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Bedingte Kaufpreisanpassungen, Informationsasymmetrien und Shareholder Value: Eine empirische Analyse deutscher Unternehmensübernahmen

Author

Listed:
  • Elmar Lukas

    (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg)

  • Christian Heimann

    (Department Economics, University Paderborn)

Abstract

Gerade in Zeiten der globalen Finanzkrise eignen sich Earn-out-Vereinbarungen in besonderem Maße, um den gesteigerten Informationsasymmetrien im Rahmen einer Unternehmensübernahme begegnen zu können. Doch wie stark profitieren die Käufer vom Einsatz eines solchen Instrumentes und was bestimmt die Intensität und Richtung? Im Rahmen einer branchenübergreifenden Untersuchung wird der Einfluss von Earn-out-Regelungen auf den Unternehmenswert deutscher Käufer untersucht. Die Ergebnisse zeigen, dass der deutsche Kapitalmarkt den Einsatz von Earn-outs grundsätzlich positiv bewertet. Bei näherer Betrachtung zeigt sich, dass neben dem Abbau von Informationsasymmetrien, auch ein höheres Earn-out-Ratio, eine nied-rigere Earn-out-Laufzeit und ein geringerer Verschuldungsgrad einen positiven Effekt haben. Der Einfluss des Earn-out-Ratios wird allerdings durch eine längere Laufzeit be-grenzt und ins Gegenteil verkehrt.

Suggested Citation

  • Elmar Lukas & Christian Heimann, 2010. "Bedingte Kaufpreisanpassungen, Informationsasymmetrien und Shareholder Value: Eine empirische Analyse deutscher Unternehmensübernahmen," FEMM Working Papers 100006, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    • Handle: RePEc:mag:wpaper:100006
    as

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    References listed on IDEAS

    as
    1. Markus Mentz & Dirk Schiereck, 2008. "Cross-border mergers and the cross-border effect: the case of the automotive supply industry," Review of Managerial Science, Springer, vol. 2(3), pages 199-218, November.
    2. Michael Reinhard, 2001. "Absorption capacity and the use of external technological knowledge in enterprises," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 54(04), pages 28-39, January.
    3. Ana Paula Serra, 2002. "Event Study Tests: A brief survey," FEP Working Papers 117, Universidade do Porto, Faculdade de Economia do Porto.
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    Cited by:

    1. Qingbang Mu & Wanxiao Zhang & Wenxiu Hu, 2023. "Enterprise Transformation and Innovation: A Study of Performance Compensation from the Perspective of Information Asymmetry," Sustainability, MDPI, vol. 15(17), pages 1-23, August.
    2. Corinna Ewelt-Knauer & Thorsten Knauer & Simon Pex, 2011. "Ausgestaltung und Einsatzbereiche von Earn-Outs in Unternehmenskaufverträgen," Schmalenbach Journal of Business Research, Springer, vol. 63(4), pages 371-400, June.

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    More about this item

    Keywords

    Unternehmensübernahme; Earn-out; Ereignisstudie; Shareholder Value; Informationsasymmetrien;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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