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Mittelstandsanleihen und ihre privaten Investoren
[German SME-bonds and their private investors]

Author

Listed:
  • Leonie Herrmann

    (Justus-Liebig-Universität Gießen)

Abstract

Zusammenfassung Der Beitrag beschäftigt sich mit dem Segment der Mittelstandsanleihen und deren privaten Investoren. Ziel der Untersuchung soll sein (i) Unterschiede zwischen diesem neuen Segment und vergleichbaren Anleihen zu identifizieren und (ii) zu überprüfen, ob Privatanleger z. B. durch Informationsnachteile besonders in jene Anleihen investiert waren, deren Emittenten während der Laufzeit Insolvenz angemeldet haben. Die Ergebnisse zeigen, dass Privatinvestoren einen signifikant höheren Anteil an Mittelstandsanleihen hielten als an vergleichbaren Anleihen. Außerdem waren Privatanleger signifikant stärker in insolvente Anleihen investiert, was für eine Benachteiligung dieser Investorengruppe spricht. Institutionelle Anleger haben Anleihen, deren Emittenten insolvent wurden, von vorn herein stärker gemieden als dies private Investoren taten. Allerdings lässt sich nicht nachweisen, dass der Privatinvestorenanteil insolventer Anleihen in den Quartalen vor Insolvenzankündigung stärker anstieg als bei solventen Anleihen, was gegen eine schnellere Informationsverarbeitung von institutionellen Anlegern spricht.

Suggested Citation

  • Leonie Herrmann, 2017. "Mittelstandsanleihen und ihre privaten Investoren [German SME-bonds and their private investors]," Schmalenbach Journal of Business Research, Springer, vol. 69(3), pages 245-273, September.
    • Handle: RePEc:spr:sjobre:v:69:y:2017:i:3:d:10.1007_s41471-016-0028-3
    DOI: 10.1007/s41471-016-0028-3
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    References listed on IDEAS

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