Rendite und Kapitalkosten

Zusammenfassung  Zur Bewertung von Investitionsprojekten mit mehrperiodigen Zahlungen werden die erwarteten Zahlungen mit geeigneten Kapitalkosten diskontiert. In dieser Arbeit wird gezeigt, dass die erwarteten einperiodigen Renditen nur unter bestimmten Annahmen die geeigneten Kapitalkosten darstellen. Wenn zwischen den einperiodigen Renditen Autokorrelation auftritt, ist ein zus?tzlicher Korrekturterm bei der Ermittlung der Kapitalkosten zu berücksichtigen. Im Falle unkorrelierter Renditen entspricht der stochastische Prozess der Renditen dem Prozess der Risikoaufl?sung.

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Summary  In this paper it is argued that the discount rates used for the computation of the present values of an investment project with cash-flows to be realized over several years have to be adjusted when the one-period returns of the investment project are autocorrelated. The formula of the correct discount rate is deduced. In the case of uncorrelated returns of the investment, the stochastic process of the returns and of the cost of capital are closely related to the process of the arrival of information over time.

Ich danke zwei anonymen Gutachtern für wertvolle Verbesserungsvorschl?ge an einer früheren Version des Aufsatzes sowie dem Verein zur F?rderung der Zusammenarbeit zwischen Lehre und Praxis am Finanzplatz Hannover e.V. für seine Unterstützung.     

Die Bedeutung von Coaching für die Identitätsentwicklung von Führungskräften

The significance of coaching to the identity development of managers The author discusses the difficulties of managers to conceive their professional identity. Regarding the background of modern organization structures in ?our postmodern times“, they are demanded to define their roles again and again by themselves. Traditional concepts of identity, like those formulated by the psychoanalysis, nowadays are obsolete. The approaches of the symbolic interactionism are much more applying to the actual demands of ?identity work“ of managers. Coaching, that integrates procedures of dramatherapy, is thereby capable to support the development of a suitable management identity.     

Interne und externe Coachings in Unternehmen

When organizations employ coaching as an instrument for personnel development, the question arises whether they should opt to engage internal or external consultants. In a first step, this article identifies the characteristics of internal and external coaches by means of a series of criteria. It then goes on to discuss the factors which influence the suitability of choice between an internal or external coach at the level of the organization, in terms of the coachee and in terms of the coach. It becomes apparent that there is a situational consideration of the advantages and disadvantages. The article concludes with an actual example which demonstrates possibilities to combine the advantages of internal and external coaching.     

Gedanken zur Gestaltung einer professionellen Beratungsausbildung

Considerations on the design of a professional education of counselorsSome of the recently published articles about supervision-professionalizing are reflecting only sociological or psychological conceptions in order to describe and analyze professionality. In this article the authors discuss some of the mostly neglected points of view out of pedagogic and microsociologic professionalization-research (professional self, researching attitude). The existing requests of competence for supervisors are examined in order to test their teaching ability. Furthermore the content designs and didactic strategies for future counselor’s education are considered.