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Der optimale Bezugspreis bei Kapitalerhöhungen mit Bezugsrechten


  • Sven Meincke

    (Commerzbank AG, ZCM Equity Derivatives Trading, D-60261 Frankfurt/M.)

  • Peter Nippel

    (Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre, Lehrstuhl für Finanzwirtschaft, D-24098 Kiel)


When planning to raise new equity capital listed firms in Germany almost always buy insurance against the risk of failure by signing an underwriting agreement with a bank, even in case of rights offerings. We calculate the fair price for this insurance and for the rights which can be considered as call options. We show that for arbitrage free valuation of the underwriting contract and the rights the subscription price is irrelevant for shareholders wealth. This holds notwithstanding the fact that the fair value of the underwriting contract rises with an increasing rate if a higher subscription price is chosen. Not until the analysis is extended by considering some market imperfections and taxes we make a case for a “high” subscription price.

Suggested Citation

  • Sven Meincke & Peter Nippel, 2009. "Der optimale Bezugspreis bei Kapitalerhöhungen mit Bezugsrechten," Credit and Capital Markets, Credit and Capital Markets, vol. 42(3), pages 353-376.
  • Handle: RePEc:kuk:journl:v:42:y:2009:i:3:p:353-376

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    Cited by:

    1. Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre (Ed.), 2010. "Jahresbericht 2009," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 650, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.

    More about this item

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill


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