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Der Aktienrückkauf und die Bankenkrise von 1931

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  • Eva Terberger

    ()
    (Universität Heidelberg, Alfred-Weber-Institut für Wirtschaftswissenschaften)

  • Stefanie Wettberg

    (BASF Aktiengesellschaft)

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    Abstract

    Im Zuge der Analyse jüngerer Finanzkrisen wird auch den Krisen der Vergangenheit vermehrte Aufmerksamkeit zuteil, so auch der deutschen Bankenkrise von 1931. Ein Phänomen, das dabei bisher wenig Beachtung fand, ist der massive Rückkauf eigener Aktien, der im Vorfeld der Krise insbesondere auch bei Banken stattfand. Dieser Erwerb eigener Anteile wirft insofern Fragen auf, als er dem Ziel der Insolvenzvermeidung, welchem bei Managern und Gläubigern höchste Priorität zugeschrieben wird, besonders in Krisenzeiten zuwiderläuft. Auf der Suche nach Motiven, die den Rückkauf erklären könnten, stößt der vorliegende Beitrag auf Indizien, die den Erwerb eigener Aktien zum Zweck des Transfers von Unternehmensvermögen in die Hände einiger Eigner kurz vor der Insolvenz vermuten lassen.

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    Bibliographic Info

    Paper provided by University of Heidelberg, Department of Economics in its series Working Papers with number 0418.

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    Length: 39 pages
    Date of creation: Mar 2005
    Date of revision: Mar 2005
    Handle: RePEc:awi:wpaper:0418

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    Keywords: Aktienrückkauf; Deutsche Bankenkrise 1931;

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    1. Denis, David J, 1990. " Defensive Changes in Corporate Payout Policy: Share Repurchases and Special Dividends," Journal of Finance, American Finance Association, vol. 45(5), pages 1433-56, December.
    2. Ahron R. Ofer & Anjan V. Thakor, 2004. "A Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchase and Dividends," Finance 0411031, EconWPA.
    3. Vermaelen, Theo, 1981. "Common stock repurchases and market signalling : An empirical study," Journal of Financial Economics, Elsevier, vol. 9(2), pages 139-183, June.
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    5. Martin Hellwig, 2000. "Banken zwischen Politik und Markt: Worin besteht die volkswirtschaftliche Verantwortung der Banken?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 1(3), pages 337-356, 08.
    6. Bradley, Michael & Wakeman, L. Macdonald, 1983. "The wealth effects of targeted share repurchases," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 301-328, April.
    7. Masulis, Ronald W, 1980. " Stock Repurchase by Tender Offer: An Analysis of the Causes of Common Stock Price Changes," Journal of Finance, American Finance Association, vol. 35(2), pages 305-19, May.
    8. Klein, April & Rosenfeld, James, 1988. "Targeted share repurchases and top management changes," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 493-506, January.
    9. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
    10. Stehle, Richard & Seifert, Udo, 2003. "Stock Performance around Share Repurchase Announcements in Germany," SFB 373 Discussion Papers 2003,48, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
    11. Dittmar, Amy K, 2000. "Why Do Firms Repurchase Stock?," The Journal of Business, University of Chicago Press, vol. 73(3), pages 331-55, July.
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