Current scientific publications

Honold, Dirk / Fülbier, Rolf Uwe / Weese, Andreas (2016): Zukunftspotenziale aus Kapitalmarktsicht - Marktwert-Buchwert-Gegenwartswert-Lücke am Beispiel der DAX-Unternehmen. In: Corporate Finance, 7-8/2016, p. 249 – 264.

Ivens, B./Stemmermann, K./Leisching, A. (2016): Preiscontrolling in der Unternehmenspraxis. In: Becker, W./Ulrich, P. (Ed.), Handbuch Controlling, Wiesbaden 2016, p. 181-197.

Honold, Dirk (Ed.) (2015): Special issue: Finanzierung von Innovation und Wachstum. In: Corporate Finance, 6/2015, p. 183 – 230.
Description: This special issue deals with previously little known financing models for innovation and growth, with experts from theory and practice providing insights into the subject area from a strategic, economic, legal, accounting and tax perspective. Most of the papers are based on presentations from the “Neue Finanzierungsformen für Innovation und Wachstum” (New forms of financing for innovation and growth) symposium that was held in Munich in March 2015.

Honold, Dirk (2015): Neue Formen der Eigenkapitalfinanzierung für Innovation & Wachstum – Strukturen, Risiko und Kapitalkosten. In: Corporate Finance, 6/2015, p. 197 – 205.
Abstract: This paper deals with innovative options for financing growth projects with equity capital, with a focus on structure from the company's perspective and its effects on risk and capital costs, taking into account the preservation of the company's independence. Minority shareholdings, special purpose vehicles (SPV) and a financing model involving a VC fund are presented, analysed and compared.

Honold, Dirk (2014): Wagniskapitalfinanzierung durch den High-Tech-Gründerfonds (HTGF) – Analyse der ökonomischen Terms des Standard-Finanzierungsvertrags bis zum Exit. In: Corporate Finance, 5/2014, p. 220 – 236.
Abstract: This paper deals with the financing of young, innovative companies by High-Tech Gründerfonds (HTGF) and venture capital investors, focusing on HTGF's standardized set of agreements and cashflow-related special rights in the form of anti-dilution clauses and liquidation preferences, which can be found in many venture capital investment contracts. The goal is to analyse in particular the monetary effects of the investment conditions of HTGF and the VC investors in order to derive recommendations for action and to raise the awareness of all parties, especially founders.

Wunder, T. / Stemmermann, K. (2013): Strategisches Management und Führungskultur. Warum auch die besten Strategieprozesse manchmal scheitern. In: SEM | Radar Zeitschrift für Systemdenken und Entscheidungsfindung im Management, Vol. 12 (2013), No. 2, p. 105-143.

Honold, Dirk / Oed, Toni (2012): Quote oder Sonderrechte: Durch geschickte Positionierung bei den Vertragsverhandlungen zum erfolgreichen Exit. In: Günther, Ute / Kirchhof, Roland: Leitfaden für Business Angels, Munich p.174 – 177.
Abstract: This paper presents the pay-off between shareholding and special rights in the form of liquidation preferences. An example is used to show when a higher shareholding with no special rights or a lower shareholding including liquidation preferences for business angels prove to be advantageous on exit.

Current practice-based projects

Henneberg, S./Ivens, B./Stemmermann, K.: SME expert forum – Profitabilität durch gezieltes Preismanagement sichern. In: BayernLB’s “Mittelpunkt” magazine for SMEs 1.2014, p.37 et seq.

Henneberg, S./Ivens, B./Stemmermann, K.: SME expert forum – Auf Erfolgskurs mit strategischem Management. In: BayernLB’s “Mittelpunkt” magazine for SMEs 4.2013, p.26 et seq.

Henneberg, S./Ivens, B./Stemmermann, K.: SME expert forum – Die Zutaten für Erfolgsrezepte. In: BayernLB’s “Mittelpunkt” magazine for SMEs 3.2013, p.28 et seq.