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Kreditratings und die Kapitalmarktperformance von Börsengängen in Kontinentaleuropa

Author

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  • Sagalin, I.
  • Kiesel, F.
  • Schiereck, D.

Abstract

Die vorliegende Studie untersucht die Performance von kontinentaleuropäischen Börsengängen (IPOs) aus dem Zeitraum 2001 bis 2012 in Abhängigkeit davon, ob die Börsenneulinge bereits vor dem IPO ein Kreditrating von Standard & Poor’s, Moody’s und/oder Fitch besaßen. Die Ergebnisse zeigen, dass Unternehmen, die bereits vor ihrem Börsengang über ein Rating verfügt haben, beim Börsengang ein so hohes Bewertungsniveau realisieren konnten, dass sie sich langfristig mit dem Gesamtmarkt entwickeln. Börsengänge von Unternehmen ohne Rating hingegen sind von höheren Informationsasymmetrien betroffen und müssen eine positive Rendite in der langfristigen Betrachtung bieten. Die Ratingausprägung hinsichtlich der Investmentqualität des Unternehmens spielt jedoch keine Rolle für die langfristige Performance von Börsengängen.

Suggested Citation

  • Sagalin, I. & Kiesel, F. & Schiereck, D., 2016. "Kreditratings und die Kapitalmarktperformance von Börsengängen in Kontinentaleuropa," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 83366, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    • Handle: RePEc:dar:wpaper:83366
    Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/83366/
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