IDEAS home Printed from https://ideas.repec.org/p/mag/wpaper/100006.html

Bedingte Kaufpreisanpassungen, Informationsasymmetrien und Shareholder Value: Eine empirische Analyse deutscher Unternehmensübernahmen

Author

Listed:
  • Elmar Lukas

    (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg)

  • Christian Heimann

    (Department Economics, University Paderborn)

Abstract

Gerade in Zeiten der globalen Finanzkrise eignen sich Earn-out-Vereinbarungen in besonderem Maße, um den gesteigerten Informationsasymmetrien im Rahmen einer Unternehmensübernahme begegnen zu können. Doch wie stark profitieren die Käufer vom Einsatz eines solchen Instrumentes und was bestimmt die Intensität und Richtung? Im Rahmen einer branchenübergreifenden Untersuchung wird der Einfluss von Earn-out-Regelungen auf den Unternehmenswert deutscher Käufer untersucht. Die Ergebnisse zeigen, dass der deutsche Kapitalmarkt den Einsatz von Earn-outs grundsätzlich positiv bewertet. Bei näherer Betrachtung zeigt sich, dass neben dem Abbau von Informationsasymmetrien, auch ein höheres Earn-out-Ratio, eine nied-rigere Earn-out-Laufzeit und ein geringerer Verschuldungsgrad einen positiven Effekt haben. Der Einfluss des Earn-out-Ratios wird allerdings durch eine längere Laufzeit be-grenzt und ins Gegenteil verkehrt.

Suggested Citation

  • Elmar Lukas & Christian Heimann, 2010. "Bedingte Kaufpreisanpassungen, Informationsasymmetrien und Shareholder Value: Eine empirische Analyse deutscher Unternehmensübernahmen," FEMM Working Papers 100006, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    • Handle: RePEc:mag:wpaper:100006
    as

    Download full text from publisher

    File URL: https://www.fww.ovgu.de/fww_media/femm/femm_2010/2010_06.pdf
    File Function: First version, 2010
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Markus Mentz & Dirk Schiereck, 2008. "Cross-border mergers and the cross-border effect: the case of the automotive supply industry," Review of Managerial Science, Springer, vol. 2(3), pages 199-218, November.
    2. Michael Reinhard, 2001. "Absorptionskapazität und Nutzung externen technologischen Wissens in Unternehmen," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 54(04), pages 28-39, January.
    3. Ana Paula Serra, 2002. "Event Study Tests: A brief survey," FEP Working Papers 117, Universidade do Porto, Faculdade de Economia do Porto.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Qingbang Mu & Wanxiao Zhang & Wenxiu Hu, 2023. "Enterprise Transformation and Innovation: A Study of Performance Compensation from the Perspective of Information Asymmetry," Sustainability, MDPI, vol. 15(17), pages 1-23, August.
    2. Niklas Dahlen, 2025. "Earnouts in mergers and acquisitions: a systematic literature review of a contingent payment mechanism," Management Review Quarterly, Springer, vol. 75(3), pages 2107-2146, September.
    3. Corinna Ewelt-Knauer & Thorsten Knauer & Simon Pex, 2011. "Ausgestaltung und Einsatzbereiche von Earn-Outs in Unternehmenskaufverträgen," Schmalenbach Journal of Business Research, Springer, vol. 63(4), pages 371-400, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ricci, Ornella, 2015. "The impact of monetary policy announcements on the stock price of large European banks during the financial crisis," Journal of Banking & Finance, Elsevier, vol. 52(C), pages 245-255.
    2. Cristina Barbot, 2004. "Low cost carriers, secondary airports and State aid: an economic assessment of the Charleroi affair," FEP Working Papers 159, Universidade do Porto, Faculdade de Economia do Porto.
    3. Rosa Forte, 2004. "The relationship between foreign direct investment and international trade. Substitution or complementarity? A survey," FEP Working Papers 140, Universidade do Porto, Faculdade de Economia do Porto.
    4. ATM Adnan, 2018. "Home vs. Cross-Border Takeovers: Is There Any Difference in Investor Perception?," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2018(2), pages 59-84.
    5. Edirisinghe U. C & Nimal P.D, 2015. "Stock Price Reaction to Announcements of Right Issues and Debenture Issues: Evidence from Colombo Stock Exchange," International Journal of Business and Social Research, LAR Center Press, vol. 5(2), pages 67-76, February.
    6. Saeed Ghasseminejad & Mohammad R. Jahan-Parvar, 2020. "The Impact of Financial Sanctions: The Case of Iran 2011-2016," International Finance Discussion Papers 1281, Board of Governors of the Federal Reserve System (U.S.).
    7. Emmanuel Okofo-Dartey & Lungile Ntsalaze, 2021. "The Short- and Long-Term Value Gains to Acquirers of Emerging Market Targets in Mergers and Acquisition Deals," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 9(1), pages 1-18.
    8. Santiago Velásquez & Juho Kanniainen & Saku Mäkinen & Jaakko Valli, 2018. "Layoff announcements and intra-day market reactions," Review of Managerial Science, Springer, vol. 12(1), pages 203-228, January.
    9. Henryk Gurgul & Milena Suliga & Tomasz Wojtowicz, 2012. "Responses of the Warsaw Stock Exchange to the U.S. macroeconomic data announcements," Managerial Economics, AGH University of Science and Technology, Faculty of Management, vol. 12, pages 41-59.
    10. John Jackson & Audrey Kline & Sarah Skinner, 2006. "The Impact of Non-Normality and Misspecification on Merger Event Studies," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 13(2), pages 247-264.
    11. Rui Henrique Alves, 2004. "Europe: Looking for a New Model," FEP Working Papers 154, Universidade do Porto, Faculdade de Economia do Porto.
    12. Volker Zimmermann, 2003. "Innovationsaktivitäten von kmU im verarbeitenden Gewerbe: Was zeichnet Imitatoren und originäre Innovatoren aus?," ZEW Discussion Papers 03-37, ZEW - Leibniz Centre for European Economic Research.
    13. D'Arcangelis, Anna Maria & Galloppo, Giuseppe & Guida, Roberto & Paimanova, Viktoriia, 2025. "CSR engagement and financial performance: The case of Italian unrated ESG small caps," International Review of Economics & Finance, Elsevier, vol. 101(C).
    14. Shan, Yimin & Chen, Yang & Xiao, Yajun, 2023. "Monetary policy as market stabilizer in the COVID-19 pandemic," Finance Research Letters, Elsevier, vol. 55(PB).
    15. Nenad TOMIĆ & Violeta TODOROVIC & Milena JAKSIĆ, 2023. "Measuring the Impact of the US Presidential Elections on the Stock Market using Event Study Methodology," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 92-103, June.
    16. Fratianni, Michele & Marchionne, Francesco, 2013. "The banking bailout of the subprime crisis: Was the bang worth the buck?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 23(C), pages 240-264.
    17. Carla Vieira & Ana Paula Serra, 2006. "Abnormal Returns in Privatization Public Offerings: The case of Portuguese firms," Notas Económicas, Faculty of Economics, University of Coimbra, issue 23, pages 6-34, June.
    18. Jakub Marszalek & Bogna Kazmierska-Jozwiak & Ewelina Niedzielska, 2022. "The Value of the Acquiring Company and the Success of M&A Transaction in the Automotive Sector," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 160-176.
    19. Olajide O. Oyadeyi & Sodiq Arogundade & Mduduzi Biyase, 2024. "Correction: How did African stock markets react to the Russia-Ukraine crisis “black-swan” event? Empirical insights from event study," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-1, December.
    20. Hélène Raymond, 2009. "The effect of Sovereign Wealth Funds’ investments on stock markets," Working Papers hal-04140850, HAL.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mag:wpaper:100006. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: IT Administrators at FWW (email available below). General contact details of provider: https://edirc.repec.org/data/fwmagde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.