Achtung:

Sie haben Javascript deaktiviert!
Sie haben versucht eine Funktion zu nutzen, die nur mit Javascript möglich ist. Um sämtliche Funktionalitäten unserer Internetseite zu nutzen, aktivieren Sie bitte Javascript in Ihrem Browser.

Prof. Dr. Sönke Sievers

Contact
Publications
Prof. Dr. Sönke Sievers

Betriebswirtschaftslehre, insb. Internationale Rechnungslegung

Professor - Chair

Phone:
+49 5251 60-3377
Fax:
+49 5251 60-3878
Office:
Q2.401
Visitor:
Warburger Str. 100
33098 Paderborn

Open list in Research Information System

2018

Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp

S. Sievers, C. Sureth-Sloane, A. Uhde, Die Wirtschaftsprüfung (VHB-JOURQUAL 3 Ranking C) (2018), 71(9), pp. 569-575

Restrukturierungen werden sowohl durch die Digitalisierung, aber auch durch klassische Themen – beispielsweise die Notwendigkeit von Umsatz- und Kostensynergien in kompetitiven Märkten – verstärkt vorangetrieben. Dieser Beitrag beleuchtet vor allem die Motive und Folgen aus wissenschaftlicher Perspektive, indem großzahlige empirische Befunde zu den Themen Beschäftigung, Finanzkennzahlen und Kapitalerhöhungen sowie steuerliche Motive prägnant zusammengefasst und im Kontext des geplanten Joint Ventures von thyssenkrupp und Tata Steel diskutiert werden.


    Wertgenerierung bei M&A Transaktionen durch Bekanntgabe von Synergien?

    O. Mehring, S. Sievers, G. Keienburg, J. Kengelbach, 2018

    Öffentlich gelistete Firmen, die die Mehrheit an anderen börsennotierten Unternehmen er-werben und den Kapitalmarkt an den Synergieerwartungen teilhaben lassen, werden mit höheren kumulativen abnormalen Renditen im Ankündigungszeitpunkt belohnt verglichen mit solchen Unternehmen, die diese geheim halten. Des Weiteren ist die empirische Evi-denz konsistent mit der Idee, dass diese Käuferunternehmen ihre Transaktionen besser in-tegrieren, weil auch die industrieadjustierten Ein- und Zweijahresrenditen der ankündigen-den Unternehmen ökonomisch und statistisch signifikant höher sind als die der zurückhal-tenden Käuferfirmen.


      Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp

      S. Sievers, C. Sureth-Sloane, A. Uhde, Die Wirtschaftsprüfung (2018), 71(9)


      2017

      The Technology Takeover

      S. Sievers, J. Kengelbach, G. Keienburg, T. Schmid, K. Gjersta, J. Nielsen, D. Walker, The Boston Consulting Group, Inc., 2017


      2016

      Erfolgsfaktoren bei Mergers and Acquisitions – Warum schaffen Portfoliomaster mehr Value Added?

      S. Sievers, O. Mehring, G. Keienburg, J. Kengelbach, Corporate Finance (VHB-JOURQUAL 3 Ranking D) (2016), 81(9), pp. 283-290

      Unternehmen, die regelmäßig ihr Geschäftsfeldportfolio durch aktives M&A-Geschäft in Form von Verkäufen und Käufen steuern, erzielen deutlich bessere Ein- und Zweijahresrenditen für Aktionäre als alternative M&A-Strategien. Ursächlich hierfür ist u.a., dass die bekannten Effekte in Form von Abschlägen für z.B. diversifizierende Transaktionen oder Stock-Deals deutlich geringer ausfallen als bei Vergleichsgruppen wie z.B. One-Time-Deal Unternehmen. Dieser Beitrag analysiert die Gründe für den Erfolg von Portfoliomastern, Unternehmen die mehr als vier Deals in fünf Jahren durchführen. Durch ein professionalisiertes M&A-Management grenzen sie sich positiv in ihrer mittel- und langfristigen Renditeentwicklung gegenüber Strategic-Shiftern (zwei bis vier Deals) und One-Timern ab. Ihr Erfolg beruht darauf sowohl bei diversifizierenden als auch Stock-Deals bekannte übliche Performanceabschläge zu vermeiden und auch in volatilen Markphasen wertschaffende Deals umzusetzen.


        Masters of the Corporate Portfolio

        J. Kengelbach, G. Keienburg, T. Schmid, S. Sievers, O. Mehring, The Boston Consulting Group, Inc., 2016


        2015

        Bank funding stability, pricing strategies and the guidance of depositors

        T. Schlueter, S. Sievers, T. Hartmann-Wendels, Journal of Banking & Finance (VHB-JOURQUAL 3 Ranking A) (2015), 51, pp. 43-61

        Banks face a 'behavioralization' of their balance sheets since deposit funding increasingly consists of non-maturing deposits with uncertain cash flows exposing banks to asset liability (ALM) risk. Thus, this study examines the behavior of banks’ retail customers regarding non-maturing deposits. Our unique sample comprises the contract and cash flow data for 2.2 million individual contracts from 1991 to 2010. We find that contractual rewards, i.e., qualified interest payments, and government subsidies, effectively stabilize saving behavior and thus bank funding. The probability of an early deposit withdrawal decreases by approximately 40%, and cash flow volatility drops by about 25%. Our findings provide important insights for banks using pricing incentives to steer desired saving patterns for their non-maturing deposit portfolios. Finally, these results are informative regarding the bank liquidity regulations (Basel III) concerning the stability of deposits and the minimum requirements for risk management (European Commission DIRECTIVE 2006/48/EC).


          2013

          Extended dividend, cash flow, and residual income valuation models: Accounting for deviations from ideal conditions

          N. Heinrichs, D. Hess, C. Homburg, M. Lorenz, S. Sievers, Contemporary Accounting Research (VHB-JOURQUAL 3 Ranking A) (2013), 30(1), pp. 42-79

          Standard equity valuation approaches (i.e., DDM, RIM, and DCF model) are derived under the assumption of ideal conditions, such as infinite payoffs and clean surplus accounting. Because these conditions are hardly ever met, we extend the standard approaches, based on the fundamental principle of financial statement articulation. The extended models are then tested empirically by employing two sets of forecasts: (1) analyst forecasts provided by Value Line and (2) forecasts generated by cross-sectional regression models. The main result is that our extended models yield considerably smaller valuation errors. Moreover, by construction, identical value estimates are obtained across the extended models. By reestablishing empirical equivalence under non-ideal conditions, our approach provides a benchmark that enables us to quantify the errors resulting from individual deviations from ideal conditions, and thus, to analyze the robustness of the standard approaches. Finally, by providing a level playing field for the different valuation approaches, our findings have implications for other empirical settings, for example, estimating the implied cost of capital.


          Wie Banken Kostenvorteile weitergeben

          S. Sievers, T. Hartmann-Wendels, R. Busch, T. Schlüter. Wie Banken Kostenvorteile weitergeben. 2013.



          The relevance of financial versus non-financial information for the valuation of venture capital-backed firms

          S. Sievers, C.F. Mokwa, G. Keienburg, European Accounting Review (VHB-JOURQUAL 3 Ranking A) (2013), 22(3), pp. 467-511

          This study examines the relevance of financial and non-financial information for the valuation of venture capital (VC) investments. Based on a hand-collected data set on venture-backed start-ups in Germany, we investigate the internal due diligence documents of over 200 investment rounds. We document that balance sheet and income statement items capture as much economic content as verifiable non-financial information (e.g. team experience or the number of patents) while controlling for several deal characteristics (e.g. industry, investment round, or yearly VC fund inflows). In addition, we show that valuations based on accounting and non-accounting information yield a level of valuation accuracy that is comparable to that of publicly traded firms. Further analyses show that the industry-specific total asset multiples outperform the popular revenue multiples but lead to significantly less accurate results than those obtained from the more comprehensive valuation models. Overall, our findings might inform researchers and standard-setters of the usefulness of accounting information for investment companies and provide additional evidence to gauge the overall valuation accuracy in VC settings.


          Investment distortions and the value of the government's tax claim

          D. Kreutzmann, S. Sievers, C. Mueller, Applied Financial Economics (VHB-JOURQUAL 3 Ranking C) (2013), 23(11), pp. 977-989

          This study integrates the government in the context of company valuation. Our framework allows to analyze and to quantify the risk-sharing effects and conflicts of interest between the government and the shareholders when firms follow different financial policies. We provide novel evidence that firms with fixed future levels of debt might invest more than socially desirable. Economically, this happens if the gain in tax-shields is big enough to outweigh the loss in the unlevered firm value. Our findings have implications for the practice of investment subsidy programs provided by the government to avoid fostering investments beyond the socially optimal level.


            Valuing high technology growth firms

            J. Klobucnik, S. Sievers, Journal of Business Economics (VHB-JOURQUAL 3 Ranking B) (2013), 83(9), pp. 947-984

            For the valuation of fast growing innovative firms Schwartz and Moon (Financ Anal J 56:62–75, 2000), (Financ Rev 36:7–26, 2001) develop a fundamental valuation model where key parameters follow stochastic processes. While prior research shows promising potential for this model, it has never been tested on a large scale dataset. Thus, guided by economic theory, this paper is the first to design a large-scale applicable implementation on around 30,000 technology firm quarter observations from 1992 to 2009 for the US to assess this model. Evaluating the feasibility and performance of the Schwartz-Moon model reveals that it is comparably accurate to the traditional sales multiple with key advantages in valuing small and non-listed firms. Most importantly, however, the model is able to indicate severe market over- or undervaluation from a fundamental perspective. We demonstrate that a trading strategy based on our implementation has significant investment value. Consequently, the model seems suitable for detecting misvaluations as the dot-com bubble.


              Die erfolgreiche Bindung des Sparers an die Bank

              S. Sievers, T. Schlüter, T. Hartmann-Wendels. Die erfolgreiche Bindung des Sparers an die Bank. 2013.


              2012

              To buy or not to buy? The value of contradictory analyst signals

              S. Kanne, J. Klobucnik, D. Kreutzmann, S. Sievers, Financial Markets and Portfolio Management (VHB-JOURQUAL 3 Ranking C) (2012), 26(4), pp. 405-428

              We study the predictive ability of individual analyst target price changes for post-event abnormal stock returns within each recommendation category. Although prior studies generally demonstrate the investment value of target prices, we find that target price changes do not cause abnormal returns within each recommendation level. Instead, contradictory analyst signals (e.g., strong buy reiterations with large target price decreases) neutralize each other, whereas confirmatory signals reinforce each other. Further, our analysis reveals that large target price downgrades can be explained by preceding stock price decreases. However, upgrades are not preceded by stock price increases, thereby demonstrating asymmetric analyst behavior when adjusting target prices to stock prices. Our results suggest that investors should treat recommendations with caution when they are issued with large contradictory target price changes. Thus, instead of blindly following a recommendation, investors might put more weight on the change in the corresponding target price and consider transaction costs.


                2011

                Adverse selection, investor experience and security choice in venture capital finance: evidence from Germany

                T. Hartmann-Wendels, G. Keienburg, S. Sievers, European Financial Management (VHB-JOURQUAL 3 Ranking B) (2011), 17(3), pp. 464-499

                This article analyses 336 German venture capital transactions from 1990 to 2005 and seeks to determine why selected financial securities differ across deals. We find that a broad array of financial instruments is used, covering straight equity, mezzanine and debt‐like securities. Based on the chosen financial securities’ upside potential and downside protection characteristics, we provide an explanation for the differing use of these securities. Our results show that investors’ deal experience, adverse selection risks and economic prospects in the public equity market influence the selection of financial securities.


                  Open list in Research Information System

                  The University for the Information Society