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Kursunterschiede und Renditen deutscher Stamm- und Vorzugsaktien

Author

Listed:
  • Daske, Stefan
  • Ehrhardt, Olaf

Abstract

In der vorliegenden Untersuchung betrachten wir die Grundgesamtheit der deutschen Unternehmen, von denen im Zeitraum 1956 bis 1998 Stamm- und stimmrechtslose Vorzugsaktien börsennotiert waren. Zwischen beiden Aktiengattungen besteht mit durchschnittlich 17,2 Prozentpunkten ein ökonomisch und statistisch signifikanter Kursunterschied, und zwar für alle Marktsegmente und betrachteten Teilperioden. Der durchschnittliche Kursunterschied unterliegt im Zeitablauf aber starken Schwankungen, die in hohem Maße mit einer Veränderung des Anteils von Familienunternehmen korrelieren und damit mit der Höhe privater Kontrollrenten in Verbindung stehen. Unternehmensspezifische Unterschiede in der Höhe des Kursaufschlages sind nach unseren Ergebnissen außerdem mit unterschiedlichen Konzentrationen des Anteilsbesitzes verbunden. Positive Stimmrechtsprämien am deutschen Markt können trotz nahezu fehlender feindlicher Übernahmen auch durch mögliche Koalitionsbildungen zur Ausübung von Vetorechten erklärt werden. Unsere Untersuchungen zeigen ferner, dass sich die Aktienrenditen für Stamm- und Vorzugsaktien haltende Minderheitsaktionäre nicht signifikant unterscheiden; der tatsächliche Dividendenvorteil der Vorzugsaktien ist relativ gering.

Suggested Citation

  • Daske, Stefan & Ehrhardt, Olaf, 2002. "Kursunterschiede und Renditen deutscher Stamm- und Vorzugsaktien," SFB 373 Discussion Papers 2002,5, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  • Handle: RePEc:zbw:sfb373:20025
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    References listed on IDEAS

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    Cited by:

    1. Dittmann, Ingolf, 2004. "Block Trading, Ownership Structure, and the Value of Corporate Votes," Papers 2004,13, Humboldt University of Berlin, Center for Applied Statistics and Economics (CASE).

    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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