Firm value is influenced in many direct and indirect ways by financial risks, which consist of unexpected changes of foreign exchange rates, interest rates and commodity prices. The fact that a significant number of corporations are committing resources to risk management activi-ties is,...

Der Zusammenhang zwischen Umweltmanagement und Shareholder Value ist in den letzten Jahren Thema einer Vielzahl von Publikationen gewesen. Dass gutes Umweltmanagement grundsätzlich auch Shareholder Value schaffen kann, ist heute weitgehend unbestritten. Es wird allerdings auch deutlich, dass...

Die Studie zeigt, was unter Stakeholder Value verstanden werden kann, wie Shareholder Value und Stakeholder Value gemessen werden können und welche Verbindung zwischen beiden Konzepten besteht. In dieser Studie wird erstmals die Wertbeitragsanalyse von Stakeholderbeziehungen vorgestellt. Anhand...

Die Studie „Wertschaffendes Umweltmanagement“ betrachtet den Zusammenhang zwischen Umweltaspekten und Unternehmenswert. Hierbei bezieht sie erstmals zwei unterschiedliche, sich ergänzende Bewertungsverfahren ein: Sie nimmt erstens das Konzept des Environmental Shareholder Value auf und...

The shareholder value and the customer lifetime value approach are conceptually and methodically analogous. Both concepts calculate the value of a particular decision unit by discounting the forecasted net cash flows by the risk-adjusted cost of capital. However, virtually no scholarly attention...

This paper examines the valuation effects of mergers & acquisitions in the Portuguese banking industry from 1995 to 2003 over a 41-day (-20, +20) event window. Evidence shows some targets gains, but no gains for the bidders. The combined entity (target+bidder) shows no significant gains...

We perform an event study to investigate stock returns associated to the announcement of equity issues by Brazilian firms between 1992 and 2003 aiming to determine the market reaction before, during, and after the issue announcement. After measuring abnormal returns by OLS, we used ARCH and...

Past researches have revealed significant abnormal returns for bonus issues even though the bonus issue date is known in advance and the distribution contains no new information. This study examines the stock price reaction to the information content of bonus issues with a view of examining the...

Past researches have revealed significant abnormal returns for bonus issues even though the bonus issue date is known in advance and the distribution contains no new information. This study examines the stock price reaction to the information content of bonus issues with a view of examining the...

Any attempt to measure the impact of the 9/11 attacks is faced with the difficulty of separating the effects of the attacks from the impact of a wider economic recession and other simultaneous events. This study attempts to isolate the effect on New York office rental and vacancy rates by...