The objective of this thesis is to determine the performance of Dutch REITs and liquidity aspects during recessions and economic upswings as well as correlation with other asset classes to gain further knowledge in the field ofreal estate investment and asset performance during certain time periods. This is achieved through a quantitative analysis of historical daily returns, standard deviation and transaction volume of shares regarding REITs and other assets that usually pertain to an investor’s portfolio. The analysis covers the time-period just prior to the global financial crisis up until the beginning of the financial crisis caused by Covid-19. Analyzed data display some correlation between REITs and other assets. However, the data still implies some diversification benefits ofincorporating REITs in a portfolio during all economic states through the time periods with both the objective tominimize risk i.e. standard deviation, and to maximize return. The liquidity results on offset-time efficiency is comparable with other assets stock, which suggests that REITs are as liquid as other stock and thus is more liquid than direct real estate investments. In conclusion the data does support some diversification benefits of including Dutch REITs in a Netherlands-based investment portfolio. However, to what extent can not be determined, in part because of individual investors preferences, beliefs, and behavior, but also because of additional factors, such as dividends, that affect the value of REITs to an actual investor. / Syftet med arbetet är att fastställa Nederländska REITs prestanda och likviditet under lågkonjunkturer och ekonomiska uppgångar samt korrelationen med andra tillgångsklasser för att få ytterligare kunskap inom området fastighetsinvesteringar och investeringstillgångars prestanda under vissa tidsperioder. Detta uppnås genom en kvantitativ analys av historisk marknadsutveckling, standardavvikelse samt transaktionsvolym av antalet aktier. Det är REITs tillsammans med tillgångar som vanligtvis hänför sig till en investerares portfölj som har undersökts. Analysen behandlar ett tidsspann från perioden strax innan finanskrisen 2008 fram till början av den finansiellakrisen orsakad av Covid-19. Analyserad data visar viss korrelation mellan REITs och de andra tillgångarna, men innebär fortfarande vissa fördelar med att inkludera REITs i en portfölj under samtliga ekonomiska tillstånd under samtliga tidsperioderna. Både avseende syftet att minimera risken, som i detta fall utgörs av standardavvikelse,samt för att maximera avkastningen. Likviditetsstudien visar att avyttringshastigheten är jämförbar med andra aktietillgångar, vilket antyder att REIT är lika likvida som andra aktier och därmed är mer likvida än direkta fastighetsinvesteringar. Sammanfattningsvis stödjer resultaten vissa diversifikationsfördelar med att inkludera Nederländska REITs i en Nederländskt baserad investeringsportfölj. Men i vilken utsträckning kan inte fastställas,delvis på grund av enskilda investerares preferenser, övertygelser och beteende, men också på grund av ytterligare faktorer, såsom utdelning, som påverkar värdet av REIT till en faktisk investerare.

This doctoral thesis consists of three articles: one literature overview and two empirical articles. The first article provides a literature overview about industrial diversification, corporate acquisitions and the intersection of both research areas. This thesis secondly analyzes whether conglomerates invest externally differently from focused firms. This investigation provides new insights on the question how industrial diversification influences corporate investment. It allows to draw conclusions whether internal investment is independent from external investment in diversified firms, or whether weak internal investment in conglomerates is (at least partially) offset by more efficient external investment, or even whether value-destructive internal investment is accompanied by external investment eliciting the same effects. In this case weakly managed multi-segment firms could be also identified by their behavior and success in corporate acquisitions. Third, the thesis copes with the question how conglomerates are perceived and treated as potential targets of corporate acquisitions. This analysis adds further aspects to the question whether multi-segment firms are discounted due to their organizational form. Assuming that the sum of the single segment of a diversified company is higher valued than the conglomerate as a whole, one could expect that investors should strive to acquire such companies, to dismantle them subsequently in order to create additional value by reshaping these inefficiently composed entities. However, there are also contradicting effects of lower synergies and higher integration costs compared to the acquisition of stand alone firms. New insights in these discussions allow us to draw conclusions whether a diversification discount potentially being harvested by a bust up takeover outweighs lower synergies and higher integration costs.

NJ, Univ., Dep. of Economics, Diss.--Princeton, 2003. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 3 Beitr.

Calif., Univ. of California, Diss.--Berkeley, 2002. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 3 Beitr.

Univ., Diss--Zürich, 1999.

This doctoral thesis consists of three articles: one literature overview and two empirical articles. The first article provides a literature overview about industrial diversification, corporate acquisitions and the intersection of both research areas. This thesis secondly analyzes whether conglomerates invest externally differently from focused firms. This investigation provides new insights on the question how industrial diversification influences corporate investment. It allows to draw conclusions whether internal investment is independent from external investment in diversified firms, or whether weak internal investment in conglomerates is (at least partially) offset by more efficient external investment, or even whether value-destructive internal investment is accompanied by external investment eliciting the same effects. In this case weakly managed multi-segment firms could be also identified by their behavior and success in corporate acquisitions. Third, the thesis copes with the question how conglomerates are perceived and treated as potential targets of corporate acquisitions. This analysis adds further aspects to the question whether multi-segment firms are discounted due to their organizational form. Assuming that the sum of the single segment of a diversified company is higher valued than the conglomerate as a whole, one could expect that investors should strive to acquire such companies, to dismantle them subsequently in order to create additional value by reshaping these inefficiently composed entities. However, there are also contradicting effects of lower synergies and higher integration costs compared to the acquisition of stand alone firms. New insights in these discussions allow us to draw conclusions whether a diversification discount potentially being harvested by a bust up takeover outweighs lower synergies and higher integration costs.:List of Tables … vi List of Figures … viii List of Abbreviations … ix List of Symbols … x Introduction … xiii I. Literature review … 1 1. Literature review about diversification and corporate transactions … 2 1.1. Introduction … 5 1.2. Impact of diversification … 7 1.2.1. Diversification and firm value … 8 1.2.2. Diversification and investment … 15 1.2.3. Diversification and further firm characteristics … 20 1.3. Corporate transactions … 29 1.3.1. Drivers of acquisitions … 29 1.3.2. Characteristics of acquisitions … 40 1.3.3. Impact of corporate transactions … 47 1.4. Intersection between diversification and transactions … 54 1.5. Conclusion … 56 II. Diversification and acquisitions … 74 2. Diversification and the likelihood of acquisitions … 75 2.1. Introduction … 78 2.2. Theoretical background … 81 2.2.1. Diversification and the likelihood of acquisitions … 81 2.2.2. Diversification and deal characteristics … 84 2.2.3. Diversification and deal performance … 86 2.3. Data and methodology … 87 2.4. Descriptive statistics … 91 2.5. Diversification and corporate transactions … 92 2.5.1. Diversification and transaction probability … 92 2.5.2. Diversification and deal characteristics … 95 2.5.3. Diversification and post-acquisition performance … 98 2.6. Conclusion … 100 III. Diversification and takeover likelihood … 109 3. Do acquirers of conglomerates benefit from the diversification discount? … 110 3.1. Introduction … 113 3.2. Theoretical background … 115 3.2.1. Corporate performance, diversification and takeover probability … 115 3.2.2. Entrenchment, diversification and takeover probability … 117 3.2.3. Synergies, integration costs and takeover probability … 119 3.2.4. Bid premiums and post-acquisition returns … 120 3.3. Data and methodology ... 123 3.4. Descriptive statistics … 127 3.4.1. Successful bids and diversification … 127 3.4.2. Bids and conglomerates: univariate analysis … 129 3.5. Diversification and the likelihood of being acquired … 130 3.6. Diversification and the bid premiums paid … 134 3.7. Diversification and the CAR of the acquirer … 138 3.8. Conclusion … 140

Die Dissertationsschrift thematisiert die Frage nach den Kosten und Nutzen einer Diversifikationsstrategie im europäischen Erdgasmarkt und gliedert sich in neun Kapitel. In einer Vorbetrachtung beschreiben die Kapitel eins bis vier die Ausganglage mit Blick auf Angebots- und Nachfragestrukturen sowie der Gasinfrastruktur. Unsicherheiten in Bezug auf die Entwicklung der Nachfrage, Importverfügbarkeit und Preisniveaus werden diskutiert. In einem analytischen Rahmen wird das Thema Diversifikation in den Kontext der Energiesicherheit eingeordnet. Die Kapitel fünf bis sieben befassen sich mit der Beschreibung und der Analyse des europäischen Gasmarkts. Dafür wird ein lineares Modell, GAMAMOD-EU, entwickelt, welches als stochastische Optimierung den Ausbau der Erdgasinfrastruktur unter Einbezug von drei Unsicherheitsdimensionen in den Jahren 2030 und 2045 abbildet. Zusätzlich werden drei Diversifikationsstrategien in Hinblick auf Infrastrukturentwicklung und Versorgungssicherheit analysiert. In einer Erweiterung wird der Import Grüner Gase in die Betrachtung einbezogen. Kapitel acht stellt das deutsche Gasnetzmodell GAMAMOD-DE mit einer Fallstudie vor, die die Versorgungslage im kalten Winter 2012 nachmodelliert. Im abschließenden Kapitel neun werden die zu Beginn aufgeworfenen Forschungsfragen beantwortet, politische Handlungsempfehlungen gegeben und der weitere Forschungsbedarf skizziert.:Table of Contents List of Figures List of Tables Abbreviations Country Codes Nomenclature: GAMAMOD-EU Nomenclature: GAMAMOD-DE 1 Introduction 2 Uncertainties in Gas Markets 3 Diversification in Gas Markets to Ensure Security of Supply 4 Natural Gas Infrastructure 5 The European Natural Gas Market Model (GAMAMOD-EU) 6 Results on Security of Supply in the European Gas Market 7 Impact of Green Gas Imports on Infrastructure Investments 8 The German Natural Gas Market Model (GAMAMOD-DE) 9 Conclusion and Outlook Laws and Communication Papers References Appendix / The dissertation addresses the question of the costs and benefits of a diversification strategy in the European natural gas market and is divided into nine chapters. In a preliminary analysis, chapters one to four describe the initial situation with regard to supply and demand structures as well as the gas infrastructure. Uncertainties regarding the development of demand, import availability and price levels are discussed. In an analytical framework, the topic of diversification is placed in the context of energy security. Chapters five to seven deal with the description and analysis of the European gas market. For this purpose, a linear model, GAMAMOD-EU, is developed, which maps the expansion of the natural gas infrastructure as a stochastic optimisation, taking into account three uncertainty dimensions in the years 2030 and 2045. In addition, three diversification strategies are analysed with regard to infrastructure development and security of supply. In an extension, the import of green gases is included in the analysis. Chapter eight presents the German gas grid model GAMAMOD-DE with a case study, which models the supply situation in the cold winter of 2012. In the concluding chapter nine, the research questions raised at the beginning are answered, political recommendations for action are given and the need for further research is outlined.:Table of Contents List of Figures List of Tables Abbreviations Country Codes Nomenclature: GAMAMOD-EU Nomenclature: GAMAMOD-DE 1 Introduction 2 Uncertainties in Gas Markets 3 Diversification in Gas Markets to Ensure Security of Supply 4 Natural Gas Infrastructure 5 The European Natural Gas Market Model (GAMAMOD-EU) 6 Results on Security of Supply in the European Gas Market 7 Impact of Green Gas Imports on Infrastructure Investments 8 The German Natural Gas Market Model (GAMAMOD-DE) 9 Conclusion and Outlook Laws and Communication Papers References Appendix

Das vorliegende Skript ist aus einer Lehrveranstaltung hervorgegangen, die von mir mehrere Jahre an der Fakultät Wirtschaftswissenschaften der TU Dresden gehalten wurde. Diese Lehrveranstaltung hatte erst die Bezeichnung "Monetäre Risikomaße" und später "Risikomaße". Mehrere frühere Fassungen dieses Skripts, das häufig überarbeitet und erweitert wurde, trugen den Namen Monetäre Risikomaße (Auflagen 1 bis 7). Die einzelnen Kapitel enthalten in der Regel die drei abschließenden Abschnitte "Übungsaufgaben", "Beweise" und "Ergänzung und Vertiefung" mit Material zum jeweiligen Kapitel, das nicht in der Vorlesung vorgetragen wurde.

Calif., Univ., Diss.--Berkeley, 2004. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 3 Beitr.

Das vorliegende Skript ist aus einer Lehrveranstaltung hervorgegangen, die von mir mehrere Jahre an der Fakultät Wirtschaftswissenschaften der TU Dresden gehalten wurde. Diese Lehrveranstaltung hatte erst die Bezeichnung "Monetäre Risikomaße" und später "Risikomaße". Mehrere frühere Fassungen dieses Skripts, das häufig überarbeitet und erweitert wurde, trugen den Namen Monetäre Risikomaße (Auflagen 1 bis 7). Die einzelnen Kapitel enthalten in der Regel die drei abschließenden Abschnitte "Übungsaufgaben", "Beweise" und "Ergänzung und Vertiefung" mit Material zum jeweiligen Kapitel, das nicht in der Vorlesung vorgetragen wurde.