klobucnik jan (5 Ergebnisse)

Zustand: very good. Gut/Very good: Buch bzw. Schutzumschlag mit wenigen Gebrauchsspuren an Einband, Schutzumschlag oder Seiten. / Describes a book or dust jacket that does show some signs of wear on either the binding, dust jacket or pages.

Taschenbuch. Zustand: Neu. Druck auf Anfrage Neuware - Printed after ordering - Diploma Thesis from the year 2010 in the subject Economics - Statistics and Methods, grade: 1,3, University of Tubingen, language: English, abstract: Rating agencies play an important role on the capital markets; however, during the financial crisis 2007-2009 people began to question how good their assessments of credit quality really are. In my study, I empirically examine the effect of rating announcements from Standard & Poor's on the Credit Default Swap (CDS) Market. It contributes to the field of rating agencies' performance measurement. Based on Event Study Methodology and recent CDS data, I detect virtually no significant abnormal spreadchange at the announcement date neither for downgrades nor upgrades. However, the CDS show some anticipation prior to the event especially for downgradings. Considering the rating date, I find evidence for an asymmetric reaction where downgrades cause stronger movement in the spreads. As a result, it seems as if rating changes do not convey a great part of new information to the markets. At the same time, the significant anticipation indicates that the CDS market processes information more efficiently.

Taschenbuch. Zustand: Neu. Do Rating Announcements convey new Information? | An Event Study on Credit Default Swap Spreads | Jan Klobucnik | Taschenbuch | 60 S. | Englisch | 2010 | GRIN Verlag | EAN 9783640662449 | Verantwortliche Person für die EU: GRIN Publishing GmbH, Waltherstr. 23, 80337 München, info[at]grin[dot]com | Anbieter: preigu.

Taschenbuch. Zustand: Neu. Druck auf Anfrage Neuware - Printed after ordering - Doctoral Thesis / Dissertation from the year 2013 in the subject Economics - Finance, grade: summa cum laude, University of Cologne, language: English, abstract: The contribution of this study is manifold and relevant for academics and practitioners alike. It adds to the literature in the fields of corporate finance, financial accounting and stochastic modeling. In particular, this dissertation provides answers to the following questions: given the less efficient markets, can specialists as financial analysts provide additional information, which contain investment value How can the true value of a company be determined with publicly available data and can discrepancies between fundamental and market values be exploited Finally, is it possible to assess the firm's financial health and its likelihood of failure several years into the future Adressing these questions, the study first illustrates the company valuation assessment by financial analysts as summarized in their target prices and the information processing by analysts and investors in detail. Second, this thesis offers a novel empirical implementation of a model for fundamental company valuation that employs accounting data. In this context it demonstrates severe over- and undervaluation from a fundamental perspective in the U.S. technology sector over the last 20 years. Both the analysts' company valuation captured by their target prices and the implementation of the fundamental company valuation model translate into significant investment value before and after transaction costs, which supports the notion of non-efficient markets. Finally, one major contribution is to evaluate a new approach for bankruptcy prediction that is based on stochastic processes. It is theoretically appealing and performs better especially for longer forecast horizons than standard methods.

Taschenbuch. Zustand: Neu. Company Valuation and Bankruptcy Prediction | Forecasting of Companies' Future Performance Through Analyst Assessments and Stochastic Modeling | Jan Klobucnik | Taschenbuch | 156 S. | Englisch | 2013 | GRIN Verlag | EAN 9783656544531 | Verantwortliche Person für die EU: GRIN Publishing GmbH, Waltherstr. 23, 80337 München, info[at]grin[dot]com | Anbieter: preigu.