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Der Markt für Mittelstandsanleihen – eine Diagnose

Author

Listed:
  • Schüler Andreas

    (Universitätsprofessor, Dr. rer. pol., Professur für Finanzwirtschaft und Finanzdienstleistungen, Universität der Bundeswehr München)

  • Aschauer Florian

    (B. Sc., wissenschaftliche Hilfskraft an der Professur für Finanzwirtschaft und Finanzdienstleistungen, Universität der Bundeswehr München)

Abstract

Der Beitrag analysiert den Einfluss von Ausstattungsmerkmalen (Spread, Covenants und Sicherheiten) und Ratings bei Emission auf die Indikatoren des Erfolgs (Platzierungsquote, Rating-Entwicklung und Ausfallrate) sämtlicher bis Ende 2016 emittierter Mittelstandsanleihen differenziert nach Branche und verkündetem Emissionsmotiv. In unserer Untersuchung unterscheiden wir zwischen besicherten und unbesicherten Mittelstandsanleihen. Durch einen Vergleich der Entwicklung von nicht-ausgefallenen und ausgefallenen Anleihen versuchen wir diejenigen Ausstattungsmerkmale zu identifizieren, die Aufschluss über den Eintritt eines Ausfallereignisses geben könnten.

Suggested Citation

  • Schüler Andreas & Aschauer Florian, 2017. "Der Markt für Mittelstandsanleihen – eine Diagnose," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 29(4), pages 206-221, August.
    • Handle: RePEc:bpj:zfbrbw:v:29:y:2017:i:4:p:206-221:n:4
    DOI: 10.15375/zbb-2017-0404
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