Corporate Finance in der Praxis. The authors present all core aspects of Corporate Finance: M&A, Private Equity, Acquisition Financing, IPO, and Going Private. Furthermore, the techniques Due Diligence and Valuation are scrutinised. The book includes various case studies, which help to get a practical understanding and apply the techniques in the user ́s day-to-day business. Investment bankers, lawyers, accountants, experts working in strategic departments, consultants, shareholders, management professionals, professors, and students seeking in-depth knowledge of Corporate Finance will profit from the book`s practice oriented approach. The information supplement includes - for students: samples of final written examinations - for professors: Excel solutions for the final written examinations as well as a course syllabus - for business professionals: a fully integrated Excel valuation model covering all spreadsheets analyzed in the valuation section of this book The authors Dr. Dr. Dietmar Ernst is Professor for International Finance at Nürtingen University (Germany) and Director of the German Institute of Corporate Finance. Dr. Dr. Joachim Häcker is Professor for Finance at Munich University, the University of Louisville (USA), as well as Director of the German Institute of Corporate Finance.
Die Autoren bieten einen anwendungsorientierten Leitfaden zu den zentralen Themenkomplexen Financial Modeling Standards, Model Review, Investition und Finanzierung, Corporate Finance, Portfolio Management sowie Derivate. Zwei Kapitel zu Financial Modeling Excel® und VBA® komplettieren das finanzwirtschaftliche Know-how. Der Kurscharakter des Buches und die praxisnahen Beispiele ermöglichen ein schnelles und interaktives Lernen. Als Nachschlagewerk leistet der Band auch Praktikern wertvolle Dienste. In der 2. Auflage überarbeitet und erweitert. Mit Downloadmaterial auf myBook+.
This book provides a comprehensive introduction to modern financial modeling using Excel, VBA, standards of financial modeling and model review. It offers guidance on essential modeling concepts around the four core financial activities in the modern financial industry today: financial management; corporate finance; portfolio management and financial derivatives. Written in a highly practical, market focused manner, it gives step-by-step guidance on modeling practical problems in a structured manner. Quick and interactive learning is assured due to the structure as a training course which includes applied examples that are easy to follow. All applied examples contained in the book can be reproduced step by step with the help of the Excel files. The content of this book serves as the foundation for the training course Certified Financial Modeler. In an industry that is becoming increasingly complex, financial modeling is a key skill for practitioners across all key sectors of finance and banking, where complicated problems often need to be solved quickly and clearly. This book will equip readers with the basic modeling skills required across the industry today.
This book provides the statistical basis for quantitative risk management by presenting and explaining the most important distributions. Distributions describe the occurrence and impact of a risk. They are a prerequisite for risk aggregation, risk analysis and risk assessment as required by the German revision standards IDW PS 340, StaRUG and FISG. This book portrays the distributions that are fundamental for enterprise risk management and shows when and how they are used. These include the Bernoulli distribution, the binomial distribution, the Poisson distribution, the uniform distribution, the triangular distribution, the PERT distribution, the modified PERT distribution, the trapezoidal distribution, the custom distribution, the normal distribution, the lognormal distribution, the Weibull distribution, the expert distribution, the poly distribution and the compound distribution. Furthermore, the book explains how the parameterisation of the distributions can be done via expert estimates or algorithmic calibration.
Options and futures are among the most important tools in todays financial world. While the book focuses on the contracts traded on derivatives exchange, options and futures, we will also scrutinize the OTC-markets and exotic deals. Due to its didactic overall set-up, this book serves as both, a manual for practitioners and a classical textbook for students.
Mergers & acquisitions are an essential instrument of strategic corporate management for companies of all sizes. The success of an M&A project highly depends on an optimal transaction preparation, fast execution and the experience of all parties involved. Due to numerous endogenous and exogenous influences, no two M&A transactions are alike at the detailed level. This book is designed as a practical M&A guide for students and professionals alike. In addition to dealing with important basics of mergers & acquisitions, the focus is on a structured and in-depth examination of the individual process steps of a typical company sale. At various points in this book, specific differences between a company sale of medium-sized companies (mid-caps) and large companies (large-caps) are discussed in detail.
This comprehensive textbook gives an insight into all relevant aspects of business administration, as they are all subject to fundamental changes due to the transformation to a more sustainable economy. It starts with the background on sustainability and the scientific classification of sustainable business administration. Next, it sheds light on the boundary conditions regarding environmental economics and social responsibility. The next section deals with management functions, from strategy and international management to change management, legal implications and HR management. The last part focuses on value creation. Here, the authors shed light on the influence of sustainability in all areas of the corporate value chain, from procurement on to production and ending with marketing and sales. Also addressed are expert functions such as environmental management or sustainable product design, which are essential in driving sustainable innovation in a dynamically changing environment.
Financial Engineering ist eines der spannendsten Gebiete einer Investment- und Großbank. Dabei fließen viele Fachbereiche zusammen. Das Buch "Financial Engineering" zeigt die einzelnen Strategien, Bewertungen, das Risikocontrolling und den Financial Engineeringprozess auf und geht dabei explizit auf die verwendeten Derivate sowie die eingesetzten Kombinationsstrategien ein.
It is the aim of this book to train and educate financial experts, investment bankers, traders, financial advisors and natural scientists who are active in financial engineering. Financial engineering is a necessary skill in many sectors of financial industry. Knowledge of financial engineering improves career opportunities for financial experts and opens doors to new and highly interesting employment opportunities. The book comes with numerous Excel and VBA models and can be used as the basis for a training course. "Financial Engineering" is a valuable resource of information for all participants in the financial markets. It is the standard textbook for the program Certified Financial Engineer (CFE) by the EIFD in cooperation with Deutsche B�rse Group. What distinguishes this book from other textbooks is the ease of reading complimented by pronounced technical insights into otherwise complex financial products. It contains lots of very accessible and useful information and is a must read for all market participants, who are aiming to understand the concepts behind derivatives and their applications in increasingly structured products. Hermann-Josef Lamberti, Mitglied des Vorstands Deutsche Bank AG Financial Engineering is one of the most interesting and challenging fields in finance. Experts in the field need a thorough education. The institutes aims are excellent. I wish you every success. John C. Hull Professor f�r Derivate und Risikomanagement an der Rotman School of Management der University of Toronto
In 1916 a meeting of artists, writers, émigrés and opposition figures took place in the Cabaret Voltaire in Zurich. Under the shadow of the First World War, this was the starting point for the dissemination of the artistic and literary style known as Dadaism.
Every thinking corporeal living being of the higher spiritual order on habitable planets, including the people from planet earth, determine for themselves what and how much they want to own and how they decide, think and act, also practically to realize. This happens out of free decision and will formation. However, everyone bears responsibility for it alone! Not a so-called divine figure in heaven and certainly not the others.
How can smart technology open up new design opportunities – for the design, the execution, and the operation of buildings and for the digitalization of construction? A hitherto unusual conception of the building as a cybernetic architectural system forms the basis of this integrated design approach. The authors – architects and engineers with extensive design experience – contribute an overview of current technical components of automation and communication systems, as well as a summary of relevant laws, standards, and guidelines. Six example projects demonstrate completed applications at different scales, from a single-family residence to office buildings, and through to the Elbphilharmonie concert hall – amply illustrated in text, drawings, and photos.
The German 'Blitz' that followed the Battle of Britain killed tens of thousands and laid waste to large areas of many British cities. And although the destruction of 1940-1 was never repeated on the same scale, fears that Hitler possessed a secret weapon of mass destruction never entirely died, and were partially realized in the VI and V2 raids of 1944-5. The British and American response to the 'Blitz', especially from 1943 onwards, was massive and incomparably more devastating - with apocalyptic consequences for German cities such as Hamburg, Dresden, and Berlin, to name but the most prominent. In this ground-breaking new book, German historian Dietmar Süss investigates the effects of the bombing on both Britain and Nazi Germany, showing how these two very different societies sought to withstand the onslaught and keep up morale amidst the material devastation and psychological trauma that was visited upon them. And, as he reflects in the conclusion, this is not a story that is safely confined to the past: the debate over the rights and the wrongs of the mass bombing of British and German cities during World War II remains a highly emotional subject even today.
The GDR in the seventies. Many leading politicians live in luxury. The Stasi and the police with the appropriate facilities ensure fear, terror and violence, worse than the inquisition in the middle Ages. Denunciation of people among one another flourishes in all colors, the mass of the people makes unrestrained use of the national wealth and increasingly refuses to work. Two young people fall in love and want to spend their life together in a country where they are free from political constraints. What the two have to experience and suffer on this very dangerous path is hell and horror itself.
The quote comes from Francis Bacon: We must not narrow the universe in order to adapt it to the limits of our imagination, as man has so far used to do. Rather, we have to expand our knowledge so that it can grasp the picture of the universe. Everything material is finite in time in its different existence. This is true without exception! Only the spiritual exists forever. The physical basis for this is the law of conservation of energy, which unequivocally expresses that energy, in whatever form, can neither be generated nor destroyed. Energetic procedural thought processes are a procedural component of energy and energy exists forever!
The FRG in the middle of Europe has been experiencing peace, prosperity and freedom of thought for many years. What one cannot say about the other part of Germany, the GDR. She is not directly at war, but the country is equipped for its size and mentally attuned to war, worse than a great power. The social condition of the population is even more deplorable. There is a lack of everything people need, and those who want to change something peacefully, or want to leave the country in desperation, are either inhumanly imprisoned, tortured and tormented, or killed, tattered or seriously injured by self-firing systems, minefields and volleys from submachine guns mutilated.
What drives the vast majority of people to devote themselves to the maximum satisfaction of elementary basic needs and to do so with great zeal? By this I mean eating, drinking, sleeping and reproducing of their own kind. And that with an almost limitless extensive effort. Even knowing that their livelihood is based on planet earth, and that this, as a closed system, cannot physically adapt to the increasing consumption of resources, such behavior is more than just strange. From this observation alone, they would have to come to the conclusion that a person has nothing in common with a monkey and nothing in common either. If humans behaved like monkeys, one would not have to worry about the planet earth in its physical and biological wholeness, or about its living beings of the most diverse kinds. In any case, they don't behave like monkeys. That cannot be overlooked. So what drives many people, besides the greed for power and money, to such reprehensible behavior?
In seinem Notizbuch fängt der Schriftsteller und Journalist Dietmar Dath zehn persönliche Momente über die Kunst und das Leben ein. Es geht um Beziehungen zwischen Menschen, ihren Umgang miteinander, um Kommunikation, Freundschaft, Liebe, Kunst und Kritik. Zu den Protagonisten gehören ein Mauswiesel, Daths Tochter, der Vater und die Freundin Mareike. Am Ende verdichtet sich der anfänglich vom im Kühlschrank lebenden Mauswiesel niedergelegte Gedanke zur Erkenntnis: »Das Nichtfertigwerden blüht in der Kunst als eine Form des Gelingens, es bedingt keine Fehlschläge. Das liegt daran, dass die Kunst dazu da ist, Zwecke zu erfinden, nicht dazu, sie zu erreichen. Man feiert und bespricht die Eröffnung einer Ausstellung, über die Schließung schweigt man sich aus.« Der Autor und Übersetzer Dietmar Dath (*1970) ist Redakteur bei der Frankfurter Allgemeinen Zeitung; er lebt in Frankfurt/Main, Freiburg und Leipzig. Sprache: Deutsch/Englisch
An ambitious vision for design based on the premise that data is material, not abstract. Data analysis and visualization are crucial tools in today's society, and digital representations have steadily become the default. Yet, more and more often, we find that citizen scientists, environmental activists, and forensic amateurs are using analog methods to present evidence of pollution, climate change, and the spread of disinformation. In this illuminating book, Dietmar Offenhuber presents a model for these practices, a model to make data generation accountable: autographic design. Autographic refers to the notion that every event inscribes itself in countless ways. Think of a sundial, for example—a perfectly autographic device that displays information on itself. Inspired by such post-digital practices of visualization and evidence construction, Offenhuber describes an approach to visualization based on the premise that data is a material entity rather than an abstract representation. Emerson wrote, “Every act of the man inscribes itself in the memories of his fellows, and in his own manners and face.” In Autographic Design, Offenhuber introduces a model for design that emphasizes traces, imprints, and self-inscriptions, turning them into sensory displays. In an age where misinformation is harder and harder to identify, Autographic Design makes an urgent and persuasive case for a different approach that calls attention to the production of data and its connection to the material world.
What happened before the big bang? How did the smallest building blocks of life and matter develop? Do thinking corporeal beings of the higher spiritual order, for example humans, have an ego-consciousness on the basis of the law of conservation of energy? Where does the cycle of cosmic life close? Is there a purpose why the universal world exists in its entirety? And for the fact that it is set up as it is? Is there such a thing as god or gods? As they are called on some habitable planets? And if so, what should we know about him or her? Are they possibly a product of spiritual fantasy of thinking, physical beings of the higher spiritual order as a means of developing and maintaining power? What distinguishes the species of thinking corporeal beings of the higher spiritual order? Is there such a thing as the spiritual, especially a fundamental difference between spirit and matter?
The New Testament is a book of great significance in Western culture yet is often inaccessible to students because the modern world differs so significantly from the ancient Mediterranean one in which it was written. It is imperative to develop a cross-cultural understanding of the values of the ancient Mediterranean society from which the New Testament arose in order to fully appreciate the documents and the communities that they represent. Dietmar Neufeld and Richard E. DeMaris bring together biblical scholars with expertise in the social sciences to develop interpretative models for understanding such values as collectivism, kinship, memory, ethnicity, and honour, and to demonstrate how to apply these models to the New Testament texts. Kinship is illuminated by analysis of the Holy Family as well as to early Christian organisations; gender through a study of Paul’s view of women; and landscape and spatiality through a discussion of Jesus of Nazareth. This book is the ideal companion to study of the New Testament.
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