Otto-von-Guericke-Universität Magdeburg

 
 
 
 
 
 
 
 

Corporate Finance

Contact: Prof. Dr. Elmar Lukas, Chair in Financial Management and Innovation Finance

The strong link of the Energy sector to the financial markets makes it an excellent research domain for capital market driven decision-making. Thus, our research aims to guide decision-making in the context of contracting of green supply chains or to investigate different support scheme whether or not they foster investment in eco-efficient technologies.

Selected Publications
Welling, A. The Paradox Effects of Uncertainty and Flexibility on Investment in Renewables under Governmental Support. European Journal of Operational Research, Vol. 251, No. 3, pp. 1016-1028, 2016.
Lukas, E., Welling, A., Timing and Eco(nomic) Efficiency of Climate-Friendly Investments in Supply Chains. European Journal of Operational Research, Vol. 233, No. 2, pp. 448-457, 2014.

Contact: Prof. Dr. Elmar Lukas, Chair in Financial Management and Innovation Finance

Over the last decades, the Theory of Corporate Finance has significantly profited from bridging capital budgeting with financial option pricing theory. While the majority of problems deal with a single firm, our research aims to link game theory and real option theory. Examples include venture-capital contracting or investment stimulus policies of governments. Moreover, we are interested how technological uncertainty and product life-cycles affect the timing and sizing of investments.

Selected Publications
Lukas, E., Mölls, S., Welling, A. Venture Capital, Staged Financing and Optimal Funding Policies under Uncertainty. European Journal of Operational Research, Vol. 250, No. 1, pp. 305-313, 2016.
Welling, A., Lukas, E., Kupfer, S. Investment timing under political ambiguity. Journal of Business Economics (ZfB), Vol. 85, No. 9, pp. 977-1010, 2015.
Lukas, E., Welling, A., On the Investment-Uncertainty Relationship: A game-theoretic Real Option Approach. Finance Research Letters, Vol. 11, No. 1, pp. 25-35, 2014.

Contact: Prof. Dr. Elmar Lukas, Chair in Financial Management and Innovation Finance

Merger and Acquisition are an important means by which firms grow. Up to date, however, it is not clear what drives e.g. high premiums paid, which payment to choose or how to mitigate moral hazard and information asymmetry. Our research aims to model the decision making process in the post and pre-acquisition phase by means of dynamic game theory and to provide answer to open research question and to give guidance how to structure such M&A deals.

Selected Publications
Lukas, E., Heimann, C., Technological-induced Information Asymmetry, M&As and Earnouts: Stock market Evidence from Germany. Applied Financial Economics, Vol. 24, No. 7, pp. 481-493, 2014.
Lukas, E., Reuer, J. J., Welling, A., Earnouts in Mergers and Acquisitions: A game-theoretic Option Pricing Approach. European Journal of Operational Research, Vol. 223, No. 1, pp. 256-263, 2012.
Lukas, E., Welling, A., Negotiating M&As under Uncertainty: The Influence of Managerial Flexibility on the First-Mover Advantage. Finance Research Letters, Vol. 9, No. 1, pp. 29-35, 2012.

Letzte Änderung: 31.01.2017 - Contact Person: Webmaster