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Earnout-Klauseln bei Asset Deals: Eine betriebswirtschaftliche Analyse unter bilanziellen und steuerlichen Aspekten

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  • Bachmann,
  • Baumann,
  • Schuler,

Abstract

We analyze the effects of taxes and depreciation on Earn¬out payments as part of an asset deal. It can be shown that Earn¬out payments depending on financial targets influence the subsequent acquisition costs which themselves might affect future Earn¬outs. This circulation problem biases the buyer’s free cash flow and the effective costs of an Earn¬out which can vary significantly from the nominal purchase price.

Suggested Citation

  • Bachmann, & Baumann, & Schuler,, 2016. "Earnout-Klauseln bei Asset Deals: Eine betriebswirtschaftliche Analyse unter bilanziellen und steuerlichen Aspekten," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 70(2), pages 77-97.
    • Handle: RePEc:nms:untern:10.5771/0042-059x-2016-2-77
    DOI: 10.5771/0042-059X-2016-2-77
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    References listed on IDEAS

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    5. Brian Cadman & Richard Carrizosa & Lucile Faurel, 2014. "Economic Determinants and Information Environment Effects of Earnouts: New Insights from SFAS 141(R)," Journal of Accounting Research, Wiley Blackwell, vol. 52(1), pages 37-74, March.
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