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Ulrich Hommel, Michael Fabich, Ervin Schellenberg und Lutz Firnkorn (Hrsg.)

Dieser Titel ist nur in englischer Sprache verfügbar.

The role of the Chief Financial Officer (CFO) has substantially changed in a world characterized by globalized financial markets and truly global products. The accelerated development of new technologies, products, and markets has led to an increasingly dynamic and uncertain competitive situation. The book demonstrates and discusses the impact of this changing corporate environment on the role and responsibilities of the CFO. A more holistic view that integrates business and financial decisions is required in order to manage these challenges of globalization. The book shows how the CFO can adopt and implement this management approach and thus play a vital role in the firm’s value creation.

Ulrich Hommel und Frank Schaum

Das Strategic Finance Institute (SFI) der EBS Business School und die IKB Deutsche Industriebank haben das Ausmaß der Refinanzierungsprobleme von Unternehmen untersucht, die vor der Finanzkrise standardisiertes Mezzanine-Kapital aufgenommen hatten. Die Studienergebnisse signalisieren Entwarnung. 40 % der befragten Unternehmen sehen ihre Refinanzierung als gesichert an, während knapp 70 % der verbleibenden Unternehmen davon ausgehen, dass sie von der privaten Finanzwirtschaft eine Anschlussfinanzierung gemäß den eigenen Vorstellungen erhalten werden.

Ulrich Hommel, Karsten Nohtse und Hilmar Schneider

Die vorliegende Studie untersucht das Ausmaß der Refinanzierungsprobleme von Programm-Mezzanine-Nutzern, welche sich aufgrund der endfälligen Tilgung dieser Finanzierungsform ergibt. Hierfür wurde eine Umfragestudie unter den deutschen Programm-Mezzanine-Nutzern durchgeführt. Insgesamt nahmen 208 Unternehmen an der Umfrage teil. Die Ergebnisse der vorliegenden Studie basieren damit auf der bislang größten empirischen Erhebung zu dieser Thematik.

Alexander Gerybadze, Ulrich Hommel, Hans W. Reiners and Dieter Thomaschewski

Dieser Titel ist nur in englischer Sprache verfügbar.

Research and development (R&D) as well as innovation are the drivers of change and the key determinants of growth in many industry and service sectors. In spite of the financial turmoil and restructuring of the world economy after 2008, investment in R&D is expected to grow further. Innovation competence will continue to be a major success factor for internationally operating companies. The book presents a state-of-the-art account of innovation management and the role of R&D and innovation strategy for corporate growth and renewal. It follows a top-down approach starting from corporate strategy, and describes the effective integration of corporate R&D, business unit projects and operational performance improvements. The book offers portraits of leading innovators and high-performing corporations and provides a rich collection of best-practice examples.

Marcus Schulmerich

Dieser Titel ist nur in englischer Sprache verfügbar.

This book analyzes real options valuation for non-constant versus constant interest rates using simulations and historical backtesting. It provides a systematic analysis and compares real options valuation using constant interest rates and the implied forward rates with methods that simulate interest rates stochastically. Real options are investigated and combined with various pricing tools and stochastic term structure models. Interest rates for real options valuation are simulated by using stochastic term structure models (Vasicek, Cox-Ingersoll-Ross, Ho-Lee, and Hull-White one-factor and two-factor models) and by using implied forward rates. All necessary theory is provided in the book. The analyses were conducted using a proprietary computer simulation program. All results are explained in detail and rules are derived for application in Corporate Finance practice. The major change in this second edition is the expanded number of tested scenarios. The second edition contains an expanded number of tested scenarios covering the time period of the financial crisis 2008, one of the worst stock market crashes in history. The findings confirm the results provided in the first edition.