Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
Tytuł artykułu

Earn-outs to bridge gap between negotiation parties – curse or blessing?

Treść / Zawartość
Warianty tytułu
Języki publikacji
An agreement upon the terms of company transactions is aggravated by the existence of differ-ent information levels concerning the negotiation parties; this can be seen as a basic cause for divergent price expectations. Hence, the question is how the existing differences in price expectations of the transaction parties can be handled to reach a consensus, even when there is no area of agreement in the initial round of negotiations. Earn-outs are an interesting approach in overcoming divergent price expectations by making the purchase price dependent on the future performance of the company. However, formulating and implementing earn-outs may have a substantial potential for conflict. The present contribution shows which advantages and disadvantages the transaction parties face if an agreement regarding earn-outs is made.
Opis fizyczny
Bibliogr. 48 poz.
  • Fern-Universität in Hagen, Chair of Business Administration, esp. Investment Theory and Business Valuation
  • Fern-Universität in Hagen, Chair of Business Administration, esp. Investment Theory and Business Valuation
  • [1] Akerlof, G.A. (1970) ‘The Market for “Lemons”: Quality Uncertainty and the Market Mechanism’, Quarterly Journal of Economics, vol. 84(3), pp. 488–500.
  • [2] Baums, T. (1993) ‘Ergebnisabhängige Preisvereinbarungen in Unternehmenskaufverträgen („earn-outs“)’, Der Betrieb, vol. 46(25), pp. 1273–1276.
  • [4] Behringer, S. (2004) ‘Earn-out-Klauseln bei Unternehmensakquisitionen’, Unternehmensbewertung und Management, vol. 2(7), pp. 245–250.
  • [5] Black, F. and Scholes, M. (1973) ‘The Pricing of Options and Corporate Liabilities’, Journal of Political Economy, vol. 81(3), pp. 637–654.
  • [6] Borowicz, F., Heiß, D. and Schuster, M. (2009) ‘Kaufpreisfixierung bei M&A – Ein hinderliches Kräftemessen?’, Mergers & Acquisitions Review, vol. 20(2), pp. 77–84.
  • [7] Cain, M.D., Denis, D.J. and Denis, D.K. (2011) ‘Earnouts: A study of Financial Contracting in Acquisition Agreements’, Journal of Accounting and Economics, vol. 51(1/2), pp. 151–170.
  • [8] Caselli, S., Gatti, S. and Visconti, M. (2006) ‘Managing M&A Risk with Collars, Earn-outs, and CVRs’, Journal of Applied Corporate Finance, vol. 18(4), pp. 91–104.
  • [9] Coff, R.W. (1999) ‘How Buyers Cope with Uncertainty when Acquiring Firms in Knowledge-Intensive Industries: Caveat Emptor’, Organization Science, vol. 10(2), pp. 144–161.
  • [10] Cox, J.C., Ross, S.A. and Rubinstein, M. (1979) ‘Option pricing: A Simplified Approach’, Journal of Financial Economics, vol. 7(3), pp. 229–263.
  • [11] Craig, B. and Smith, A. (2003) ‘The Art of Earnouts’, Strategic Finance, vol. 84, June, pp. 44–47.
  • [12] Crasselt, N. and Lukas, E. (2008) ‘M&A-Transaktionen mit Earn-out-Vereinbarungen: Ermittlung der bilanziellen Anschaffungskosten nach IFRS 3’, Zeitschrift für Internationale und kapitalmarktorientierte Rechnungslegung, vol. 8(12), pp. 728–735.
  • [13] Damodaran, A. (2011) Applied Corporate Finance, 3rd edition, Hoboken, NJ: Wiley.
  • [14] Datar, S., Frankel, R. and Wolfson, M. (2001) ‘Earnouts: The Effect of Adverse Selection and Agency Costs on Acquisition Techniques’, Journal of Law, Economics and Organization, vol. 17(1), pp. 201–238.
  • [15] Del Roccili, J.A. and Fuhr, J.P. Jr. (2001) ‘The Pros and Cons of Earnouts’, Journal of Financial Service Professionals, vol. 56(6), pp. 88–93.
  • [16] Ewelt-Knauer, C., Knauer, T. and Pex, S. (2011) ‘Ausgestaltung und Einsatzbereiche von Earn-Outs in Unternehmenskaufverträgen’, Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung, vol. 63(4), pp. 371–400.
  • [17] Frankel, M.E.S. (2005) ‘Save That Deal Using Earn-Outs’, The Journal of Corporate Accounting & Finance, vol. 16(2), pp. 21–25.
  • [18] Gordon, M.J. (1959) ‘Dividends, Earnings, and Stock Prices’, Review of Economics and Statistics, vol. 41(2), pp. 99–105.
  • [19] Gundersen, M.J. (2005) ‘Seller Beware’, Business Law Today, vol. 14(4), pp. 1–3.
  • [20] Heimann, C., Timmreck, C. and Lukas, E. (2012) ‘Ist der Einsatz von Earnouts durch deutsche Käuferunternehmen erfolgreich?’, Corporate Finance biz, vol. 3(1), pp. 17–23.
  • [21] Hering, T. and Toll, C. (2015) ‘Application of Alternative Valuation Formulas for a Company Sale’, Global Economy and Finance Journal, vol. 8(2), pp. 14–30.
  • [22] Hering, T., Toll, C. and Kirilova, P.K. (2014a) ‘How to Compute a Decisionoriented Business Value for a Company Sale’, Journal of Accounting, Finance and Economics, vol. 4(1), pp. 43–52.
  • [23] Hering, T., Toll, C. and Kirilova, P.K. (2014b) ‘Acquiring a Company: Assessing the Maximum Affordable Price’, World Review of Business Research, vol. 4(3), pp. 35–44.
  • [24] Hering, T., Toll, C. and Kirilova, P.K. (2015a) ‘Selling a Company: Assessing the Minimum Demandable Price’, Global Review of Accounting and Finance, vol. 6(1), pp. 19–26.
  • [25] Hering, T., Toll, C. and Kirilova, P.K. (2015b) ‘Business Valuation for a Company Purchase: Application of Valuation Formulas’, International Review of Business Research Papers, vol. 11(1), pp. 1–10.
  • [26] Hering, T., Toll, C. and Kirilova, P.K. (2016) ‘Assessing the Maximum Expendable Quota for a Milestone Financing Provided by a Venture Capitalist’, International Journal of Entrepreneurial Venturing, vol. 8(1), pp. 102–117.
  • [27] Hilgard, M.C. (2010) ‘Earn-Out-Klauseln beim Unternehmenskauf’, Betriebs-Berater, vol. 65(48), pp. 2912–2919.
  • [28] Ihlau, S. and Gödecke, S. (2010) ‘Earn-Out-Klauseln als Instrument für die erfolgreiche Umsetzung von Unternehmenstransaktionen’, Betriebs-Berater, vol. 65(12), pp. 687–691.
  • [29] Jensen, M.C. and Meckling, W.H. (1976) ‘Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure’, Journal of Financial Economics, vol. 3(4), pp. 305–360.
  • [30] Knauer, T. and Pex, S. (2011) ‘Earn-Outs’, Die Betriebswirtschaft, vol. 70(4), pp. 401–405.
  • [31] Kohers, N. and Ang, J. (2000) ‘Earnouts in Mergers: Agreeing to Disagree and Agreeing to Stay’, The Journal of Business, vol. 73(3), pp. 445–476.
  • [32] Koller, T., Goedhart, M.H. and Wessels, D. (2010) Valuation, 5th edition, Hoboken, NJ: Wiley.
  • [33] Lintner, J. (1965) ‘The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets’, Review of Economics and Statistics, vol. 47(1), pp. 13–37.
  • [34] Mantecon, T. (2009) ‘Mitigating Risks in Cross-Border Acquisitions’, Journal of Banking & Finance, vol. 33(4), pp. 640–651.
  • [35] Markowitz, H. (1952) ‘Portfolio Selection’, Journal of Finance, vol. 7(1), pp. 77–91.
  • [36] Meuli, H.M. (1996) Earn-Out-Methode als Instrument der Preisgestaltung bei Unternehmensverkäufen, Zürich: Treuhand Kammer.
  • [37] Modigliani, F. and Miller, M.H. (1958) ‘Corporate Income Taxes and the Cost of Capital: A Correction’, American Economic Review, vol. 53(3), pp. 433–443.
  • [38] Mossin, J. (1966) ‘Equilibrium in a Capital Asset Market’, Econometrica, vol. 34(4), pp. 768–783.
  • [39] Ragozzino, R. and Reuer, J.J. (2009) ‘Contingent Earnouts in Acquisitions of Privately Held Targets’, Journal of Management, vol. 35(4), pp. 857–879.
  • [40] Rappaport, A. (1981) ‘Selecting Strategies that Create Shareholder Value’, Harvard Business Review, vol. 59(3), pp. 139–149.
  • [41] Reuer, J.J., Shenkar, O. and Ragozzino, R. (2004) ‘Mitigating Risk in International Mergers and Acquisitions: The Role of Contingent Payouts’, Journal of International Business Studies, vol. 35(1), pp. 19–32.
  • [42] Sharpe, W.F. (1964) ‘Capital asset prices: a theory of market equilibrium under conditions of risk’, Journal of Finance, vol. 19(3), pp. 425–442.
  • [43] Tallau, C. (2009a) ‘Bewertung von Earn-Out-Klauseln im Rahmen von Unternehmenstransaktionen’, Finanz-Betrieb, vol. 11(1), pp. 8–14.
  • [44] Tallau, C. (2009b) ‘Optionsbasierte Bewertung von Earn out-Vereinbarungen’, Mergers & Acquisitions Review, vol. 20(8/9), pp. 376–382.
  • [45] Tallau, C. (2010) ‘The Value of Earn-Out Provisions: An Option-Based Approach’, Business Valuation Review, vol. 28(4), pp. 174–180.
  • [46] Toll, C. and Rolinck, J.P. (2014) ‘Earn-out-Klauseln zur Überwindung divergierender Erfolgserwartungen – Fluch oder Segen?’, Mergers & Acquisitions Review, vol. 25(4), pp. 154–159.
  • [47] Weiser, M.F. (2004) ‘Die Earnout-Methode zur Überwindung divergierender Werteinschätzungen im Rahmen von M&A-Transaktionen’, Mergers & Acquisitions Review, vol. 15(12), pp. 512–518.
  • [48] Ziegler, A. (2016) ‘Ausgestaltung von Earn-Out-Klauseln in Unternehmenskaufverträgen – Praktische Hinweise zur Vertragsgestaltung’, Mergers & Acquisitions Review, vol. 27(6), pp. 226–231.
Typ dokumentu
Identyfikator YADDA
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.