Faktormodelle und Kapitalkosten (Factor Models and the Cost of Capital) (German Edition)

Prof. Dr. Schiereck

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In the ZEP programme the emphasis is put on: Balance that was carried out for the first time in 20 years after introduction of the first priority educational zone, which is funded from state budget about milliard a year , realised defeat of this huge project. They are somehow closed — via architecture blocks of flats that create a circle , and have poor reputation because of gangs which are created by young people who cannot find perspective for themselves in the legally regulated reality.

However, in the s, when the immigration consisted of qualified workers, technician and middle class people, the housing estate, that are talked about, had their golden age; also French middle class: At the beginnings of the s the flow away can be observed. The immigrants and Frenchs whose children finished school education moved away as a result of new tide of immigrants from Arabic countries who flooded in masses to the housing estates.

Flats were turned into social places and only families who cannot leave them because of financial problems stayed there Zanten, , p. Multiculturalism is a coexistence of cultures that is possible among others by the adherence of all minor cultures to the culture prevailing in a given country Wenta-Mielcarek, , the problem begins when the minor cultures are not interested to any extent in membership into prevailing culture. Despite all efforts made by government and policy the ZEP schools stray from normal institutions because the fact of teaching children in immigrant area itself does not help in their integration with the rest of society and does not equalize their opportunities in respect of others.

The children out of school do not usually hear the language of the country they live in. Immigrants, especially Muslims, have assimilating problems, they do not fit into cultural canon of country they live in. Children form social families while observing French peers realize how much their lives diverge from lives of average French family. These children create their image on the basis of clothes — most of them wear clothes of well-known brands, the Lacoste rules among them.

Another important element is membership to the group. Sociology - Children and Youth. English - Pedagogy, Didactics, Literature Studies. English Language and Literature Studies - Linguistics. Review of Quantitative Finance and Accounting, 47 4 pp. Betriebswirtschaftliche Forschung und Praxis, 5 1 ff..

Betriebswirtschaftliche Forschung und Praxis, 3 ff.. Zum langfristigen Erfolg der Investitionspolitik kommunaler Energieversorgungsunternehmen im Zuge der Energiewende.

Are stock markets efficient in the face of fear? Evidence from the terrorist attacks in Paris and Brussels. Finance Research Letters, 18 pp. Value creation by block acquisitions and the importance of block owner identity. Finance Research Letters, 17 pp. The bond event study methodology since Review of Quantitative Finance and Accounting, 48 3 pp. The sensitivity of VPIN to the choice of trade classification algorithm. Corporate Finance, 7 pp. Klassische Rente versus Entnahmeplan. Springer, Heidelberg , pp.

Perspektivwechsel in der Beratung der Zielgruppe 50plus. A look at EMH. Indian Journal of Applied Research, 5 3 pp. Wealth Creation of Mergers in Downturn Markets. Journal of Management Control, 26 4 pp. International Journal of Energy Sector Management, 9 2 pp. Spekulation am Terminmarkt und die Preisentwicklung von Agrarrohstoffen am Kassamarkt: Journal of Asset Management, 16 pp.

Die Bank, 55 8 pp. De Gruyter Oldenbourg, Berlin , pp. Der Halloween-Effekt am deutschen Aktienmarkt. Wirtschaftswissenschaftliches Studium WiSt , 44 10 pp.

Zacharias, Nicolas ; Six, B. Journal of Business Research, 68 11 pp. How Critical is Equity Capital? Journal of Business and Management, 4 1 pp. ISSN - [Artikel] , Regulation of uncovered sovereign credit default swaps — evidence from the European Union. The Journal of Risk Finance, 16 4 pp. The Journal of Fixed Income, 24 4 pp.

Evidenz von 12 Kontinentalmeisterschaften. Betriebswirtschaftliche Forschung und Praxis, 66 4 pp. Performance of bank mergers and acquisitions: Management Review Quarterly, 64 1 pp. Journal of Economics and Finance, 38 1 pp. Perspektiven der deutschen Solarindustrie aus der Sicht von branchenerfahrenen Finanzanalysten. Energietransformation, dezentrale Erzeugungsprobleme und Finanzierung der Solarindustrie.

Peter Lang, Frankfurt am Main , pp. Projektfinanzierung von solarthermischen Kraftwerken. Clean technologies in German economic literature: Review of Managerial Science, 8 1 pp. Returns on large stock price declines and increases in the South African stock market: International Journal of Automotive Technology and Management, 14 1 pp. Die Unternehmung, 68 1 pp. Werteffekte auf die Leerverkaufsrestriktion bei Finanztiteln in Deutschland.

Evidenz aus dem weltweiten Agrarsektor. Kredit und Kapital, 47 4 pp.

Evidence for the Construction Industry. Review of Managerial Science, 8 3 pp. Dokumentenprocessing in der deutschen Finanzindustrie. Dokumentenlogistik — Theorie und Praxis. Springer Vieweg, Berlin , pp. International Journal of Energy Sector Management, 8 2 pp. Shareholder Activism in Deutschland — Eine Bestandsaufnahme. Corporate Finance, 5 1 pp. Wirtschaftswissenschaftliches Studium WiSt , 43 pp. A study of US-American and German utility takeovers. International Journal of Economics, 1 1 pp.

Konsolidierung und Privatisierung im deutschen Krankenhausmarkt. Corporate Finance, 5 3 pp. Die Aktiengesellschaft, 59 12 RR Die Aktiengesellschaft, 59 9 R Optimierung der Verbraucherknoten und finanzwirtschaftliche Herausforderungen der Energiewende.

Consultation

Wellenbrecher auf dem Weg zur Energiewende? Hinrichsen, Anna ; Likholat, D. Ahsen, Anette von ; Fraunhoffer, R. Status Quo und Potentiale. Bankhistorisches Archiv, 39 2 pp. Effizienzperspektiven aus der Rekommunalisierung der deutschen Energieversorgung. Does vertical diversification create superior value?

Evidence from the construction industry. Schmalenbach Business Review, 65 2 pp. Review of Managerial Science, 7 3 pp. Jahrbuch des Unternehmenskaufs Entflechtung und Rekommunalisierung von netzgebundenen Infrastrukturen. Refinanzierungsherausforderungen der Sparkassen und das Potenzial von Pfandbriefemissionen: Erkenntnisse einer ersten Umfrage unter Instituten.

Business Strategy and the Environment, 23 6 pp. Journal of Asset Management, 14 2 pp. Kredit und Kapital, 46 1 pp. The Journal of the Iberoamerican Academy of Management, 11 2 pp. Behavioral Finance und Anlageberatung. Praxis der modernen Anlageberatung. Immobilien und Finanzierung — Der langfristige Kredit, 64 8 pp. Erfolgsfaktoren bei der Platzierung von Mittelstandsanleihen.

Springer Gabler, Wiesbaden , pp. Credit and Capital Markets, 46 4 pp. Die Bank, 53 1 pp. Problems and Perspectives in Management, 11 4 pp. Die Wirtschaftsinformatik, 55 6 pp. Mittelstandsanleihen — Hype oder Zukunftsmodell? Corporate Finance biz, 4 4 pp. Corporate Finance biz, 4 8 pp. Kapitalanlagen in der Landwirtschaft - Rendite und Risiko. Asia Pacific Journal of Applied Finance, 5 1 pp. Corporate Finance biz, 3 2 pp. Journal of Corporate Finance, 18 2 pp. A Note on Market Efficiency.

Journal of Economics and Finance, 36 2 pp. Real Estate Merger Motives: An Analytical Review of the Literatur. Journal of Real Estate Literature, 20 1 pp. International Journal of Economics and Research, 3 3 pp.

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Wirtschaftswissenschaftliches Studium WiSt , 61 11 ff. Die Bank, 52 6 pp. Corporate Finance biz, 3 3 pp. Corporate Finance biz, 3 6 pp. Bankhistorisches Archiv, 38 1 pp. Consolidation and Communication in European Energy Markets. International Journal of Energy Sector Management, 6 4 pp. Problems and Perspectives in Management, 10 2 pp. A note on stock liquidity effects. Journal of Empirical Finance, 19 5 pp. Anpassung und Lehren aus der Finanzkrise. Mobile Payment - ein Zahlungsmittel mit Zukunft in Deutschland?

Wirtschaftswissenschaftliches Studium WiSt , 42 4 pp. A Performance Comparison for the Fashion Industry. Die Betriebswirtschaft, 72 3 pp. Journal of Economics and Finance 36 pp.

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Der Betrieb, 65 51 pp. Synergy disclosure in the European energy sector. Relevance of CDO rating downgrades on the bank's share price. Cambridge Scholars Publishing, Newcastle upon Tyne , pp. Oelger, Mehtap ; Schiereck, D. International Journal of Economics and Research, 2 3 pp. International Bank Acquisitions by Financial Sponsors. Zum langfristigen Kapitalmarkterfolg von Bankakquisitionen in Europa. Diversification aims at reducing and ideally vanishing idiosyncratic risk, which is the risk that is peculiar to a stock [11].

But in modern asset management an asset has to be seen and evaluated in portfolio context [12]. In a diversified portfolio, the idiosyncratic risk can in general be neglected [13]. On account of this, the investor is not entitled to a risk premium for bearing idiosyncratic risk [14]. But the total risk consists of two forms of risk, the already discussed idiosyncratic risk specific risk and the systematic risk market risk [15].

Market risk is associated with market-wide variations, hence it reflects macro events [17]. For instance, changes in the interest rate, government spending, oil prices, foreign exchange rates and other macroeconomic events will affect almost all companies in the market [18]. Consequently, this risk can't be diversified away and is therefore the only kind of risk that is in portfolio context entitled to a risk premium [19]. Since the vulnerability of a company towards those factors is not diversifiable, it implies that an asset earns a systematic risk premium for each risk-factor beta-factor it is exposed to [20].

Solely these factors should be essential to explain and forecast portfolio returns. The literature contains research of a variety of possible risk factors, e. The Fama-French Model and the modifications of it are representatives of the Arbitrage Pricing Theory, which includes not only one but several systematic risk factors to explain excess returns [25].

It states that the only relevant risk for assets is the systematic risk, since investors can diversify idiosyncratic risk [27]. On account of this, the expected return of an asset in the CAPM is based on its systematic risk and the risk-free rate [28]. In particular, systematic risk in the CAPM is measured by one factor, the sensitivity of an asset to the market [29]. This approach is premised on the basic thought that some stocks are more affected by fluctuations of the market than other stocks and thus have a higher systematic risk [30].

Hence, risk depends on the exposure of assets to macroeconomic events [31]. This sensitivity to macroeconomic events of an asset or stock is measured in comparison to the market and defined as beta [32]. In technical terms, this means that beta is the covariance of the stock and the market, divided by the variance of the market [33]. A beta of zero means that an asset or portfolio has no sensitivity to the market and no market risk [34]. On the other hand, a beta of one states that the asset is moving exactly with the market [35].

Accordingly, an asset with a beta greater one is expected to react overproportionally to the market aggressive stock and with a beta of less than one underproportionally [36]. Since a higher beta represents higher systematic risk, it leads to a higher return in comparison to an asset or portfolio with lower beta [37].

Again, the relationship between the risk of an investment and its return is a positive relationship. In the CAPM this relationship exists between the systematic risk beta and the return [38]. The corresponding equation of the SML is [40]:. The formula describes that the expected excess return of an asset or portfolio i at time t Abbildung in dieser Leseprobe nicht enthalten is determined by an alpha-factor Abbildung in dieser Leseprobe nicht enthalten and beta times the excess return of the market at t compared to the risk free rate.

The term Abbildung in dieser Leseprobe nicht enthalten thereby refers to the market risk premium at time t, which multiplied by beta yields the systematic risk premium [41]. It should be noted that the expectation of the alpha-factor is zero, if the CAPM holds. On account of this, the CAPM can explain and predict the expected excess return on the individual stock related to the expected excess return of the market portfolio [42].

This can be used for e.

Before continuing with the depiction of the other two models, the author wants to stress, that the CAPM as any model is based on simplification with makes the model to simple to capture reality [46]. Returns have repeatedly been observed that were not explainable by CAPM and can therefore be regarded as anomalies [47].

Although earlier research was in favor of the CAPM, anomalies that have been observed in the classical CAPM were taken as evidence against the model [48]. Nevertheless, it will often also lead to a constant alpha. Jensen defined this alpha as the average excess return that is earned above the excess return of an asset with a comparable risk [49]. Since only beta should have explanatory power concerning the excess return, this fact is not explained by the classical CAPM [50].

Other anomalies were found concerning the spread of average returns, e. A further point of critique was made by Roll , who claimed that the relationship between beta and the return of an asset or portfolio depends on the chosen market portfolio [53]. Since the critique is suggesting that the single factor model CAPM is not sufficient to model and forecast returns, a multi-factor could also be exploited [54].

French model of special classes at the lower secondary school level – SEGPA classes

The Arbitrage Pricing Theory states that systematic risk is of multidimensional character and is therefore dependent on different economic risk factors [55]. Fama and French added to the beta factor two additional factors that shall have a relationship to the return of an asset or portfolio [56]. Moreover, the return also appeared to be dependent on the book-to-market value [58].

The difference between the small cap portfolios to the big cap ones is abbreviated SMB and the difference between the high book-to-market to the low book-to-market is called HML [60].

The equation for the TFM on excess returns can be illustrated in the following way [61]:. It states that the expected excess return at a point t Abbildung in dieser Leseprobe nicht enthalten can be determined by a constant Abbildung in dieser Leseprobe nicht enthalten and the return on the market, SMB and HML multiplied by the respective sensitivity of the asset or portfolio to those factors. This implies that an asset earns a systematic risk premium for each beta-factor it is exposed to [62]. Each beta-coefficient depends on the sensitivity of an asset to the specified systematic risk factor.

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