Chrysanth Herr

Die Bewertung notleidender Kredite - Distressed Assets Chrysanth Herr German edition

Diplomarbeit aus dem Jahr 2007 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1.1, European Business School - Internationale Universität Schloß Reichartshausen Oestrich-Winkel, 151 Quellen im Literaturverzeichnis, Sprache: Deutsch, Anmerkungen: Die Arbeit beschreibt einleitend die Entwicklung im Handel mit notleidenden Krediten in Deutschland und arbeitet in den folgenden Kapiteln die unterschiedlichen Bewertungskonzepte von notleidenden Krediten der Geschäftsbanken und Investitionsgesellschaften heraus. Im letzten Abschnitt werden die Konzepte evaluiert und die sich abzeichnende zukünftige Entwicklung vorhergesagt. , Abstract: This paper explores the price gap between sellers and buyers of distressed corporate debt which impedes the development of the nascent distressed debt market in Germany. After an introductory first chapter, the second chapter lays the groundwork for the further investigation by analyzing the motivations of the two types of market participants, the commercial banks and the distressed debt investors, to trade. It continues by describing the characteristics of distressed debt investors and the investment approaches they take. The third chapter deals with the commercial banks' perspective on distressed debt and their valuation methods. It is shown that banks view corporate debt in light of its inherent risk of default and consequently value loans at par value less specific provisions. Although banks maintain vigorous rating systems to assess the probability of default and the loss given default, they have difficulties specifically valuing distressed corporate debt. Their valuation methods do not incorporate all drivers of debt value and future workout costs and are largely influenced by accounting principles and accounting policies resulting in insufficient provisions and too high price expectations. By contrast, as shown in the fourth chapter, investors view distressed corporate debt as an opportunity to restructure the company and po