Die Wertorientierung der Unternehmensführung erfordert, dass die zentrale Steuerungskennzahlen explizit die Kosten des Eigenkapitals berücksichtigen. Der EVA trägt dieser Aufforderung Rechnung, indem er als Differenz zwischen dem betrieblichen Ergebnis nach Steuern und den Kapitalkosten auf...

In the course of raising external equity, e.g. from venture capitalists, a quantitative valuation is usually required for entrepreneurial ventures. This paper examines the challenges of quantitatively valuing platform technology based entrepreneurial ventures. The distinct characteristics of...

Recent studies have found unmeasured intangible capital to be large and important. In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly...

Companies' investments in research and development (R&D) are usually associated with better growth opportunities incorporated in the firms' market valuation. This study focuses on the question how does the firms' market value attributable to R&D investments depend on the firms' ability to employ...

Why do some leaders succeed while others fail? This question is important, but its complexitymakes it hard to study systematically. We examine an industry in which there are welldefinedobjectives, small teams, and exact measures of leaders’ characteristics. We showthat a strong predictor of a...

It has been found in the literature that the overnight Eurodollar rate and the effective Fedfunds rate exhibit similar calendar-day effects caused by the Federal reserve regulationsand accounting conventions and characteristics of the Fed funds market. However, it wasnot documented whether the...

Die Distribution digitaler Produkte nimmt stetig zu. Die technischen Möglichkeiten zu deren Distributionkönnen grundsätzlich in zentralisierte und dezentralisierte Technologien unterteilt werden. Im Zusammenhangmit zentralisierten Technologien ist Streaming Media zu nennen, welches...

Intangible assets as goodwill, licenses, research and development or customer relations become in high technology and service orientated economies more and more important. But comparing the book values of listed companies and their market capitalization the financial reports seems to fail the...

This study extends the stream of research that is concerned with the influence of portfolio interrelationships on firm performance by employing a sample of European companies. The findings of this study confirm a positive relationship between resource-based relatedness as measured by Robins and...

Der Autor untersucht die Rolle immaterieller Wirtschaftsgüter in den Konzernjahresabschlüssen nach IAS (International Accounting Standard) von deutschen Versicherungsunternehmen. Fünf der großen deutschen Versicherungskonzerne legen ihre Bilanzen nach IAS vor.