This home assignment deals with the question whether family firm “Mittelstandsanleihen” perform better than bonds from the same segment issued by non-family firms. This central issue is accompanied by the clarification of potential reasons for a possible superiority. After providing background information about family firms, small-and-medium-sized companies and corporate bonds, a small study on the most relevant German bond exchanges is presented. The result of the study supports an educated guess in favour for the family firms. Despite of positive robustness tests, the sole performance driven assessment should be enriched with additional creditworthiness data in further studies.
Inhaltsverzeichnis (Table of Contents)
- 1. Introduction
- 2. Family Firms
- 2.1 Definition
- 2.2 Economic Relevance and Characteristics
- 3. German Mittelstand
- 3.1 Definition
- 4. Corporate Bonds
- 4.1 Conceptual Insights
- 4.2 SMEs and Corporate Bonds
- 4.3 Drivers of Performance and Risks
- 5. Performance Analysis
- 5.1 Assumptions and Methodology
- 5.2 Review of the Result
- 5.3 Assessment of the Results' Robustness
- 5.4 Summary
- 6. Discussion of the Result and Critical Appraisal
- 7. Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This research investigates whether family firm "Mittelstandsanleihen" (corporate bonds issued by German small and medium-sized enterprises) perform better than bonds from the same segment issued by non-family firms. The analysis seeks to understand potential reasons for any observed superiority.
- Characteristics of family firms and their impact on corporate bond performance
- The role of the German Mittelstand in the bond market
- Factors influencing performance and risk in corporate bonds
- Analysis of German bond market data to assess performance differences
- Evaluation of the robustness of the findings and identification of potential limitations
Zusammenfassung der Kapitel (Chapter Summaries)
The research begins with an introduction, defining key terms and outlining the research question. It then delves into the characteristics of family firms, highlighting their economic relevance and distinguishing features. The paper moves on to define the German Mittelstand and its importance in the German economy. The concept of corporate bonds is then explored, examining its relevance for SMEs and identifying key drivers of performance and risk. A performance analysis follows, outlining the methodology and assumptions used in the study. The results are then reviewed, and the robustness of the findings is assessed. The final section of the paper offers a discussion of the results and concludes with an overall evaluation of the research.
Schlüsselwörter (Keywords)
Family firms, Mittelstandsanleihen, corporate bonds, SME finance, bond performance, risk analysis, German bond market, robustness testing.
- Quote paper
- Martin Wendt (Author), 2014, Do Family Firm Mittelstandsanleihen (convertible bonds) perform better?, Munich, GRIN Verlag, https://www.grin.com/document/280810
