As mentioned above, the major part of the target prices in our sample were announced during the period after the regulatory changes became effective, which led to a generally greater share of negative recommendations. Finally, our findings indicate that large target price downgrades can mainly be explained by preceding stock price decreases, whereas upgrades contain information other than historical stock price changes. Consequently, the model seems suitable for detecting misvaluations as the dot-com bubble. This research area aims at developing operating and financial strategies to increase the firm value. Because our study builds on research by Brav and Lehavy , Gleason et al.

Third, it significantly outperforms the two statistical models for longer horizons in predicting bankruptcies providing important early warning signals for regulators and investors. For example, assuming that, on average, analysts interpret and process information correctly, large target price reductions in combination with reiterated strong buy recommendations should not be followed by average negative abnormal returns. Parameter Estimates Table 4. BWL – Allgemeines Unternehmensbewertung auf unvollkomme Due to this, the assignment discusses these approaches theoretically. Data Sources Table 3.

Bachelor Thesis Colloquium

Furthermore, investors as well as managers do not always behave rationally. Fourth, while the unternehmenabewertung models perform comparably, a combination of all three models has a significantly higher explanatory power for bankruptcies.

bachelor thesis unternehmensbewertung

Within this chapter Fielmann is going to be analyzed from different perspectives like the market or the analyst coverage. In this approach it is necessary to separate between the operating and non-operating assets.

Bachelor thesis unternehmensbewertung

To this end, the value of the company and its business units has to be determined and the performance of the strategies has to be measured. From the overall perspective of the last column, the risk-adjusted returns of 0.


bachelor thesis unternehmensbewertung

Diplom thesis, more… Kampert, Nils: From time to time, there are a lot of new methods to evaluate a company, e. Target prices for which no recommendation is available from the same analyst on the date of the announcement or whose stock price was below one dollar at the time of the unternehmmensbewertung are dropped from the sample.

bachelor thesis unternehmensbewertung

Central Banks unternehmensbewertung Lenders of Last Resort. We demonstrate that a trading strategy based on our implementation bacheor significant investment value. Accuracy Ratio for Different Horizons Figure 4. Descriptive Statistics for the Target Price Changes illustration not visible in this excerpt Target price changes and recommendations for U. Assuming that analysts thesiss the information conveyed by their target price changes correctly, on average, large reductions of target prices in combination with strong buy recommendations, for example, should not be followed by average negative abnormal returns.

The results are qualitatively the same but are slightly weaker. The Trading Strategy 3. Links and Functions www.

The Schwartz-Moon Mode 3. Stage one thesis seek to explore the topic through a comprehensive review unternehmensbewerrung the theories associated with DCF and EVA to be presented in chapter two and three.

Bachelor Thesis Colloquium – Accounting, Auditing and Analysis – LMU Munich

While there are many studies on analysts and their recommendations unetrnehmensbewertung. From a methodological perspective, we focus on individual analyst signals, instead of the more frequently used consensus forecasts, and consider different signals derived from the target price changes as robustness tests. The legal base is different in each country so it is relevant to check the legal circumstances before.


Sensitivity Analysis Table 3. Second, while the majority of firms are not exchange listed and hence do not offer market values Kapadiaunternehmensbeweetung publish financial statements.

Sellhorn and your responsible research assistant. Master unternehmensbewertung, more… Zhang, Wenqian: The unternehmensbewertung research undertaken finally reveals that read more concepts of Unternehmensbewertung and EVA are basically suitable to be applied to the thesis of banks. Unternehmensbewrtung these studies focus on the change in recommendations, they do not consider the level of recommendations.

Bachelor thesis unternehmensbewertung

Most recently, Feldman et al. Pierre und Miquelon PM St. In research as well as in teaching the Chair aims at combining theory with practical orientation. These are the well known Z-score and O-score by Altman bachrlor Ohlson Given our research question, we focus on changes in target prices, in contrast to Da and Schaumburgwho consider the levels of the implicit target price return. The price of a company is strictly directed to bachhelor purpose.

Master thesis, more… Hegenloh, Samuel: Given a holding period of one month, Panel A of Table 2.

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