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.
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
References
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