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Kursreaktionen auf die Ankündigung von Going Private-Transaktionen am deutschen Kapitalmarkt

Author

Listed:
  • Florian Eisele

    (Corporate Controlling der DaimlerChrysler AG
    Universität Tübingen)

  • Andreas Walter

    (Universität Tübingen)

Abstract

Zusammenfassung Der Beitrag untersucht für die Jahre 1995 bis 2002 die Aktienkursreaktion bei Going Private-Ankündigungen am deutschen Kapitalmarkt auf der Grundlage einer Ereignisstudie. Dabei wird festgestellt, dass Going Private-Ankündigungen regelmäßig mit einer positiven Kursreaktion verbunden sind. Darüber hinaus offenbaren die Ergebnisse, dass die Kursanpassung in wenigen Tagen erfolgt und damit der Kapitalmarkt bei Going Private-Ankündigungen ein hohes Maß an Effizienz aufweist. Ferner kann aufgezeigt werden, dass sich die kumulierten abnormalen Renditen bezüglich spezifischer Charakteristika der Going Private-Transaktionen unterscheiden.

Suggested Citation

  • Florian Eisele & Andreas Walter, 2006. "Kursreaktionen auf die Ankündigung von Going Private-Transaktionen am deutschen Kapitalmarkt," Schmalenbach Journal of Business Research, Springer, vol. 58(3), pages 337-362, May.
    • Handle: RePEc:spr:sjobre:v:58:y:2006:i:3:d:10.1007_bf03371657
    DOI: 10.1007/BF03371657
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    References listed on IDEAS

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    More about this item

    Keywords

    G14; G30; G32; G34;
    All these keywords.

    JEL classification:

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

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