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Ich bin dann mal weg: Werteffekte von Delistings deutscher Aktiengesellschaften nach dem Frosta-Urteil
[Wealth Effects of Delistings by German Firms After the Frosta Decision]

Author

Listed:
  • Markus Doumet

    (Bergische Universität Wuppertal)

  • Peter Limbach

    (Karlsruhe Institute of Technology (KIT))

  • Erik Theissen

    (Universität Mannheim
    Centre for Financial Research)

Abstract

Zusammenfassung Mit dem umstrittenen Urteil des Bundesgerichtshofs im Frosta-Fall kam es im Oktober 2013 zu einer drastischen Änderung der Regeln für ein Delisting. Die bis dahin durch höchstrichterliche Rechtsprechung vorgeschriebene Zustimmung durch die Hauptversammlung sowie der Entschädigungsanspruch von Minderheitsaktionären entfielen. Die vorliegende Studie findet für den Zeitraum von der Urteilsverkündung bis Anfang September 2015, dass Aktionäre durch vollständige Delistings signifikante Vermögensverluste erleiden. Die kumulierte abnormale Aktienrendite im Zeitraum von drei Handelstagen um die Delisting-Ankündigung beträgt im Durchschnitt −7,45 %, bei vollständigen Delistings sogar −11,7 %. In Fällen, in denen die Aktie nach dem Delisting vom regulierten Markt im Freiverkehr gehandelt wird (Downlistings) lässt sich kein signifikanter Kursrückgang feststellen, jedoch beobachten wir einen Rückgang der Aktienliquidität. Unsere Ergebnisse können als Unterstützung für die ab September 2015 gültige Neuregelung gewertet werden, mit der der Gesetzgeber wiederum einen Entschädigungsanspruch eingeführt hat.

Suggested Citation

  • Markus Doumet & Peter Limbach & Erik Theissen, 2016. "Ich bin dann mal weg: Werteffekte von Delistings deutscher Aktiengesellschaften nach dem Frosta-Urteil [Wealth Effects of Delistings by German Firms After the Frosta Decision]," Schmalenbach Journal of Business Research, Springer, vol. 68(3), pages 253-277, August.
    • Handle: RePEc:spr:sjobre:v:68:y:2016:i:3:d:10.1007_s41471-016-0016-7
    DOI: 10.1007/s41471-016-0016-7
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    References listed on IDEAS

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    More about this item

    Keywords

    Aktienkurseffekte; Delisting; Downlisting; Frosta-Urteil; Liquiditätseffekte;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • 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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