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Kurswertreaktionen auf die Ankündigung von Going Private : Transaktionen am deutschen Kapitalmarkt

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  • Walter, Andreas
  • Eisele, Florian

Abstract

Der Beitrag ist wie folgt aufgebaut. In Abschnitt 2 wird zunächst der Begriff des Going Private definiert und anhand kurzer Ausführungen zu den handelnden Akteuren Einblicke in die Funktionsweise des deutschen Going Private-Marktes vermittelt. In Abschnitt 3 wird die zu überprüfende Hypothese abgeleitet, dass eine Going Private-Ankündigung mit einer positiven Kurswertreaktion verbunden ist. Abschnitt 4 legt den Prozess der Stichprobenauswahl offen und liefert einige deskriptive Informationen zur Marktkapitalisierung deutscher Going Private- Unternehmen. Anschließend wird in Abschnitt 5 die verwendete Untersuchungsmethode der Ereignisstudie beschrieben. Im nachfolgenden Abschnitt 6 werden die Untersuchungsergebnisse präsentiert. Dabei wird nicht nur die Hypothese überprüft, dass Going Private- Ankündigungen eine positive Kurswertreaktion hervorrufen. Vielmehr werden auch Aussagen über die Geschwindigkeit der Kursanpassung getroffen. In Abschnitt 7 wird ferner untersucht, inwiefern sich die kumulierten abnormalen Renditen bezüglich spezifischer Charakteristika der Going Private-Transaktionen unterscheiden. Der abschließende Abschnitt 8 fasst die Ergebnisse der Untersuchung zusammen.

Suggested Citation

  • Walter, Andreas & Eisele, Florian, 2003. "Kurswertreaktionen auf die Ankündigung von Going Private : Transaktionen am deutschen Kapitalmarkt," Tübinger Diskussionsbeiträge 274, University of Tübingen, School of Business and Economics.
  • Handle: RePEc:zbw:tuedps:274
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