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Zur Effizienz von Wertpapieremissionen über Internetplattformen

  • Trauten, Andreas
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    In den späten 90er Jahren entstanden zahlreiche internetbasierte Intermediäre mit dem Ziel, eine transparentere, kostengünstigere und marktnähere Emission von Wertpapieren zu ermöglichen. Während sich im Bereich festverzinslicher Wertpapiere einige Emissionsplattformen als Alternative zu traditionellen Investmentbanken etablieren konnten, waren sie im Bereich von Aktienemissionen bisher weniger erfolgreich. Vor diesem Hintergrund wird die Effizienz von Wertpapieremissionen über Internetplattformen diskutiert. Aus transaktionskostentheoretischer und anreiztheoretischer Perspektive steigern internetbasierte Emissionsplattformen den Nutzen von Wertpapieremissionen durch die Kodifizierung des Emissionsverfahrens. Traditionelle Investmentbanken leisten hingegen einen größeren Beitrag zum Abbau von Informationsasymmetrien. Der Effizienzgewinn einer Emission über Internetplattformen ist deshalb abhängig von der Unsicherheit der Wertpapiere und insbesondere bei Emissionen festverzinslicher Wertpapiere größer als bei Aktienemissionen.

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    Paper provided by Competence Center Internet Economy and Hybrid Systems, European Research Center for Information Systems (ERCIS), University of Münster in its series Working Papers with number 8.

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