Im Arbeitsbericht wurden die wesentlichen Kapitalbestandteile der Bank vorgestellt. Durchdas Bankenaufsichtsrecht entstehen bei Kern- und Ergänzungskapital haftende Eigenkapitalformen,die bilanziell aber wie Fremdkapital wirken. Dies führt zu einer Erweiterung desWACC im Bankenrahmen. Hinzu...

The paper deals with the evaluation of Collateralized Debt Obligations forinvestment purposes. CDOs are classified in the asset backed environment. Itsspecific risks (market, timing, recovery, agency) are discussed. To understand theportfolio aspect, the concept of the diversity score is...

Merger and acquisition activities can have a strong impact on the capital structure ofthe companies involved and therefore on the value of debt. This paper discusses therole of covenants within debt contracts. Using the Real Option approach to quantifythe implications of covenants on the value...