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Venture capital contracts define the rules of the investment for the venture capitalist and the portfolio company. They therefore have the potential to impact the success of the business and the venture capitalist's return. For this reason, contracts have recently attracted great research interest. Karoline Jung-Senssfelder presents the first augmented contracting analysis, focusing on the interaction of both, financial instruments and covenants, in the creation of incentives to the contracting parties. With a focus on the German market, she integrates the findings of her model-based theoretical and survey-based empirical analyses to derive value-adding implications for an incentive-compatible contract design in the German venture capital market.

Finance --- financiën

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The economic ramifications of corporate financial distress and bankruptcy have recently gained much attention in academic as well as public policy debates. But empirical evidence on how firms encounter and respond to distress has remained sparse and inconclusive. Philipp Jostarndt analyzes the anatomy of financial distress for a large sample of German corporations. He studies distress-induced changes in ownership and control, success factors in distressed equity infusions, and firms' choice between in- and out-of-court debt restructurings. Moreover, he conducts a survival analysis to examine the determinants of survival, acquisition, and bankruptcy as alternative paths to exit financial distress. He includes both the firm perspective as well as the market valuations of the undertaken restructurings and, where applicable, relates the findings to the microstructure of Germany's revised bankruptcy legislation.

Finance --- financiën

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Especially small cooperative banks and savings banks are confronted with hostile takeovers, lack of success in the retail market, an unfavourable cost income ratio, and the resulting challenges. Against this background, corporate evaluation is of increasing importance for German banks. Svend Reuse's analysis of the theoretical status quo of corporate evaluation in the German banking sector shows that only the earnings value method, the equity approach and the multiplier method are useful in this context. The results of his empirical study demonstrate that many banks do not implement shareholder value in practice, but favour periodic variables for their management. Based on the results of the study, the author presents a new model to quantify the value of German banks. Finally, he offers solutions to the problem that banks do not interlink the evaluation of their own value with a value-oriented management process.

Finance --- financiën

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Not only have the global financial crisis, a changing regulatory environment, increasing competitive pressure, and changes in customer behavior created an overall difficult environment for banking institutions, but they have also increased the pressure on their sales performance. Based on the results of 300 interviews with sales executives of banks in Germany, Florian Mueller empirically investigates how retail, private, and corporate banking institutions need to set up their sales management control strategy in accordance to their specific environment, business strategy, and organizational characteristics in order to increase performance.

Finance --- financiën

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Handling the large orders of institutional participants presents some of the most complex problems for system design. How well are our current systems operating, and how effective are new facilities on the scene? To what extent is market quality impaired for all participants when institutional trading costs are not properly contained? Can institutional order flow be efficiently integrated with the orders of retail customers, or are separate facilities needed? What are the impediments to market structure change, and how might they best be overcome? These are some of the questions addressed, and in so doing, Coping With Institutional Order Flow considers major ways in which to improve the efficiency of our equity markets.

Finance --- financiën