Prof. Dr. Malte Brettel

Philipp Bell develops a mathematical diffusion model for system-effect technologies building on the specific prerequisites needed for an adequate representation of their unique characteristics. He shows that descriptive fit and forecasting validity of his model, numerically as well as graphically, are generally greatly superior to even the most flexible traditional models.

Christian Kuhn explores the impact of institutional buyouts (IBOs) characteristics on the transaction's capital structure and examines the robustness of established theories in a context which deviates substantially from most empirical studies. With regard to capital structure theories the identified relationships suggest a renaissance of the static trade-off theory while the relevance of the agency theory could only be confirmed in part. However, it appears that agency cost of debt assume a more influential role than do agency cost of equity.

Degenhard Meier explores the dimensions of post-investment value addition characterizing the interaction between private equity firms and their portfolio companies and derives plausible hypotheses which he tests in an innovative way, i.e. he takes the current discussion on alternative methods to structural equation modeling as a basis and develops this discussion further by shedding light on partial least squares - a variance-based approach to structural equation modeling.

Auf der Basis des Resource-based View zeigt Alexander Friedrich, dass Lead-Investoren solche Syndikatspartner praferieren, die eine gute Reputation, ausreichend Kapital sowie ein grosses Beziehungsnetzwerk innerhalb und ausserhalb der Private-Equity-Branche besitzen, sich aber nicht in die operative Beziehung zum gemeinsamen Portfoliounternehmen einmischen.

Equity carveouts (ECOs) as an instrument of financing and reorganization have increased in popularity: In 1999/2000, more than 40% of German IPO volume is accounted for by equity carveouts. Prominent examples are the carveout of Infineon (Siemens) and of T-Online (Deutsche Telekom). However, activity has decreased since the boom year 2000, and in 2002 and 2003 not a single ECO has taken place. In 2004, the planned ECO of Hapag-Lloyd was cancelled, and Deutsche Telekom even bought back T-Online. Thus, in practice there is no clear verdict on ECOs as instruments of financing and reorganization. The academic literature has been occupied with the subject for 15 to 20 years, but with heterogeneous results: Some contributions lack stringent theoretical foundations, coupled with effective empirical analysis, others limit their scope to the short-term effect of ECOs. Consequently, the overall effect of ECOs on firm valuation still remains unclear. The present thesis by Lukas Junker attempts to answer exactly this question. It analyzes the effects of ECOs on firm valuation (holding company as well as subsidiary).

Auf der Basis des Stakeholder-Ansatzes entwirft Anna Lena Peitsch ein strategisches Managementmodell fur Regionen in folgenden Schritten: Abgrenzung der regionalen Stakeholder von anderen Umweltgruppen, Auflistung und Charakterisierung aller regionalen Stakeholder, Entwicklung von Massnahmen fur ein erfolgreiches Stakeholder-Management und Integration der Erkenntnisse in den strategischen Programmplanungsprozess einer Region.