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Nennwertrückzahlungen am Schweizer Aktienmarkt und ihre Auswirkungen auf den Unternehmenswert

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Author Info

  • Manuel Ammann
  • Ralf Seiz
  • Martin Zulauf

Abstract

Die Arbeit untersucht den Ankündigungseffekt und die Outperformance von Schweizer Unternehmen, die zwischen 1992 und 2003 eine Nennwertrückzahlung ausgeschüttet haben und stellt die erste empirische Untersuchung von Nennwertrückzahlungen dar. Es konnte gezeigt werden, dass die Aktienkursreaktion in der Zeitperiode [-1,0] auf die Ankündigung von Nennwertrückzahlungen +1.0% beträgt. Eine weitere Analyse weist darauf hin, dass Nennwertrückzahlungen anstelle Dividendenzahlungen höhere Preisreaktionen bei Ankündigung verursachen. Zudem wurde festgestellt, dass eine Ausschüttungserhöhung mittels einer Nennwertrückzahlung zu einer stärkeren Kursreaktion führt als eine Dividendenerhöhung. Dies unterstützt die Hypothese, dass bei einer Nennwertrückzahlung im Vergleich zu einer Dividendenzahlung die steuerliche Behandlung und die stärkere Signalwirkung ausschlaggebender sind.

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Bibliographic Info

Article provided by Swiss Society of Economics and Statistics (SSES) in its journal Swiss Journal of Economics and Statistics.

Volume (Year): 142 (2006)
Issue (Month): IV (December)
Pages: 447–477

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Handle: RePEc:ses:arsjes:2006-iv-1

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Keywords: Nennwertrückzahlungen; Ankündigungseffekt;

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References

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Cited by:
  1. Isakov, Dusan & Weisskopf, Jean-Philippe, 2013. "Do not wake sleeping dogs: Pay-out policies in founding family firms," FSES Working Papers 443, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.

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