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I therefore will concentrate on those aspects of market failure theory that may show the strengths and limitations of CVM and that may have an impact on public cultural policy. There are plenty of theories about what would lead to a market failure or what would ensure something that could be called an Optimum Optimorum within a particular market. One of the most important categories for that optimum is that there is a complete and free transparency according to preferences of consumers, property rights, price and quality and also internalised external effects.

But indirectly also the willingness to accept a certain amount of X, paying a given price. Producer surplus on a short time point of view is defined as the added up difference between the Marginal Revenues or the current market price and the Marginal Costs that would arise if the production or the supply expanded. A market that is about to fail.

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All our decisions, preferences and needs are influenced or even let by information. Especially when we have to act under the pressure of monetary constraints we depend on information about necessity, usefulness, quality and price of our needs and the intentions and property rights of those who are about to give us what we are seeking for, because those information would directly influence our willingness to pay and our willingness to accept.

According to common neoclassical theory an art market is optimal when any party involved was enabled to access those information completely, in time without delay and free of charge. But is it? Despite of that utopia art markets are most often struggled by the fact that neither the supply side nor the demand side would be able to know or to provide all information required to make a proper choice.

Those uncertainties would also lead to an adverse selection of any artistic good. Since the supply side would know the quality and utility of one artistic good setting up a particular willingness to accept in order to maximize the own producer-surplus. So does the demand site without having the information the supply side has developing then a particular willingness to pay in order to maximise the own utility and consumer surplus. A willingness to pay, however, that is bound to the average levels of quality the demand site experienced on the market.

Once these suppliers are removed from the market, the demand side will experience a further decrease in quality of those goods and services they were seeking for. This development may continue until all different levels of quality are forced out of the market leaving a collapsed market behind, where only those product-qualities and utilities are traded nobody would demand or pay a price for.

It is obvious that the ability to deal which potential challenges differs among FOBs, which in return makes it more difficult to generalise patterns of behaviour and performance.

CoCo-Bonds. Ein geeignetes Instrument zur Krisenprävention? - Galaxus

The plain theory cannot answer this question, but provides possible factors. The results of the empirical performance benchmark in section 5 are expected to enrich previous insights with information from the market. As the assignment refers to economic activities in the German Mittelstand a brief explanation is given in this section. Usually the term is linked to a classification with the help of figures Becker, Ulrich, Zimmermann , p. Neither of the European Commission. However, in order to establish a clear and reliable basis for the further assessment, this assignment assumes that all companies listed as SMEs in German bond exchanges, belong to this classification.

To sum up SME is a classification primarily and simply by size. FOB is a categorization with regard to the nature of the company. An entity does not necessarily belong to both. Before going in the analysis of bond performance in order to conduct, evaluate and discuss the study, this section will give basic information about corporate bonds as an investment possibility and on the other side as a source for financing.

I. Introduction

Furthermore it is explained why corporate bonds as a financial innovation Mayer Friedrich and Schnier , p. In the wrap-up of this section the perspective is changed back to the investor. With reference to the comparative evaluation of bond performance, parameters for performance as well as the applied definition for performance will be presented. In its plain form a bond is a debt instrument that corresponds to an obligation of the issuer initial seller to pay a back a certain amount of money face value or principal after a certain time period; also called maturity.

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Between the issuing date and the maturity, the lender buyer of the security typically receives fixed payments on designated dates from the borrower coupon payments. These mostly annual income streams equal a fixed percentage of the face value, which is called the nominal interest Fabozzi and Mann , p. The issuer can either be a government, an agency or a corporation.

When a corporation raises debt normally long-term debt in form of a bond, the term corporate bond is used. To be more specific, the German word Mittelstandsanleihen is further used for corporate bonds issued by SMEs. As this is the debt instrument the central question of this assignment refers to, one might ask: What is the difference of a bond to a simple bank loan?

A bond as a liquid form of a loan can be traded on the secondary market. The total issue amount credit amount needed is sliced into a great number of small bonds and thus accessible for a wide range of investors. The first buyer or initial beneficiary does not necessarily have to hold the bond until the maturity date. The bond could technically be liquidated by reselling it to a new bondholder, who takes over the role as a beneficiary from the reseller Mobius , p.

Different to a loan, the lending party is usually not a bank, but a participant of the capital market such as institutional investors or individuals Mobius , p. Commonly, investors are not granted with any voting or direct control rights, but they rank higher than stockholders in case of an insolvency of the borrower. Anyhow, this priority does not fully protect the investor from a financial loss.

Finally, bonds can differ in their collateralisation. The clear majority of Mittelstandsanleihen is unsecured and thus not backed up with any assets Finance Magazin Other risks that investors might face while holding a bond will be introduced briefly in section 4. The past years have shown that SMEs diversify their financing towards capital markets with the help of corporate bonds Finance-Studien , p. Big Steel. Bigger Isn't Always Better. Billing and Collections Best Practices.

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