Abstract
This article summarizes corporate strategy mistakes, and earnings management and asset quality management by Beiersdorf (an exchange-traded German company that also operated in the US and several countries during 2010-2017) which have implications for asset pricing, bankruptcy models and recovery-prediction models. The article summarizes a proposed sale-leaseback transaction with Beiersdorf (wherein two new types of sale-leaseback transactions were introduced) and briefly surveys the literature on sale-leaseback transactions. Sale-leasebacks are a well known operations strategy, but are increasingly treated as a distinct asset-class in fixed income markets (with real estate funds, hedge funds, HNWIs, insurance companies, pension funds, family offices and foundations as investors). The article also briefly reviews the third-party issuance of reverse convertible bonds and Discounts Certificates that were based on Beiersdorf during 2017.
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