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

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Scholarly Papers (48)

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1.

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 1,750 (15,102)
Citation 11

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Corporate cash holdings, valuation, Germany

2.

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 1,501 (19,077)
Citation 4

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

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 811 (46,235)
Citation 6

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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, Forthcoming
Number of pages: 68 Posted: 23 Sep 2018 Last Revised: 02 Sep 2022
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 700 (56,313)

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

5.

Terminal Value, Accounting Numbers, and Inflation

Downloads 547 (77,135)
Citation 7

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 536 (78,252)
Citation 4

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Valuation, Terminal Value, Inflation, Growth Model

Terminal Value, Accounting Numbers, and Inflation

Journal of Applied Corporate Finance, Vol. 23, Issue 2, pp. 104-112, 2011
Number of pages: 11 Posted: 12 Jul 2011
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 11 (880,414)

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6.

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 514 (83,379)

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Capital Structure, Costs of Financial Distress

7.

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
ESCP Europe - Department Financial Reporting and Audit (FRA), HHL Leipzig Graduate School of Management - Department of Finance, University of Marburg - School of Business & Economics and HHL Leipzig Graduate School of Management
Downloads 501 (86,004)

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

8.

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 419 (106,297)
Citation 2

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9.

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 415 (107,731)
Citation 1

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capital structure, WACC, beta

10.

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 407 (109,955)
Citation 2

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

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 381 (118,459)

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valuation, multiples

12.

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 380 (118,804)
Citation 1

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Fairness opinion, acquisition, management incentives

13.

Exit Through Exitus in Private Equity Buyouts

Number of pages: 59 Posted: 21 Mar 2015 Last Revised: 28 Aug 2015
Benjamin Hammer, Robert Loos 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 335 (136,720)

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Leveraged Buyout, Bankruptcy, Default, Receivership, Hazards Model

14.

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 283 (163,066)

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block trades, ownership structure, ultimate ownership, Germany

15.

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 276 (167,401)

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valuation, personal taxes

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 264 (175,121)

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

17.

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 245 (188,434)

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

18.

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 231 (199,579)

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CAPM, personal taxes

19.

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 227 (202,837)
Citation 1

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venture capital, financial contracting, capital structure, convertible debt

20.

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 225 (204,589)

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Taxation, valuation, risk neutral probability measure

21.

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 219 (211,688)

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

22.

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 217 (211,688)
Citation 3

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conglomerate discount, cash bias, multiplier aggregation bias

23.

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 216 (212,602)

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

24.

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 214 (215,384)

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WACC, risk neutral valuation

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corporate valuation, bank valuation, term structure, term transformation

26.

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 204 (224,145)

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

27.

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 197 (232,348)

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WACC, risk neutral valuation

28.

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 194 (234,560)
Citation 1

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

29.

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 190 (238,815)
Citation 1

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

30.

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 186 (243,408)

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tax shield, bankruptcy and corporate value

31.

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 167 (267,263)

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

32.

The Impact of Leadership Diversity on Private Equity Fund Performance

Number of pages: 59 Posted: 17 Jun 2022
Yilmaz Bekyol and Bernhard Schwetzler
HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 149 (293,746)

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Top management teams, TMT diversity, CEO involvement, Industry specialization, Private Equity performance

33.

(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 128 (330,506)
Citation 1

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

34.

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 124 (338,302)

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

35.

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 123 (340,336)
Citation 1

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

36.

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 101 (393,188)

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Terminal value; discounted cash flow; growth

37.

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 95 (406,584)

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Inflation, Growth, Taxes, Valuation

38.

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 94 (409,368)

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NPV, IRR, Default Risk, Optimal Capital Structure

39.

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 84 (438,954)

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

40.

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 73 (475,710)

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

41.

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 67 (497,934)

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Mergers & Acquisitions, Diversification

42.

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 61 (522,212)

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

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 55 (548,214)

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Conglomerates, Acquisitions

44.

How Much Do Private Equity Funds Benefit from Debt‐Related Tax Shields?

Journal of Applied Corporate Finance, Vol. 26, Issue 1, pp. 85-93, 2014
Number of pages: 11 Posted: 08 Apr 2014
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
Downloads 6 (897,697)

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45.

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

46.

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

47.

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

48.

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
ESCP Europe - Department Financial Reporting and Audit (FRA), HHL Leipzig Graduate School of Management - Department of Finance, University of Marburg - School of Business & Economics and HHL Leipzig Graduate School of Management

Abstract:

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