Bernhard Schwetzler

HHL Leipzig Graduate School of Management - Department of Finance

professor

Jahnallee 59

D-04109 Leipzig

Germany

SCHOLARLY PAPERS

46

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Top 19,753

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43

CROSSREF CITATIONS

21

Scholarly Papers (46)

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 1,809 (17,246)
Citation 12

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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
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 1,703 (18,913)
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
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 954 (44,342)
Citation 17

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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
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 893 (48,555)
Citation 2

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

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 599 (80,948)
Citation 2

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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 17 (986,798)

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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 577 (85,960)
Citation 4

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Valuation, Terminal Value, Inflation, Growth Model

7.

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 544 (92,583)

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Capital Structure, Costs of Financial Distress

8.

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 514 (99,298)

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

9.
Downloads 482 (107,363)
Citation 1

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capital structure, WACC, beta

10.

Specialization of Private Equity Firms and Corporate Financial Distress

Number of pages: 12 Posted: 21 Mar 2015 Last Revised: 27 Nov 2023
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 465 (112,083)

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

11.

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 435 (121,236)
Citation 3

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12.

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 423 (125,613)
Citation 3

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

13.

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 414 (128,416)

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valuation, multiples

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
Handelshochschule Leipzig, University of Marburg - School of Business & Economics, HHL Leipzig Graduate School of Management - Department of Finance and Handelshochschule Leipzig (HHL)
Downloads 401 (133,161)
Citation 1

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Fairness opinion, acquisition, management incentives

15.

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
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 302 (181,329)

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block trades, ownership structure, ultimate ownership, Germany

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
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 295 (185,923)

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

17.

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 290 (189,242)

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valuation, personal taxes

18.

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 282 (194,761)
Citation 4

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

19.

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 260 (211,485)

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

20.

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 247 (222,467)

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

21.

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 246 (223,314)

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CAPM, personal taxes

22.

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 243 (226,134)
Citation 1

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

23.

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 242 (227,050)
Citation 1

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venture capital, financial contracting, capital structure, convertible debt

24.

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 238 (230,791)

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Taxation, valuation, risk neutral probability measure

25.

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 234 (234,556)
Citation 3

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conglomerate discount, cash bias, multiplier aggregation bias

26.

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 227 (241,489)

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WACC, risk neutral valuation

27.

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 225 (243,520)
Citation 4

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

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corporate valuation, bank valuation, term structure, term transformation

29.
Downloads 216 (253,076)

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Terminal value; discounted cash flow; growth

30.

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 205 (265,586)

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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 203 (267,944)

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tax shield, bankruptcy and corporate value

32.

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 194 (279,199)
Citation 1

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

33.

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 177 (302,985)
Citation 1

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

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 149 (350,729)

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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 144 (360,618)
Citation 1

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

36.

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 140 (368,583)
Citation 1

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

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 124 (404,858)

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Inflation, Growth, Taxes, Valuation

38.

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 119 (417,422)

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

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 108 (448,425)

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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 98 (480,208)

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

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 81 (541,195)

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Mergers & Acquisitions, Diversification

42.

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 75 (570,171)

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Conglomerates, Acquisitions

43.

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

44.

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

Posted: 22 Jan 2013
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

45.

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

46.

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

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