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 (41)

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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 1,578 (10,460)
Citation 8

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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 856 (26,567)
Citation 2

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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
HHL Leipzig Graduate School of Management, Handelshochschule Leipzig (HHL), HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 568 (46,282)
Citation 2

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

4.

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 492 (55,504)

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Capital Structure, Costs of Financial Distress

5.

Terminal Value, Accounting Numbers, and Inflation

Downloads 486 ( 56,391)
Citation 11

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 482 (56,344)
Citation 8

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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 4 (637,170)
Citation 4
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6.

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 466 (59,436)
Citation 1

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

7.

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 380 (75,893)
Citation 1

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8.

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 347 (84,363)
Citation 5

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

9.

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 337 (87,200)
Citation 1

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Fairness opinion, acquisition, management incentives

10.

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 323 (91,422)

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valuation, multiples

11.

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 259 (115,856)

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valuation, personal taxes

12.

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
HHL Leipzig Graduate School of Management, HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 252 (119,244)

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Leveraged Buyout, Bankruptcy, Default, Receivership, Hazards Model

13.

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 241 (124,700)
Citation 1

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block trades, ownership structure, ultimate ownership, Germany

14.

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 216 (138,880)
Citation 1

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venture capital, financial contracting, capital structure, convertible debt

15.

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 215 (139,473)

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CAPM, personal taxes

16.

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 212 (141,366)

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Taxation, valuation, risk neutral probability measure

17.

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 199 (149,903)

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WACC, risk neutral valuation

18.

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 191 (155,815)
Citation 5

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conglomerate discount, cash bias, multiplier aggregation bias

19.

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 182 (162,727)
Citation 2

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capital structure, WACC, beta

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 164 (178,345)

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

21.

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 162 (180,194)

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WACC, risk neutral valuation

22.

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 159 (183,108)

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tax shield, bankruptcy and corporate value

23.

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 155 (187,044)

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

24.

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
HHL Leipzig Graduate School of Management, HHL Leipzig Graduate School of Management and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 149 (193,368)

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

25.

Do Private Equity Firms Pay for Synergies?

Number of pages: 59 Posted: 23 Sep 2018 Last Revised: 19 Nov 2018
Benjamin Hammer, Nils Janssen, Denis Schweizer and Bernhard Schwetzler
HHL Leipzig Graduate School of Management, HHL Leipzig Graduate School of Management, Concordia University and HHL Leipzig Graduate School of Management - Department of Finance
Downloads 145 (197,662)

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private equity, leveraged buyouts, M&A, buy-and-build, synergies, entry pricing

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corporate valuation, bank valuation, term structure, term transformation

27.

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 108 (247,349)
Citation 1

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

28.

Once Bitten, Twice Shy: How Unconsummated Deals Affect Subsequent M&As

Number of pages: 54 Posted: 26 Apr 2014 Last Revised: 09 Nov 2014
Peter Limbach, Bernhard Schwetzler and Johannes Reusche
University of Cologne and Centre for Financial Research (CFR), HHL Leipzig Graduate School of Management - Department of Finance and Handelshochschule Leipzig (HHL)
Downloads 99 (262,576)

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bidder returns, deal structuring, M&A learning, repeat acquirers, unconsummated M&As

29.

(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 88 (283,112)

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

30.

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 84 (291,437)
Citation 1

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

31.

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 68 (328,926)

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NPV, IRR, Default Risk, Optimal Capital Structure

32.

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 62 (345,039)

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

33.

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

Number of pages: 41 Posted: 24 Apr 2019
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 57 (362,646)

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

34.

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 44 (402,419)

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Conglomerates, Acquisitions

35.

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 36 (433,207)

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Mergers & Acquisitions, Diversification

36.

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 10 (571,393)

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Inflation, Growth, Taxes, Valuation

37.

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 2 (626,923)
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38.

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

39.

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

40.

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

41.

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