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European Association of Certified Valuators and Analysts

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ERM Report 2025: Corporate Crises in Germany, Austria, and Switzerland Empirical Evidence on Risk Drivers

Wolfgang Kniest · 6 Dezember 2025

The ERM Report 2025, published by the Lucerne University of Applied Sciences and Arts (HSLU) in cooperation with HAW Kiel, delivers a clear message to boards and executives across the DACH region: severe corporate crises are far more common—and far more internal—than many leaders assume. The study analyzes 669 publicly listed companies from 2018 to 2024 and finds that nearly one in three experienced a share-price collapse of 25% or more within a single month. Recovery is slow and costly; on average, affected firms require almost two years to return to pre-crisis levels, trailing significantly behind the broader market.

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