Aufsätze Ökonomik

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Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.

Abhandlungen über Johann Heinrich Jung-Stilling

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Financial investor

Generally often referred to as anyone who operates in financial markets and has a choice of three different behaviors: speculation, hedging, and arbitrage. – In the context of a leveraged buy-out, anyone who uses equity capital. – A company acting in any legal form on the financial market, which – however, is not a bank, – nevertheless conducts financial transactions by – injecting money into companies threatened by insolvency, for example, as well as – buying risk positions from banks. Such companies include hedge funds, private equity funds and structured investment vehicles. These companies have not yet been monitored by supervisory authorities. – For example, in spring 2014, the financial investor Cerberus Capital Management in New York purchased consumer loans of EUR 950 million from the major Italian bank UniCredit S.p.A. based in Rome and Milan; the financial investor International Marine Investors and Management Corporation in New York purchased subordinated receivables of UniCredit in the amount of EUR 910 million. With this transfer of risks from UniCredit to financial investors, the latter did not disappear from the financial system, but migrated into niches that cannot be illuminated by the supervisory authorities. Most importantly, it is widely unknown to what extent the financial investors financed corresponding purchases by incurring high levels of debt on their part. – See Banking Regulation Paradox, Opportunity Fund, Yield Hunting, Risk Transfer, Shadow Bank, Vulture Fund. – Cf. Monthly Report of the German Bundesbank of April 2007, p. 16 (model on the financing structure of leveraged buyouts; explanations on the following pages), Monthly Report of the ECB of November 2007, p. 26 et seq. (decline in LBO activity and its causes; overviews).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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