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Der Aktienrückkauf und die Bankenkrise von 1931

  • Eva Terberger

    ()

    (Universität Heidelberg, Alfred-Weber-Institut für Wirtschaftswissenschaften)

  • Stefanie Wettberg

    (BASF Aktiengesellschaft)

Registered author(s):

    Im Zuge der Analyse jüngerer Finanzkrisen wird auch den Krisen der Vergangenheit vermehrte Aufmerksamkeit zuteil, so auch der deutschen Bankenkrise von 1931. Ein Phänomen, das dabei bisher wenig Beachtung fand, ist der massive Rückkauf eigener Aktien, der im Vorfeld der Krise insbesondere auch bei Banken stattfand. Dieser Erwerb eigener Anteile wirft insofern Fragen auf, als er dem Ziel der Insolvenzvermeidung, welchem bei Managern und Gläubigern höchste Priorität zugeschrieben wird, besonders in Krisenzeiten zuwiderläuft. Auf der Suche nach Motiven, die den Rückkauf erklären könnten, stößt der vorliegende Beitrag auf Indizien, die den Erwerb eigener Aktien zum Zweck des Transfers von Unternehmensvermögen in die Hände einiger Eigner kurz vor der Insolvenz vermuten lassen.

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    File URL: http://www.uni-heidelberg.de/md/awi/forschung/dp418.pdf
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    Paper provided by University of Heidelberg, Department of Economics in its series Working Papers with number 0418.

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    Length: 39 pages
    Date of creation: Mar 2005
    Date of revision: Mar 2005
    Handle: RePEc:awi:wpaper:0418
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    1. Ofer, Aharon R & Thakor, Anjan V, 1987. " A Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchases and Dividends," Journal of Finance, American Finance Association, vol. 42(2), pages 365-94, June.
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    7. Dittmar, Amy K, 2000. "Why Do Firms Repurchase Stock?," The Journal of Business, University of Chicago Press, vol. 73(3), pages 331-55, July.
    8. Stehle, Richard & Seifert, Udo, 2003. "Stock Performance around Share Repurchase Announcements in Germany," SFB 373 Discussion Papers 2003,48, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
    9. Vermaelen, Theo, 1981. "Common stock repurchases and market signalling : An empirical study," Journal of Financial Economics, Elsevier, vol. 9(2), pages 139-183, June.
    10. Bradley, Michael & Wakeman, L. Macdonald, 1983. "The wealth effects of targeted share repurchases," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 301-328, April.
    11. Christine Jolls, 1998. "Stock Repurchases and Incentive Compensation," NBER Working Papers 6467, National Bureau of Economic Research, Inc.
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