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Desinvestitionen von Aktienpaketen — Eine Analyse von Exchangeable Bonds

Author

Listed:
  • Benjamin Kleidt

    (International University Schloss Reichartshausen)

  • Eckhard Scharmer

    (Unternehmensentwicklung Ing-DiBa AG)

  • Dirk Schiereck

    (Technische Universität Darmstadt)

Abstract

Zusammenfassung In den letzten Jahren waren in Europa zahlreiche Emissionen von Umtauschanleihen zu beobachten, hinter denen die vornehmliche Bemühung von Unternehmen vermutet werden kann, Beteiligungen zu veräußern. Anhand eines Datensatzes, der 57 europäische Transaktionen der Jahre 1997 bis 2003 enthält, zeigen wir, dass auch geringere Transaktionsgebühren und Ankündigungseffekte (−1,52% im Durchschnitt) im Vergleich zu direkten Sekundärplatzierungen den Einsatz von Umtauschanleihen rechtfertigen können. Die beobachteten adversen Ankündigungseffekte lassen sich durch die mögliche Konzentrationsreduktion der Aktionärsstruktur des Umtauschunternehmens erklären, die durch die Verminderung des Kontrolleinflusses des Emittenten für die übrigen Aktionäre erhöhte Monitoringkosten nach sich zieht.

Suggested Citation

  • Benjamin Kleidt & Eckhard Scharmer & Dirk Schiereck, 2009. "Desinvestitionen von Aktienpaketen — Eine Analyse von Exchangeable Bonds," Schmalenbach Journal of Business Research, Springer, vol. 61(7), pages 738-780, November.
    • Handle: RePEc:spr:sjobre:v:61:y:2009:i:7:d:10.1007_bf03373667
    DOI: 10.1007/BF03373667
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    More about this item

    Keywords

    G14; G32; G34;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • 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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