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Home > Business and Economics > Economics > Börseneinführungen von Aktien am deutschen Kapitalmarkt: (Empirische Finanzmarktforschung/Empirical Finance)
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Börseneinführungen von Aktien am deutschen Kapitalmarkt: (Empirische Finanzmarktforschung/Empirical Finance)

Börseneinführungen von Aktien am deutschen Kapitalmarkt: (Empirische Finanzmarktforschung/Empirical Finance)


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About the Book

Für das gute Funktionieren marktwirtschaftlicher Wirtschaftssysteme sind Börseneinführungen von Aktien von zentraler Bedeutung. Eine Börseneinführung liegt vor, wenn erstmalig Aktien eines Unternehmens an einer Wertpapierbörse notiert werden. Im Mittelpunkt der vorliegenden Arbeit stehen die in diesem Zusammenhang erzielbaren Aktienrenditen. Diese sind nicht nur für private und institutionelle Anleger, Emittenten sowie Konsortialbanken von großem prak­ tischen Interesse, sondern auch für die Institutionen, die die Rahmenbedingungen für Börsen­ einführungen festlegen, und die verantwortlichen Aufsichtsbehörden. Empirische Untersuchungen zeigen, daß der erste Börsenkurs im Durchschnitt beträchtlich höher ist als der Kurs, zu dem Anleger die Aktien zeichnen können, die sogenannte Emissions­ rendite ist also positiv. Die für den deutschen Markt bisher existierenden, sich auf das traditio­ nelle Festpreisverfahren beziehenden Schätzwerte für die durchschnittliche Kurssteigerung bzw. die Emissionsrendite liegen zwischen 10 % und 30 % (vgl. Tabelle 111.3 auf Seite 65). Für eine Reihe von Märkten - u.a. auch für Deutschland - liegen zudem empirische Untersuchungen zur Renditeentwicklung für die auf die Börseneinführung folgenden drei bis fünf Jahre vor. Diese kommen zum Ergebnis, daß die neu eingeführten Aktien deutlich niedrigere Renditen besitzen als die bereits notierten, die langfristige Performance ist also negativ (S. 175).

Table of Contents:
Institutionelle und theoretische Grundlagen von Börsenerstemissionen - Schätzwerte für die Höhe der Emissionsrendite - Die Erklärung der Emissionsrendite von IPO-Wertpapieren in Modellansätzen - Schätzwerte für die langfristige Durchschnittsrendite

About the Author :
Dr. Olaf Ehrhardt war Promotionsstipendiat der Friedrich-Naumann-Stiftung. Er ist heute als wissenschaftlicher Mitarbeiter am Institut für Bank-, Börsen- und Versicherungswesen der Humboldt-Universität zu Berlin tätig.


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Product Details
  • ISBN-13: 9783824464661
  • Publisher: Deutscher Universitatsverlag
  • Publisher Imprint: Deutscher Universitatsverlag
  • Height: 210 mm
  • No of Pages: 232
  • Series Title: Empirische Finanzmarktforschung/Empirical Finance
  • ISBN-10: 3824464667
  • Publisher Date: 17 Feb 1997
  • Binding: Paperback
  • Language: German
  • Returnable: Y
  • Width: 148 mm


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Börseneinführungen von Aktien am deutschen Kapitalmarkt: (Empirische Finanzmarktforschung/Empirical Finance)
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Börseneinführungen von Aktien am deutschen Kapitalmarkt: (Empirische Finanzmarktforschung/Empirical Finance)
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