Bestehen Aufsichtsdefizite im Bankensektor?

Nachdem die Immobilienkrise in den USA auch Deutschland erreicht und die IKB Deutsche Industriebank AG sowie die sächsische Landesbank Sachsen LB in Schwierigkeiten gebracht hat, werden Forderungen laut, die Banken stärker zu regulieren. Was sind die Ursachen für die Schwierigkeiten der deutschen Banken? Hat die Bankenaufsicht Fehler gemacht? Sollte sie reformiert werden? Ist eine Vereinheitlichung der Bankenaufsicht auf der EU-Ebene erforderlich? --

Diversification in Firm Valuation: A Multivariate Copula Approach

We introduce a new discounted cash flow model which adopts the diversification effect of multi-business firms. We face two challenges: One is examining how different diversification extents can affect the firm value due to risk reduction, and the other is modeling segment-specific cash flows and discount rates to reflect the differences in risk and growth characteristics across the different businesses that a firm operates in. Since the co-movement of business segments depends on the state of the economy, we use a multivariate copula approach taking the state-varying dependence of business segments explicitly into account. A high level of a firm's diversification determined by a low dependence between the firm's business segments leads to a lower probability of firm default which results in a higher firm value through reduced bankruptcy costs. We demonstrate this effect by comparing the values of three U.S. firms when modeling independence, dependence with copulas, and perfect dependence between businesses.diversification, firm valuation, dependence modeling, multi-business firm, bankruptcy costs, default probability, copulas, Monte Carlo simulation, discounted cash flow model

Start-Up Financing in the Digital Age – A Systematic Review and Comparison of New Forms of Financing

Start-ups are seen as the leading force in dynamically growing economies. Limited financing opportunities often prevent entrepreneurs from realizing their innovative business ideas or taking growth opportunities. However, in the context of the technological revolution, a fundamental change in the entrepreneurial finance landscape is observed. Innovative, digital financial instruments such as Business Angel Networks, Crowdfunding, or Initial Coin Offerings provide young companies with attractive financing opportunities. Although a large number of studies focus on start-up financing in the digital age, the literature is still fragmented. By providing a systemic literature review of 85 high-quality peer-reviewed journal articles published between 1990 and 2019, we address the following purposes: First, we outline a holistic picture on the financing spectrum of start-ups in the digital age. Therefore, we classify the articles into two categories as traditional or novel financing instruments. Subsequently, we associate the different financing instruments into the various growth stages of start-ups and define them as equity or debt. Second, we evaluate the suitability of novel financing instruments based on the trade-off and pecking order theory. Third, we investigate whether new forms of financing are substitutes or complements to traditional financing forms. Furthermore, ideas for further research are suggested

Zur Integration von Moral Hazard und Signalling in finanzierungstheoretischen Ansätzen

Moral Hazard Integration and Signalling in Financing Theory Approaches The analysis focuses on the influence of an asymmetrical distribution of information between corporate managers and capital market investors about financial management decisions. It distinguishes between two variants of asymmetrical information: hidden action refers to the impossibility of observing corporate management actions, whereas hidden information describes a situation in which corporate managers possess better information about the corporations's earnings position than external capital donors do. Where the distribution of information is asymmetrical in respect of the variance of future financial surpluses, it is possible to signal in a credible manner and free of charge the 'true' value of the variance by combining loan issues with options. The same capital structure is apt to solve hidden action problems completely and free of charge insofar as they bear upon the variance of financial surpluses. Where the problem is one of hidden action combined with hidden information, however, it is possible to remedy the asymmetrical distribution of information by an appropriate financing method, but this approach does not mean choosing the capital structure that would maximize the corporation's total value