Klaus Spremann

Die Bedeutung von Versicherungen und Einrichtungen kapitalgebundener Altersvorsorge für unsere Gesellschaft ist immens und nimmt weiter zu. Es ist deshalb äußerst wichtig, dass die Institutionen , die die Altersvorsorge tragen, auf einer gesunden wirtschaftlichen Basis stehen. Zur Zeit ist dies durch die Entwicklung an den Kapitalmärkten, die Deregulierung bei höherem Wettbewerb und den Rückgang des Zinsniveaus bei unverändert hohen Leistungsgarantien nicht der Fall. Die Versicherungen sind in erhebliche Schwierigkeiten geraten und müssen nach Wegen suchen, diese zu überwinden. Hierzu müssen sie sich innerhalb des strategischen Dreiecks (Werte schaffen, Risiken managen und Kunden gewinnen) klar positionieren. Der Schlüssel liegt in einer integrierten Sicht des Versicherungswesens aus der Perspektive moderner Finanzwirtschaft. Das Buch zeigt Versicherungen Wege, die kapitalmarktbasierten Methoden und Instrumente als Chance aufzugreifen und für eine klare Positionierung und eine berechenbare Zukunft zu nutzen.

Werte schaffen, Risiken managen, Kunden gewinnen

Versicherungen im Umbruch

Guido Eilenberger

Sascha Haghani

Alfred Kötzle

Kurt Reding

Strategic corporate finance? This sounds like a paradox at first. After all, corporate finance means responding to the financial markets. Strategy, on the other hand, aims to change and shape the environment in the long term. Lately, though, more and more managers and investors appear to be breaking the laws of the capital market. At the same time, corporations are discovering new ways to not just react to the capital markets, but to actively shape them. The authors show that these violations are not isolated occurrences, but part of a paradigm shift. If companies want to stay successful in changing markets, they have to take a strategic approach to corporate finance. The authors use practical examples to demonstrate how this can be achieved. This book is intended not only for corporate finance experts, but also for students interested in the latest developments on the financial markets.

A Strategic Perspective

Current Challenges for Corporate Finance

Günter Bamberg

Agency Theory is a new branch of economics which focusses on the roles of information and of incentives when individuals cooperate with respect to the utilisation of resources. Basic approaches are coming from microeco nomic theory as well as from risk analysis. Among the broad variety of ap plications are: the many designs of contractual arrangements, organiza tions, and institutions as well as the manifold aspects of the separation of ownership and control so fundamental for business finance. After some twenty years of intensive research in the field of information economics it might be timely to present the most basic issues, questions, models, and applications. This volume Agency Theory, Information, and Incentives offers introductory surveys as well as results of individual rese arch that seem to shape that field of information economics appropriately. Some 30 authors were invited to present their subjects in such a way that students could easily become acquainted with the main ideas of informa tion economics. So the aim of Agency Theory, Information, and Incentives is to introduce students at an intermediate level and to accompany their work in classes on microeconomics, information economics, organization, management theory, and business finance. The topics selected form the eight sections of the book: 1. Agency Theory and Risk Sharing 2. Information and Incentives 3. Capital Markets and Moral Hazard 4. Financial Contracting and Dividends 5. External Accounting and Auditing 6. Coordination in Groups 7. Property Rights and Fairness 8. Agency Costs.

Klaus Spremann

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