IDEAS home Printed from https://ideas.repec.org/a/bpj/zfbrbw/v5y1993i1p23-31n4.html
   My bibliography  Save this article

Erklären unternehmensspezifische Faktoren den Kursunterschied von Stamm- und Vorzugsaktien?

Author

Listed:
  • Kruse Hermann

    (Cand. sc. pol., Universität Kiel)

  • Berg Erik

    (Dipl.-Kfm., Universität Kiel)

  • Webe Martin

    (Dr. rer. pol., Universitätsprofessor in Kiel)

Abstract

Auf dem deutschen Aktienmarkt notieren die Stammaktien im Regelfall deutlich über den Vorzugsaktien. Als Grund wird häufig das fehlende Stimmrecht der Vorzugsaktien angeführt, aber auch die relative Unbekanntheit und das damit verbundene geringere Umsatzvolumen der Vorzugsaktien könnte die Differenz erklären. Im Rahmen einer Untersuchung von 28 Aktiengesellschaften wird versucht, die Höhe des Kursunterschiedes mit Hilfe unternehemensspezifischer Faktoren zu erklären. Als wichtigstes Ergebnis ergibt sich, daß die relative Marktaktivität von Stamm- und Vorzugsaktien signifikanten Einfluß auf die Höhe der Kursdifferenz hat.

Suggested Citation

  • Kruse Hermann & Berg Erik & Webe Martin, 1993. "Erklären unternehmensspezifische Faktoren den Kursunterschied von Stamm- und Vorzugsaktien?," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 5(1), pages 23-31, March.
    • Handle: RePEc:bpj:zfbrbw:v:5:y:1993:i:1:p:23-31:n:4
    DOI: 10.15375/zbb-1993-0104
    as

    Download full text from publisher

    File URL: https://doi.org/10.15375/zbb-1993-0104
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.
    File URL: https://libkey.io/10.15375/zbb-1993-0104?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jörg Breitung & Christian Wulff, 2001. "Non‐linear Error Correction and the Efficient Market Hypothesis: The Case of German Dual‐Class Shares," German Economic Review, Verein für Socialpolitik, vol. 2(4), pages 419-434, November.
    2. Dittmann, Ingolf, 2004. "Block Trading, Ownership Structure, and the Value of Corporate Votes," Papers 2004,13, Humboldt University of Berlin, Center for Applied Statistics and Economics (CASE).
    3. Karin Niehoff, 2016. "Price Discovery in Voting and Non-Voting Stocks," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 17(3), pages 285-307, December.
    4. Daske, Stefan & Ehrhardt, Olaf, 2002. "Kursunterschiede und Renditen deutscher Stamm- und Vorzugsaktien," SFB 373 Discussion Papers 2002,5, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:zfbrbw:v:5:y:1993:i:1:p:23-31:n:4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.