipzig (HHL), Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 300 (218,457)

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Default at first passage, Dynamic redemption, Barrier options, Brownian motion, Numerical integration, Leveraged buyouts

21.

Index Fund and ETF Ownership and the German Market for Corporate Control

Number of pages: 56 Posted: 03 Sep 2019
Ludwig Dobmeier, Renata Lavrova and Bernhard Schwetzler
HHL Leipzig Graduate School of Management, HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 275 (239,229)
Citation 1

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M&A, success determinants, takeover offer, ownership structure, index fund, ETF

22.

Default Risk and Cost of Capital in Corporate Valuation: A Clarification

Number of pages: 9 Posted: 26 Dec 2015
Alexander D.F. Lahmann and Bernhard Schwetzler
Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 272 (241,940)

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Firm valuation, Discounted Cash Flow (DCF), Default risk, WACC approach

23.

Personal Taxes in Multiperiod Valuation Models (Persönliche Steuern Im Mehrperiodenkontext)

FinanzBetrieb, Vol. 2, pp. 108-116, 2007
Number of pages: 19 Posted: 28 Sep 2006 Last Revised: 31 Mar 2009
Marc Steffen Rapp and Bernhard Schwetzler
University of Marburg - School of Business & Economics and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 260 (253,184)

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CAPM, personal taxes

24.

Fueling the Buyout Machine: Fundraising in Private Equity

Financial Markets and Portfolio Management. DOI:10.1007/s11408-017-0298-8
Number of pages: 44 Posted: 06 Apr 2016 Last Revised: 09 Nov 2017
Robert Loos and Bernhard Schwetzler
HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 252 (261,335)
Citation 1

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Fundraising, Follow-On Fund, Private Equity, Leveraged Buyout

25.

Exit Control, Capital Structure and Financial Contracts in Venture Capital - a Comment on BerglöF 1994

Number of pages: 20 Posted: 11 Apr 2006
Maik Piehler and Bernhard Schwetzler
Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 252 (261,335)
Citation 1

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venture capital, financial contracting, capital structure, convertible debt

26.

Cross-Border Buyout Pricing

Journal of Business Economics, Vol. 91, July 2021, Pages 705-731
Number of pages: 42 Posted: 27 Aug 2020 Last Revised: 22 Feb 2022
Benjamin Hammer, Nils Janssen and Bernhard Schwetzler
Lancaster University - Department of Accounting and Finance, HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 247 (266,607)
Citation 5

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Private equity, leveraged buyout, cross-border, liability of foreignness, valuation

27.

Asset Prices in the Presence of a Tax Authority

Public Finance Analysis (FinanzArchiv), Vol. 64, No. 3, pp. 334-351, September 2008
Number of pages: 22 Posted: 27 May 2004 Last Revised: 09 Mar 2009
Marc Steffen Rapp and Bernhard Schwetzler
University of Marburg - School of Business & Economics and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 247 (266,607)

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Taxation, valuation, risk neutral probability measure

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corporate valuation, bank valuation, term structure, term transformation

29.

Mountain or Molehill? Downward Biases in the Conglomerate Discount Measure

Journal of Banking and Finance, Vol. 40, No. 3, 2014
Number of pages: 33 Posted: 07 Oct 2011 Last Revised: 15 Mar 2014
Christin Rudolph and Bernhard Schwetzler
Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 243 (270,907)
Citation 3

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conglomerate discount, cash bias, multiplier aggregation bias

30.

Comments on Loffler's Miles - Ezzell's Wacc Yields Arbitrage

Number of pages: 7 Posted: 19 May 2004
Bernhard Schwetzler and Marc Steffen Rapp
HHL Leipzig Graduate School of Management - Department of Finance and University of Marburg - School of Business & Economics
Downloads 238 (276,457)

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WACC, risk neutral valuation

31.

Tax Shield, Bankruptcy and Interest Ceiling

Number of pages: 38 Posted: 20 Jan 2011
Sven Arnold, Alexander D.F. Lahmann and Bernhard Schwetzler
HHL Leipzig Graduate School of Management, Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 233 (282,352)

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tax shield, bankruptcy and corporate value

32.

Determinants of Hedge Fund Investment in Corporate Endgames

Number of pages: 55 Posted: 18 Nov 2020 Last Revised: 16 Dec 2020
Ludwig Dobmeier, Renata Lavrova and Bernhard Schwetzler
HHL Leipzig Graduate School of Management, HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 219 (299,698)
Citation 1

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Hedge Fund, Corporate Governance, Corporate Control, Investment Determinants, ETF

33.

Arbitrage, Cost of Capital and the Miles/Ezzell-Wacc in a Three-Date Model

Finanz Betrieb, pp. 502-505, September 2002
Number of pages: 8 Posted: 20 May 2004 Last Revised: 03 Jan 2011
Bernhard Schwetzler and Marc Steffen Rapp
HHL Leipzig Graduate School of Management - Department of Finance and University of Marburg - School of Business & Economics
Downloads 215 (305,031)

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WACC, risk neutral valuation

34.

Another Dark Side of IRR - Excessive Leverage, Increased Default Risk and Wealth Destruction

Number of pages: 20 Posted: 16 Jun 2016
Alexander D.F. Lahmann, Maximilian Schreiter and Bernhard Schwetzler
Handelshochschule Leipzig (HHL), Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 214 (306,464)

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NPV, IRR, Default Risk, Optimal Capital Structure

35.

(Re-)Financing Policies and the Value of Debt-Related Tax Shields

Number of pages: 33 Posted: 05 May 2015
Sven Arnold, Alexander D.F. Lahmann and Bernhard Schwetzler
HHL Leipzig Graduate School of Management, Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 176 (366,810)
Citation 1

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tax-adjusted discount rates, tax shield, APV, WACC

36.

Second Hand or Second Generation? -The Performance of Secondary Buyouts

Number of pages: 55 Posted: 06 May 2022 Last Revised: 18 Jul 2022
Jonas Kick and Bernhard Schwetzler
HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 173 (372,474)
Citation 1

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Private equity; secondary buyouts; value creation; IRR; operating performance

37.

Government Intervention, Ownership Structure and Firm Value: The Case of the German Tax Reduction Act

Number of pages: 26 Posted: 24 May 2014 Last Revised: 17 Jul 2017
Markus Brendel, Bernhard Schwetzler and Christian Strenger
Handelshochschule Leipzig (HHL), HHL Leipzig Graduate School of Management - Department of Finance and DWS Investments
Downloads 155 (409,603)
Citation 1

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policy evaluation, ownership concentration, agency conflicts, difference-in-differences estimator, IV estimator

38.

Inflation, Taxes and Corporate Value – The Dark Side of Real Growth

Number of pages: 47 Posted: 08 Jan 2019
Gunther Friedl and Bernhard Schwetzler
Technische Universität München (TUM) - Faculty of Economics and Business Administration and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 143 (437,512)

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Inflation, Growth, Taxes, Valuation

39.

Tailwind and headwind bidding in German Takeover offers – the impact of target stock price movements and takeover regulation on takeover success

Number of pages: 52 Posted: 18 Nov 2020 Last Revised: 14 Jun 2022
Bernhard Schwetzler and Lisa M. Uhlenkamp
HHL Leipzig Graduate School of Management - Department of Finance and HHL Leipzig Graduate School of Management
Downloads 140 (445,043)
Citation 1

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M&A, success determinants, takeover offer, price runups, offer premium

40.

About Estimating Gains from Diversification and Why Firms Self-Select

Number of pages: 37 Posted: 21 Mar 2015
Markus Brendel, Alexander D.F. Lahmann and Bernhard Schwetzler
Handelshochschule Leipzig (HHL), Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 105 (555,719)

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Diversification discount, Self-selection, Selection mechanism, Counterfactual analysis

41.

Stock market delistings and company undervaluation

no
Number of pages: 26 Posted: 13 Dec 2024
Bernhard Schwetzler and Philipp Pollmann
HHL Leipzig Graduate School of Management - Department of Finance and HHL Leipzig Graduate School of Management
Downloads 102 (567,617)

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M&A, delisting, takeover offer JEL Classification: G14, G18, G23, G32, G34

42.

Does it Pay to Acquire (Discounted) Conglomerates?

Number of pages: 39 Posted: 09 Dec 2013
Bruno Nöllgen and Bernhard Schwetzler
Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 92 (607,389)

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Mergers & Acquisitions, Diversification

43.

Value Destruction Inside or Outside the Firm -- Are Conglomerates Better Acquirers?

Number of pages: 31 Posted: 16 Oct 2013
Bruno Nöllgen and Bernhard Schwetzler
Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 85 (637,798)

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Conglomerates, Acquisitions

44.

Discontinuous Financing Based on Market Values and the Value of Tax Shields

Business Research, DOI 10.1007/s40685-017-0053-z
Posted: 25 Oct 2017
Alexander D.F. Lahmann, Bernhard Schwetzler and Sven Arnold
Handelshochschule Leipzig (HHL), HHL Leipzig Graduate School of Management - Department of Finance and HHL Leipzig Graduate School of Management

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Financing Policies, Tax Shield, APV

45.

Debt-Related Tax Shields and Private Equity: Myth or Reality?

Posted: 22 Jan 2013
Alexander Knauer, Alexander D.F. Lahmann, Magnus Pflücke and Bernhard Schwetzler
Handelshochschule Leipzig (HHL), Handelshochschule Leipzig (HHL), HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance

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Leverage, buyouts, tax-deductible interest, interest barrier, tax reform

46.

The Impact of Credit Rating and Frequent Refinancing on Firm Value

Midwest Finance Association 2013 Annual Meeting Paper
Posted: 27 Sep 2012 Last Revised: 05 May 2015
Sven Arnold, Alexander D.F. Lahmann and Bernhard Schwetzler
HHL Leipzig Graduate School of Management, Handelshochschule Leipzig (HHL) and HHL Leipzig Graduate School of Management - Department of Finance

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Capital Structure, Financing Policy, Credit Rating, Bankruptcy, Tax Shield, Corporate Valuation, APV, WACC

47.

The Development of Earnings Quality in Germany and its Implication for Further Research

Corporate Ownership & Control, Vol. 7, No. 1, pp. 434-455, Fall 2009
Posted: 30 Mar 2010
Paul Pronobis, Bernhard Schwetzler, Marco O. Sperling and Henning Zülch
Free University of Bolzano-Bozen, HHL Leipzig Graduate School of Management - Department of Finance, University of Marburg - School of Business & Economics and HHL Leipzig Graduate School of Management

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earnings quality, persistence, predictability, volatility, accruals quality, earnings management, timeliness, prudence, value relevance