Konvergenz des internen und externen Rechnungswesens

For almost two decades, the convergence of financial and management accounting systems has been intensively discussed in German literature. This issue is occasionally considered a theory-practice-gap that appears problematic for an application-oriented science such as accounting research. This paper includes a systematic analysis and critical assessment of the discussion in German-speaking journals as well as doctoral and habilitation theses. Findings suggest that a ??partial convergence?? of the IFRS-earnings statement and management control systems is both accepted by academics and implemented in German corporations. However, existing empirical research faces several limitations arising the question if the developments in corporate practice have been adequately described and sufficiently analyzed. In this context, the paper highlights avenues for future research.     

Coaching- und Beratungsanliegen von Hochschullehrenden

In the last few years, there has been an increase in coaching and training for teaching staff at institutions of higher education??universities and colleges??to provide them with the skills to develop their roles and meet professional demands upon them. These services are usually provided by the institution??s own human resource department or external higher education institutions with teaching services. This article focuses on the typical concerns of the target group of lecturers teaching at academic institutions about teaching and the higher education system. It has been structured chronologically, to provide a frame of reference for coaching and guidance counseling services and serves as a guideline for such services in general.     

Coaching von Unternehmern Erfahrungen und Wirkungen

Coaching of owner-entrepreneurs — experiences and effectsThe author argues that the kind of coaching which owner-entrepreneurs require differs in fundamental ways from the kind of coaching for hired top managers. The difference is rooted in the higher level of complexity of the decision problems of owner-entrepreneurs, which needs to be reflected in a more complex approach chosen by the coach. In this context, the ability to make himself better understood by others turns out to be a very essential key capacity which some owner-entrepreneurs lack and which a qualified coach can help them to regain.     

Produktdesign und Semi-Statische Absicherung von Turbo-Zertifikaten

Zusammenfassung  Turbo-Zertifikate geh?ren derzeit zu den beliebtesten strukturierten Produkten für Privatanleger. Sie lassen sich als Spezialformen von Barrier-Optionen auffassen. In Bezug auf das Produktdesign ist das Verh?ltnis von Kursschranke und Basispreis von Bedeutung. Unter Ausnutzung der Put-Call-Symmetrie wird gezeigt, dass eine geeignete Wahl der Ausstattungsmerkmale dem Emittenten eine semi-statische überabsicherung in Standard-Optionen erm?glicht, die bezüglich einer ganzen Modellklasse gültig ist. Im Gegensatz zu der in der Praxis g?ngigen Preisstellung kann eine Absicherung der Zahlungsverpflichtungen im Allgemeinen nicht unabh?ngig von der Volatilit?t erfolgen.

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Product design and semi-static hedging of turbo-certificates

Summary  Turbo-Certificates are one of the most popular structured equity products for private investors in Germany. They can be regarded as special forms of barrier options. For the design of these products, the relation between the barrier level and the strike price is especially important. By using the put-call-symmetry, we show that by a certain choice of these parameters, the issuer is able to obtain an almost static (super-) hedge in standard option contracts which is valid for a general class of models. It turns out that in contrast to the pricing rule which is often used in practice, the issuer can neither hedge a single certificate nor a portfolio of certificates independent of the volatility.

     

Pensionsverpflichtungen: Ansammlungs- und Gleichverteilungsverfahren und die Prognose von Residualgewinnen

Assuming an infinite forecast horizon, residual earnings valuations provide in theory identical results independent of the accounting methods used. In practice however there is used a detailed planning period, covering a few years, after which simple growth models are applied. How suitable residual earnings are for the use in such a simple growth model, is substantially dependent on the nature of the accounting. Thereby the accounting obtains an impact on the valuation and accordingly on the length of the detailed planning period, necessary for an accurate valuation. In this paper these contexts are analyzed using the example of pension obligations. The amount of the pension obligations and the resulting residual earnings are substantially affected by the distribution method used. Concerning the two most important distribution methods, the projected unit credit and the projected benefit valuation method, it is analyzed in which way these methods respond to changes of the value structure-i. e. a modification of the amount of the pension-and to changes of the quantity structure-i. e. a modification of the number of employees within the pension plan. In particular it is examined which period of time both methods need-after a surprising change of the value or quantity structure-to generate residual earnings, which allow a valuation of the pension obligations with a simple growth model.     

Coaching im Dilemma von Psychopolitik und Selbstbefreiung

In this article the concept of “psychopolitics” will be applied on coaching. It describes a form of government and power in neoliberalism. The basic principle relies on influencing a person’s psyche to the point of motivating them to self-optimize in the interest of economic logic of utilization. The philosophical and sociological literature on the topic criticizes and questions coaching as it is seen as an instrument of psychopolitics. The article describes the concept of psychopolitics. It discusses to what extent coaching is either used as a means of self-optimizing, or self-liberation. Questions and courses of action will be clarified with the help of a case example.     

Die systematische Entstehung von versicherungsmathematischen Gewinnen und Verlusten bei der Bewertung von Pensionsverpflichtungen

The accounting for pension obligations is based upon numerous parameters, whose future developments must be forecasted for valuation purposes. If the actual realizations of theses parameters deviate from their original estimations there are generated so-called actuarial gains and losses. IAS 19 provides three alternative accounting treatments with respect to these actuarial gains and losses. In particular the equity and the corridor approach, both frequently used in practice, implicitly assume that the actuarial gains and losses offset each other in the long run. However different studies have demonstrated by using the Monte-Carlo-Simulation-technique that this long-term offset is not assured. But those studies do not propose a rationale for the observed generation of systematic actuarial gains and losses. The present paper provides an analytic rationale for the systematic appearance of actuarial gains and losses and comes to the following conclusion: The long-term offset of actuarial gains and losses is assured only if the parameters that must be estimated for valuation purposes are independent. However if there is an interdependence between those parameters, which seems to be a sound assumption in reality, the offset of actuarial gains and losses is not given. In case of a positive correlation actuarial losses are generated on a systematic basis, whereas a negative correlation results in actuarial gains.     

Erfolgsfaktoren bei der Integration von Coaching und Entwicklungsprogrammen

Success factors for the integration of coaching and development programs This article describes possible ways to combine coaching and development programs for managers, that are based on the author’s practical experience. Such a combination can lead to a more intense and more sustainable competence growth than each individual approach. Both coaching and development program benefit from a combination. Adequately, a high level of integration is desirable. Such an integration will be successful if the structure of the program allows for embedding, special characteristics of the target group are considered, non-threatening labels are used, and the coaches/trainers are able to build a coherent bridge between the single elements.     

Coaching von Schlaganfallpatienten Ein integratives Beratungs- und Trainingskonzept

Coaching of patients after apoplexy — an integrative model of counselling and trainingIn contrast to common assessments of medical professionals, improvements in rehabilitation of patients after an apoplexy are possible even after a greater time interval. The progresses are small, but they improve gradually the quality of life of the patients. The author presents an integrative model of counselling and training for this clientele, in order to accompany the way of the patients to a successful professional rehabilitation and to a new conduct of life.     

Diesseits von Coaching und Mentoring: Kollegiale Praxisberatung

Zusammenfassung  Die Methode der kollegialen Beratung eignet sich gut für Menschen in Organisationen, die vor der Herausforderung stehen, ihr Prozesswissen in neuen, unbekannten Kontexten anzuwenden. Schnelligkeit und konkreter Praxisbezug sind dabei wesentliche Faktoren für eine akzeptierte Lernform. In diesem Artikel wird eine Anpassung der Grundmethode der kollegialen Beratung, die kollegiale Praxisberatung, vorgestellt, die diese Anforderung der Praktiker erfüllt. Die dabei auftretenden Prozesswirkungen und Lernerfahrungen werden anhand zweier Praxisbeispiele aus der Industrie illustriert und Chancen sowie Grenzen der Methode diskutiert.

Kapitalmarktorientierte Unternehmensbewertung bei asymmetrischer Besteuerung von Soll- und Habenzinsen

Drukarczyk and Lobe argue that the value of a company depends on individual preferences for leveraged or unleveraged companies if debt and credit interest rates after personal taxes differ. Consequentially they derive two preference-dependent valuation formulas. Based on these results an increasing amount of literature proposing preference-dependent valuation formulas emerged. We claim that this has to be viewed critically. In order to show that even in a world of different debt and credit interest rates after personal taxes a market value can be determined we develop a new version of the Tax CAPM. Based on this model the market value of leveraged and unleveraged companies is derived. Finally we show that the corresponding valuation function significantly differs from the preference-dependent valuation formulas.     

Scham und Schamlosigkeit und ihre Bedeutung für das Coaching von Führungskräften

Shame and shamelessness and its significance in coaching of managersIn contemporary times identity can be understood in terms of a ?patchwork identity“ or ?flexible self“. This paper (article) aims to establish the manner in which the ?flowing self“ deals with shame. It is necessary to revisit the topic of narcissism within the contemporary human being. The author examines possible shame-based conflicts in holders of leadership positions and the manner in which these maybe dealt with, for instance within the framework of dynamic coaching situations.     

Instrumentarien zur Vermeidung und Lösung von Gesellschafterkonflikten in Familienunternehmen

A resolution to conflicts between the participators of family businesses can hardly be achieved by implementing the common judicial methods of conflict resolution. The duplicity of the relationships between the persons involved necessitates modifications of the instruments of conflict resolution. This paper gives a review of methods suitable for avoiding and resolving conflicts between the participators of family businesses.