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BewertungsPraktiker
– Fachinformationen zu Bewertungsfragen –
Am 24.11.2023 ist der Bewertungs-Praktiker 4/2023 erschienen, welcher der Corporate Finance (Heft 11-12) beiliegt, u.a. mit folgenden Themen:
- Zur Abbildung von Inflation in der Bewertungspraxis (Prof. Dr. Andreas Schüler / Sebastian Wünsche)
- Vorlagepflichten im (aktien-rechtlichen) Spruchverfahren (RA/WP/StB Wolf AchimTönnes)
- Betafaktoren (Prof. Dr. Bernhard Schwetzler, CVA / Osei Kwabena Brefo, M.Sc.)
News & Aktuelles
The state of the deal: M&A trends 2019
Publiziert in Fachliche News Freitag 04.01.2019
Annual comprehensive look at M&A activity by Deloitte about deal trends and common challenges faced by corporations and private equity firms.
Truth and Bias in M&A Target Fairness Valuations: Appraising the Appraisals
Publiziert in Aktuelle Veröffentlichungen Donnerstag 27.12.2018
by Matthew Shaffer, Harvard Business School.
In U.S. M&A transactions, target directors are effectively required to seek and consider a “fairness opinion” and supporting valuations before accepting a takeover offer. Despite their legal status, critics have argued that these valuations are biased and sometimes low-quality, and that even unbiased valuations would not be useful to public companies, which can use their pre-deal stock price as an appraisal of their value.
KPMG Valuation News - Winter 2018
Publiziert in Fachliche News Donnerstag 27.12.2018
Die Winterausgabe 2018 beinhaltet einen Beitrag zu den Auswirkungen des neuen Leasingstandards IFRS 16 auf die Unternehmensbewertung, einen Beitrag zu Monte-Carlo-Simulationen als Grundlage für eine fundierte Ableitung eines nachhaltigen Ergebnisses sowie eine Zusammenfassung der Ergebnisse der aktuellen Kapitalkostenstudie 2018.
Cost of Capital Study 2018 (New Business Models - Risks and Rewards)
Publiziert in Fachliche News Dienstag 18.12.2018
by KPMG. The thirteenth edition of the study includes 276 companies.
Murray Devine Valuation Advisors Publishes Q3 Private Equity Valuations Report
Publiziert in Fachliche News Mittwoch 12.12.2018
The Q3 report, “This Train Keeps Rolling,” breaks down private equity activity in 2018 between deal size and sector. While valuations remain near historic highs, multiples have come down slightly in all but the small-market. Still, debt markets and considerable sums of dry powder available to private equity investors have allowed sponsors to pay a considerable premium over strategic acquirers as of the end of Q3.
BewertungsPraktiker 4/2018
Publiziert in BewertungsPraktiker Freitag 07.12.2018
Fachinformationen zu Bewertungsfragen
Am 07.12.2018 ist der BewertungsPraktiker 4/2018 erschienen, welcher dem DER BETRIEB Heft 49/2018 beiliegt, u.a. mit folgenden Themen:
Company Valuation Specialists’ Interactions with Management and Auditors: A Field Study
Publiziert in Fachliche News Mittwoch 28.11.2018
by Kyrre Kjellevold, Norwegian School of Economics (NHH), Department of Accounting, Auditing and Law
Management often relies on specialists for valuing complex fair value measurements (FVMs), auditors frequently rely on those FVMs as audit evidence, and the PCAOB has documented persistent problems in the audit of FVMs. Based on in-depth interviews of Norwegian audit partners and company valuation specialists, I provide evidence on how audit teams interact with company specialists, how company specialists view the work of auditors and auditor specialists, and the extent of pressure company specialists’ experience to conform to management measurement bias.
Fact, Fiction, and the Size Effect
Publiziert in Fachliche News Dienstag 27.11.2018
by Ron Alquist, AQR Capital Management LLC / Ronen Israel, AQR Capital Management, LLC / Tobias J. Moskowitz, Yale University, Yale SOM, AQR Capital, National Bureau of Economic Research (NBER)
In the earliest days of empirical work in academic finance, the size effect was the first market anomaly to challenge the standard asset pricing model and prompt debates about market efficiency. The notion that small stocks have higher average returns than large stocks, even after risk-adjustment, was a pathbreaking discovery, one that for decades has been taken as an unwavering fact of financial markets.
