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Performance-Messung, Erwartungsänderungen und Analystenschätzungen - Theoretische Konzeption und empirische Umsetzung -
Abstract
System einer wertorientierten Performance-Messung und Abweichungsanalyse – Eignung von Analystenschätzungen zur externen Performance-Messung – Ermittlung der Marktrisikoprämie im CAPM – Fadingphase unter Beachtung von erzielbaren Reinvestitionsrenditen – Unternehmensexterne Performance-Messung mit Analystenschätzungen – Performance deutscher Unternehmen 1990 bis 2005.
... (4-18) in Schueler /Bauer/Krotter (2008) Almost identical to formula in Table 16 in Krotter (2009) (10-5) and (10-6) in Drukarczyk/Schueler (2009) Equation (2) and (11) in Formula in Table 23 in Krotter (2009) (10-16) in Drukarczyk/Schueler (2009) According to Schmautz/Lampenius, CoC t|t is part of the realization component of NVC and displays "the deviation of ex-ante planned and ex-post realized Cost of Capital (CoC)" in period t "generated through a change in capital structure": With NPV t = E L,t -IC t , it follows: ...
... (4-18) in Schueler /Bauer/Krotter (2008) Almost identical to formula in Table 16 in Krotter (2009) (10-5) and (10-6) in Drukarczyk/Schueler (2009) Equation (2) and (11) in Formula in Table 23 in Krotter (2009) (10-16) in Drukarczyk/Schueler (2009) According to Schmautz/Lampenius, CoC t|t is part of the realization component of NVC and displays "the deviation of ex-ante planned and ex-post realized Cost of Capital (CoC)" in period t "generated through a change in capital structure": With NPV t = E L,t -IC t , it follows: ...
Three comments on Schmautz/Lampenius, Net value created: measuring a non-life insurer's performance, ZVersWiss (2013), 237-255 Simon Krotter/Andreas Schueler The paper of Schmautz/Lampenius consists of two parts. First, the authors describe the performance measure Net Value Created (NVC). The concept is then applied to an insurance company. We have two comments on the first part and one on the second part. Comment 1: NVC is not new and the formulae used by Schmautz/Lampenius, also the adaptation to FTE, are not new If a scientific paper is written for instance about the application of a concept like a performance measure, the authors are required to clarify the origin of that concept and the underlying framework. There are two possibilities: the authors have developed that measure or the measure has been developed before. The second explanation holds true here. Based upon contributions of others we: coined the term Net Value Created (NVC) and developed the concept behind that performance measure, formulated NVC both with cash flows and residual incomes for all DCF approaches (APV, WACC, TCF and FTE), showed the interactions between the DCF approaches in the NVC concept, uncovered related pitfalls and provided respective solutions, and developed the formulae and the approach in terms of interpreting and splitting it into different components, i.e. the realized deviation from expectations and the revision of expectations. In all the articles and working papers on the subject we listed all the previous articles important for that field of research, i. e. O'Hanlon/Peasnell (2002) and many others. In literature it is widely accepted that some terms like CAPM and DCF are common knowledge which might not make it necessary to quote the original sources each and every time. However, after working years on the subject we are well aware that our concept of NVC has not become common knowledge (yet). Table 1 lists the formulae used in Schmautz/Lampenius (2013) and their origin in our research without claiming to cover all possible sources. Again, references to related work by others are listed in our papers.
This chapter focuses on the financial analysts’ writing process and the retail investors’ reader perspective. The results show how the financial analysts’ problems in the writing process relate to the text perception of the readers.
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Es wird ein Gerüst zur Berechnung von Eigen-, Fremd- und Gesamtkapitalkosten auf Basis empirischer Daten entwickelt und auf deutsche börsennotierte Aktiengesellschaften für den Zeitraum von Anfang 1988 bis März 2006 angewandt. Datengrundlage sind Zinsstrukturkurven, Aktienmarktrenditen, Betawerte, Verschuldungsquoten, Finanzkennzahlen, Spreads sowie Ausfallwahrscheinlichkeiten und Befriedigungsquoten. Neben den nach Jahren und Sektoren geordneten Kapitalkostensätzen schätzen wir unter anderem auch Risikozuschläge für Fremdkapitalgeberansprüche sowie Steueref-fekte der Fremdfinanzierung (Tax Shields) in Abhängigkeit von der unterstellten Finanzierungspolitik und von der Intensität ihrer Nutzbarkeit.
The literature review in this thesis is distributed over two chapters. The aim of Chap. 2 is to discuss literature from the field of cost-of-capital. This is necessary as a foundation for the subsequent chapter, which is more application-oriented. In Chap. 3, previous empirical results on companies’ cost-of-capital practices are discussed. Research gaps will be identified at the end of that chapter.
No author likes his contributions to be used without proper citation, neither do we. This comment clarifies that Schmautz/Lampenius use a concept without providing a sufficient list of references.
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