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Earnout deals are expected to protect acquirers from overpayment as information asymmetries are reduced and the final purchase price is partly based on the future performance of the target. Various scholars have investigated the perception of earnout deals by capital markets revealing significant abnormal returns. Those studies are focused mostly on the Anglo-Saxon countries and China leveraging a pre-COVID datasets. Hence, this study aims at investigating capital market reaction to earnout deals in Continental Europe covering the timeline of 2012 to 2022. Our results indicate that earnout deals in Continental Europe outperform non-earnout deals and are especially beneficial in times of high uncertainty.
The new bond on the block
(2024)
Over the last decade, the green bond market experienced strong growth rates fueled by the need to combat climate change. However, the discourse on enhancing the effectiveness of green bonds primarily revolves around regulatory measures, often overlooking the possibility of designing inherent incentives. We show that a green bond with a coupon structure positively related to the carbon price development stimulates (early) investment in an emission-reducing project and creates higher net present values (NPVs) when applied in project financing. In our simulation-based framework, we model carbon prices using a geometric Brownian motion, and create a general optimal stopping time problem regarding the start of the project. The green bond in our setting carries the risk of default, also mitigated by its carbon price-linked coupon structure.
Im Rahmen des Zert-Ex Projektes verantwortet die HHL als einer der Verbundpartner die wissenschaftliche Erhebung des Kompetenzbedarfs von Mitarbeitenden im digitalen Transformationsprozess. Die ermittelten Kompetenzen sind Grundlage der inhaltlichen Ausgestaltung des innovativen Zert-Ex-Lehrgangs. Die Kompetenzbedarfsanalyse bezieht explizit die Perspektiven von Personalverantwortlichen, Führungskräften und anderen lehrgangsrelevanten Mitarbeitenden ein. Die Erhebungen werden in ganz Deutschland durchgeführt, und es wird versucht, mögliche regionale Unterschiede zu erfassen. Um den sich stetig – und vor allem schnell – wandelnden Anforderungen im Rahmen der digitalen Transformation gerecht zu werden, werden die benötigten Kompetenzen dynamisch in regelmäßigen Abständen (2x pro Jahr) erfasst. Innerhalb dieses iterativen Prozesses ist es der Anspruch der HHL, im weiteren Sinne, die „Echtzeiterfassung“ des Kompetenzbedarfs zu ermöglichen, auf deren Basis die Lehrgänge ausgestaltet und feinjustiert werden können.
Panacea for M&A dealmaking?
(2023)
We survey 129 investors from private equity firms, investment banks, corporate M&A and other M&A-related roles about their perception of earnouts. The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts.
The introduction of ChatGPT in November 2022 by OpenAI has stimulated substantial discourse on the implementation of artificial intelligence (AI) in various domains such as academia, business, and society at large. Although AI has been utilized in numerous areas for several years, the emergence of generative AI (GAI) applications such as ChatGPT, Jasper, or DALL-E are considered a breakthrough for the acceleration of AI technology due to their ease of use, intuitive interface, and performance. With GAI, it is possible to create a variety of content such as texts, images, audio, code, and even videos. This creates a variety of implications for businesses requiring a deeper examination, including an influence on business model innovation (BMI). Therefore, this study provides a BMI perspective on GAI with two primary contributions: (1) The development of six comprehensive propositions outlining the impact of GAI on businesses, and (2) the discussion of three industry examples, specifically software engineering, healthcare, and financial services. This study employs a qualitative content analysis using a scoping review methodology, drawing from a wide-ranging sample of 513 data points. These include academic publications, company reports, and public information such as press releases, news articles, interviews, and podcasts. The study thus contributes to the growing academic discourse in management research concerning AI’s potential impact and offers practical insights into how to utilize this technology to develop new or improve existing business models.
Im Rahmen des Zert-Ex Projektes verantwortet die HHL als einer der Verbundpartner die wissenschaftliche Erhebung des Kompetenzbedarfs von Mitarbeitenden im digitalen Transformationsprozess. Die ermittelten Kompetenzen sind Grundlage der inhaltlichen Ausgestaltung des innovativen Zert-Ex-Lehrgangs. Die Kompetenzbedarfsanalyse bezieht explizit die Perspektiven von Personalverantwortlichen, Führungskräften und anderen lehrgangsrelevanten Mitarbeitenden ein. Die Erhebungen werden in ganz Deutschland durchgeführt, und es wird versucht, mögliche regionale Unterschiede zu erfassen. Um den sich stetig – und vor allem schnell – wandelnden Anforderungen im Rahmen der digitalen Transformation gerecht zu werden, werden die benötigten Kompetenzen dynamisch in regelmäßigen Abständen (2x pro Jahr) erfasst. Innerhalb dieses iterativen Prozesses ist es der Anspruch der HHL, im weiteren Sinne, die „Echtzeiterfassung“ des Kompetenzbedarfs zu ermöglichen, auf deren Basis die Lehrgänge ausgestaltet und feinjustiert werden können.
IDE’s (Integrated Development Environments) are powerful tools to support the development process and help to write better and cleaner code. However, most IDEs aim with their support on the development of monolithic software. For the development of distributed systems like a microservices-based system, there is a lack of IDE support for e.g. inter-service communication via REST. This means through the string-based communication used during REST, the IDE is not able to support with autocompletion, syntax highlighting or type checking. To solve this issue, we introduce an IDE plugin called SIARest (Software Interface Analyser), based on the LSP (Language Server Protocol), which gives additional support during the development of distributed microservice-based systems, in a monorepo environment.
Im Rahmen des Zert-Ex Projektes verantwortet die HHL als einer der Verbundpartner die wissenschaftliche Erhebung des Kompetenzbedarfs von Mitarbeitenden im digitalen Transformationsprozess. Die ermittelten Kompetenzen sind Grundlage der inhaltlichen Ausgestaltung des innovativen Zert-Ex-Lehrgangs. Die Kompetenzbedarfsanalyse bezieht explizit die Perspektiven von Personalverantwortlichen, Führungskräften und anderen lehrgangsrelevanten Mitarbeitenden ein. Die Erhebungen werden in ganz Deutschland durchgeführt, und es wird versucht, mögliche regionale Unterschiede zu erfassen. Um den sich stetig – und vor allem schnell – wandelnden Anforderungen im Rahmen der digitalen Transformation gerecht zu werden, werden die benötigten Kompetenzen dynamisch in regelmäßigen Abständen (2x pro Jahr) erfasst. Innerhalb dieses iterativen Prozesses ist es der Anspruch der HHL, im weiteren Sinne, die „Echtzeiterfassung“ des Kompetenzbedarfs zu ermöglichen, auf deren Basis die Lehrgänge ausgestaltet und feinjustiert werden können.
Same same but different
(2023)
Venture capital (VC) often involves complex equity contracts with so-called preferential rights affecting the allocation of exit proceeds among different share classes and investors. We structure exit-relevant preferential rights in a two-dimensional framework and develop a contingent claims model that allows for ex-ante valuation of separate shareholdings. The model generates insights on the valuation effects of varying setups in VC financing and indicates considerable mispricing potential of VC investments when applying commonly used heuristics such as the most recent funding round. Applying the model to a sample of ventures indicated an average ’overvaluation’ on a per-share basis of 26.7%, with common stocks and early-stage investments being the most affected. In addition, our analysis provides different implications regarding the effects of preferential right structuring for early and late stage investors.