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Search Results: 1 - 10 of 3370 matches for " Dirk SCHIERECK "
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A Note on Secondary Buyouts-Creating Value or Recycling Capital  [PDF]
iBusiness (IB) , 2009, DOI: 10.4236/ib.2009.12015
Abstract: This paper analyzes whether secondary buyouts of private equity (PE) investors in general create value and therefore are a suitable alternative to exit strategies like trade sales and IPOs. Theoretically, two conflicting approaches might explain the use of secondary buyouts as an exit channel of private equity investors: the capital recycling effects and different potential sources of value creation. We present empirical tests of these approaches. The profitability of secondary buyouts is assessed by a comparison of exit multiples realized with secondary buyouts and trade sales. The results are not unequivocal, but overall we interpret our findings in a way that awards secondary buyouts a profitability that is not significantly different from trade sales. Therefore, we argue that secondary buyouts have the potential for adding value that arise from different sources like the reduction of agency costs or the functions of the financial investor. Secondary buyouts should thus not be seen as a second best alternative for recycling the PE investors’ capital in situations where alternative—and supposedly more attractive—exit channels are unavailable.
Mehtap Oelger, Dirk Schiereck
International Journal of Economics and Research , 2011,
Abstract: The objective of this paper is to analyze the impact of cross-border takeover announcements on Turkish shareholders wealth with a focus on capital market integration. We therefore examine whether announcement effects of takeovers differ for shareholders in a country like Turkey with limited shareholder protection, a developing capital market and a highly growing economy from studies for developed markets. We find significant positive abnormal returns for Turkish acquirers. However, we provide results showing that the Turkish capital market perceives cross-border takeovers as more profitable than domestic transactions. In relation to capital market integration the results confirm that the Turkish capital market is more integrated into the European than the Asian capital market. In the multivariate analysis we show that the stock price reactions of takeover announcements are negatively correlated with distance between target nation and Turkey.
Christian Kammlott,Dirk Schiereck
International Journal of Economics and Research , 2011,
Abstract: The globalization of markets during the past decades has led to an increasing international division of labor which demands a higher capacity in carriage of freight among the involved regions. The outcome of this is inter alia a continuously growing demand for international maritime transport. At present, approximately 90% of the globally traded goods are transacted by seaway. Unsurprisingly, it has resulted in significant structural changes in the international shipping industry. These changes were attended by Mergers and Acquisitions (M&A). Using the event study methodology, we examine the success of the worldwide M&A activities in the shipping industry during the period of 1980 – 2007. We analyze the value effects of these acquisitions from a shareholder value perspective. Despite generally positive underlying data of the world economy and numerous beneficial arguments from initiators of consolidation activity in the transportation sector, the results indicate that M&A transactions in the maritime transportation sector have resulted in an overall loss of shareholder value within the period of examination
Steffen Meinshausen,Dirk Schiereck
International Journal of Economics and Research , 2012,
Abstract: Over the course of only some twenty years, Munich-based ESCADA AG became one of the most renowned brands in the luxury fashion industry and generated almost €1bn in sales at its peak. During an ongoing crisis in the new millennium which finally led to the company’s bankruptcy in 2009, ESCADA missed an optimal point in time to divest itself of its non-core segment PRIMERA AG which accounted for roughly one third of its total sales. In this paper we explain the causes of management’s disposal hesitation with behavioral finance phenomena such as loss aversion, escalating commitment and status quo bias. This case study therefore illustrates the strong influence that psychological effects and a non-efficient market for corporate control can exert on financing decisions in a real-life corporate scenario.
Beginning Consolidation in the Renewable Energy Industry and Bidders’ M & A-Success  [PDF]
Sebastian Eisenbach, Christoph Ettenhuber, Dirk Schiereck, Paschen von Flotow
Technology and Investment (TI) , 2011, DOI: 10.4236/ti.2011.22009
Abstract: In this paper we examine stock price reactions to mergers and acquisitions in a particular industry, the renewable energy industry. We focus on acquirers and document positive abnormal returns on a sample of 337 completed M&A-transactions announced during 2000 to 2009. We show that acquirer size, market-to-book ratio and deals announced in the recent financial crisis negatively correlate with acquirer returns. Acquirers from outside the renewable industry tend to earn positive abnormal results
Long-Term Outperformance of Equity Carve-Outs?— Evidence from Germany  [PDF]
Arnd Schikowsky, Dirk Schiereck, Arndt Volkle, Christian Voigt
Technology and Investment (TI) , 2010, DOI: 10.4236/ti.2010.11002
Abstract: While there has been done a lot of empirical research on IPO performance in general only Prezas et al. [1] focus on equity carve-outs (ECOs) in comparison to common IPOs from an investor’s point of view. ECOs are an often applied divestment alternative used by technology companies to refocus their core businesses. Our note is claiming to extent this distinct literature in two ways. Firstly, we add new insight from a European market, namely Germany, and secondly, we apply a wider methodological spectrum to compare IPOs and ECOs. We find that controlling for the specific return characteristics of IPOs there remain hardly any sig-nificant performance divergences between the two samples.
New Candidate Massive Clusters from 2MASS  [PDF]
Dirk Froebrich
International Journal of Astronomy and Astrophysics (IJAA) , 2013, DOI: 10.4236/ijaa.2013.32018

Massive stars are important for the evolution of the interstellar medium. The detailed study of their properties (such as mass loss, rotation, magnetic fields) is enormously facilitated by samples of these objects in young massive galactic star clusters. Using 2MASS we have searched for so far unknown candidates of red supergiant clusters along the Galactic Plane. Utilising deep high resolution UKIDSS GPS and VISTA VVV data to study colour-magnitude diagrams, we uncover six new massive cluster candidates in the inner Galaxy. If spectroscopically confirmed as real clusters, two of them could be part of the Scutum-Complex. One cluster candidate has a number of potential red supergiant members comparable to RSGC1 and 3. Our investigation of UKIDSS data reveals for the first time the main sequence of the massive cluster RSGC2. The stars of the sequence show an increased projected density at the same position as the known red supergiants in the cluster and have E(J-K) = 1.6 mag. This either indicates an unusual extinction law along the line of sight or a much lower near infrared extinction to the cluster than previously estimated in the literature. We suggest that psf-photometry in UKIDSS images might be able to uncover the main sequence of other RSGC clusters.

Sustainable Public Finance: Double Neutrality Instead of Double Dividend  [PDF]
Dirk Loehr
Journal of Environmental Protection (JEP) , 2016, DOI: 10.4236/jep.2016.72013
Abstract: A common answer to the financial challenges of green transformation and the shortcomings of the current taxation system is the “double dividend approach”. Environmental taxes should either feed the public purse in order to remove other distorting taxes, or directly contribute to financing green transformation. Germany adopted the former approach. However, this article argues, by using the example of Germany, that “good taxes” in terms of public finance should be neutral in terms of environmental protection and vice versa. Neutral taxation in terms of environmental impacts can be best achieved by applying the “Henry George principle”. Additionally, neutral taxation in terms of public finance is best achieved if the revenues from environmental taxes are redistributed to the citizens as an ecological basic income. Thus, distortive effects of environmental charges in terms of distribution and political decision-making might be removed. However, such a financial framework could be introduced step by step, starting with a tax shift.
Troodos: A Giant Serpentinite Diapir  [PDF]
Roelof Dirk Schuiling
International Journal of Geosciences (IJG) , 2011, DOI: 10.4236/ijg.2011.22010
Abstract: Troodos is a classical ophiolite complex. It is proposed that the serpentinized harzburgites that now form the top of the mountain and represent the originally lowest part of the ophiolite sequence rose as a diapir. This diapiric rise is caused by the pervasive serpentinization of a suboceanic harzburgite, due to rock-sea water interaction. The serpentinization caused a 44% expansion of the rocks. Contrary to salt diapirism, the driving force for this diapiric rise is not so much the difference in density, but the volume increase asscociated with the transformation of harzburgite into serpentinite. The overlying gabbros, sheeted dike complex and pillow lavas were pierced by this serpentinite diapir but barely deformed. Their interaction with sea water was li- mited to some pyroxenes in the gabbros being transformed to amphiboles, and epidotisation of some of the dikes in the sheeted dike complex. The location of steep faults in the Troodos massif is determined by the contrasting expansion behavior of different rock-types on both sides of the fault.
Increasing the Efficiency of Transboundary Water Management: A Regionalization Approach  [PDF]
Dirk Huchtemann, Manuel Frondel
Journal of Water Resource and Protection (JWARP) , 2010, DOI: 10.4236/jwarp.2010.26057
Abstract: In this paper, we develop a methodological approach to increase the efficiency of watershed management approaches that focuses on the reduction of diffuse water pollution. The basic idea is that the efficiency may be improved by identifying and constituting homogenous groups of contiguous administrative units of a watershed, which jointly implement water pollution reduction measures. Homogeneity means similarity of group members with respect to a set of local and environmental characteristics, such as the degree of pollution and abatement costs. We empirically apply our methodology to the watershed of the German river Ems and identify homogenous groups of contiguous administrative units using cluster analysis methods implemented in a Geographical Information System.
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