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We combine academic research and business practice.

Interview on succession of Wöhe/Bilstein by GICF

Frankfurt am Main – Monday, 15 April 2008 – The German Institute of Corporate Finance (GICF) takes over the succession of the book „Grundzüge der Unternehmensfinanzierung“(basics of corporate financing) by Wöhe/Bilstein and continues it in the 10th edition.

Thomas Hammer:

Prof. Ernst, Prof. Häcker. You take over the succession of the book „Grundzüge der Unternehmensfinanzierung“ (basics of corporate financing) by Wöhe/Bilstein and continue it in the 10th edition. How did this come about? Please let us know how the German Institute of Corporate Finance (GICF) was offered the succession. 

Dietmar Ernst:

With the books "Applied International Corporate Finance", "Unternehmensbewertungen erstellen und verstehen" (producing and understanding company valuations) and "Branchenorientierte Unternehmensbewertung" (industry-oriented company valuation), the GICF has already successfully published three reference books at Vahlen Publishing. Due to the close contact to the chief editor at Vahlen Publishing, Mr Dennis Brunotte, we were asked by the publishing company to take over the uncertain succession of the work.  

Thomas Hammer:
What does it mean for you personally to continue one of the most renowned reference books in German business economics?  

Joachim Häcker:
Wöhe/Bilstein is a book that I immersed myself into for the course "financing" during my business management studies at Tübingen University and that always has been in my bookcase in the latest edition. I am convinced that in Germany, there is nobody working in the financial industry that has never read this book either as a student or as a practitioner. It thus is for me a great honour and a challenge to continue this work.

Thomas Hammer:
What does the name "Wöhe" mean to you? 

Dietmar Ernst:
For me, Günter Wöhe is the epitome of German business management after the War. His books on general business management, corporate financing and fiscal law have been reference books in business economics for over 40 years now. One of these reference books is "Grundzüge der Unternehmensfinanzierung" (basics of corporate financing) by Wöhe/Bilstein. We are absolutely aware of the legacy. We will take care of it, but will also develop the work done by Wöhe/Bilstein by setting our own priorities.  

Thomas Hammer:
How do you want to join tradition and development?   

Joachim Häcker:
Wöhe/Bilstein is a book having all strengths of a German reference textbook. The topics are clearly structured, the terms properly defined and style and register are absolutely top-notch. Of course, we will not change that. What we will do is integrate developments that the financial sector has experienced since the 9th edition in 2002. Furthermore, we will consider didactic innovations of the Bologna Process and set new trends in the layout. 

Thomas Hammer:
Could you tell us which innovations you want to integrate in financing?

Dietmar Ernst:
We will treat subjects such as venture capital and private equity on the equity capital side, but also comprehensively analyse new aspects, such as standardised and adapted mezzanine. In debt financing, we will also treat acquisition financing and project financing. 

Joachim Häcker:
However, in order not to make the book burst, we will leave out subjects that are not closely related to corporate financing. Furthermore, we will design the book in such a way that it can optimally be used in teaching. But to this end, there must be an additional offer besides the textbook itself, containing slide sets for lecturers as well as exercises and solutions.  

Thomas Hammer:
Is the book intended for students or practitioners? 

Dietmar Ernst:
Wöhe/Bilstein is a university textbook with a high academic standard. That should be maintained. The book is published in the textbook series by Vahlen Publishing. This textbook series is moderately priced so that the book is affordable for all students. The 9th edition costs €18, a very fair price for high the quality of book. 

Joachim Häcker:
Even though Wöhe/Bilstein is a university textbook, I consider it to be very practically-oriented. That is the charm of this book. In this respect, we try to maintain the high academic level, linking it with a marked practical orientation for the students. The book is completely in line with the GICF's objective to link science and practice. 

Thomas Hammer:
When will the 10th edition be published?  

Dietmar Ernst:
The manuscript is due this November. We assume that it will be in stores from the beginning of 2009.

Thomas Hammer:
Thank you very much for the interview.

The interviewer

Thomas Hammer

Freier Wirtschaftsjournalist

http://www.hammer-finanzinfo.de