Werner Gleißner

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Werner Gleißner (* 1966 ) is a German economist ( industrial engineer and economist ) with a focus on risk management , company valuation and rating .

Gleißner advocates a research approach to integrate the methods in risk management, rating and evaluation, which were previously largely separate in business administration (especially through the use of simulation methods for risk aggregation ).

Since his studies (1985–1990) and his doctorate in economics ( monetary policy ) at the University of Karlsruhe (KIT) in 1997 , he has been a lecturer at various universities and since 2014 professor at the Technical University of Dresden (honorary professor for business administration, especially risk management).

He is a board member of the Federal Association of Rating Analysts (BdRA), the European Association of Certified Valuators and Analysts (EACVA) and the Deutsche Gesellschaft für Krisenmanagement eV and on the advisory board of the Risk Management Association (RMA) and board member of FutureValue Group AG (responsible for research & Development of business methods). He is also active on the selection committee of the German National Academic Foundation .

His research and activities focus on risk analysis and aggregation (using Monte Carlo simulation ) and risk-based assessment as well as the application of such procedures, e.g. B. for strategy evaluation, the preparation of top management decisions and investment strategies. In doing so, he researches and publishes specifically on new, non-financing-theoretical valuation methods, which derive risk-appropriate capital costs based on risk analyzes and the aggregated return risk and are therefore not based on stock return fluctuations (as with CAPM ) ("risk-value models" and " imperfect replication ") . In its publications, Gleißner develops a risk management concept in which the risk analyzes serve in particular to prepare business decisions (e.g. assessment of the risk-return profile of strategic alternatives for action or risk management measures). Risk aggregation is described as the central task of risk management, which is necessary in order to identify "developments that could endanger the existence of the company" and a possible risk of insolvency from the combined effect of several individual risks.

Fonts (selection)

  • Gleißner, W. (1997): Heuristic Monetary Policy, dissertation (2nd edition Schäffer Poeschel Verlag 1998)
  • Gleißner, W. (2000): Risk policy and strategic corporate management, in: Der Betrieb, Heft 33/2000, pp. 1625–1629
  • Gleißner, W. (2000): Rules of thumb for entrepreneurs, Gabler Verlag, 2000
  • Gleißner, W. (2004): FutureValue - 12 modules for strategic value-oriented corporate management, Gabler Verlag, 2004
  • Gleißner, W. (2010): Enterprise value, rating and risk, in: WPg Die Wirtschaftsprüfung, 14/2010, 63rd year, pp. 735–743
  • Gleißner, W. (2011): Risk analysis and replication for company valuation and value-oriented corporate management, in: WiSt, 7/11, pp. 345–352.
  • Gleißner, W. (2013): For children, laypeople and board members, in: Harvard Business Manager, 11/2013, pp. 104–107
  • Gleißner, W. (2015): The board and its risk manager, UVK, 2015
  • Gleißner, W. / Füser, K. (2015): Practical handbook Rating and Financing - Strategies for medium-sized companies, Verlag Vahlen, 3rd edition, 2015
  • Gleißner, W. (2017): Fundamentals of Risk Management - With well-founded information for better decisions, Verlag Vahlen, 3rd edition, 2017
  • Gleißner, W. / Just, T. / Kamarás, E. (2017): Simulation-based earnings value as a supplement to the market value, in: ZIÖ - Zeitschrift für Immobilienökonomie, June 2017, pp. 1–28.
  • Gleißner, W. (2017): Risk Management, KonTraG and IDW PS 340, in: WPg - Die Wirtschaftsprüfung, 3/2017, pp. 158–164.
  • Gleißner, W. (2017): Value Investing: Status quo and Perspektiven, in: Corporate Finance, 03-04 / 2017, pp. 103–116.

Web links

Individual evidence

  1. ↑ C. Grisar, M. Meyer: Use of simulation in controlling research: a systematic literature review for German-speaking countries . In: Management Review Quarterly . October 26, 2015, p. 1-41 (English).
  2. ^ C. Grisar, M. Meyer: Use of Monte Carlo simulation: an empirical study of German, Austrian and Swiss controlling departments . In: Journal of Management Control . No. 26 , 2015, p. 249-273 (English).
  3. ↑ partner. Retrieved October 12, 2017 .
  4. ↑ Bureau - BdRA. In: BdRA. Retrieved October 12, 2017 .
  5. ↑ Chief methodological issues - EACVA. Retrieved July 2, 2018 .
  6. ↑ Board of Directors. DGfKM - German Society for Crisis Management eV, accessed on October 12, 2017 (German).
  7. ^ Risk Management Association: Advisory Board. Retrieved October 12, 2017 .
  8. ↑ The aggregation of risks in the context of corporate planning. Retrieved October 12, 2017 .
  9. ↑ Werner Gleißner: Company value, earnings risk, cost of capital and fundamental beta study on the DAX and MDAX . In: Valuation Practitioner . February 2016, p. 60–70 ( researchgate.net [accessed October 12, 2017]).
  10. ↑ Werner Gleißner: Capital market-oriented company valuation: Findings from empirical capital market research and alternative valuation methods . In: Corporate Finance . No. 4 , 2014, p. 151–167 ( researchgate.net [accessed October 12, 2017]).
  11. ↑ Werner Gleißner, Marco Wolfrum: Cost of Capital and Valuation with Imperfect Diversification and Unsystematic Risks. In: Social Science Research Network. February 23, 2009, accessed October 12, 2017 .
  12. ↑ Gregory Dorfleitner, Werner Gleißner: Valuing Risky Streams of cash flows with risk-value models . In: Journal of Risk . tape 20 , no. 3 , February 2018, p. 1–27 (English, preliminary edition on Social Science Research Network [accessed October 12, 2017]).
  13. ↑ Werner Gleißner: Controlling and risk analysis in the preparation of top management decisions - from the optimization of risk management measures to the assessment of the risk-return profile of all measures . In: Controller Magazin . 2015 ( werner-gleissner.de [PDF; accessed on October 12, 2017]).
  14. ↑ Werner Gleißner: The insolvency risk influences the company value: A clarification in 10 points . In: Valuation Practitioner . 2017, p. 42–51 ( researchgate.net [accessed October 12, 2017]).
personal data
SURNAME Gleissner, Werner
BRIEF DESCRIPTION German economist
DATE OF BIRTH 1966