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Desinvestitionen von Aktienpaketen — Eine Analyse von Exchangeable Bonds

  • Umtauschanleihe
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Zusammenfassung

In den letzten Jahren waren in Europa zahlreiche Emissionen von Umtauschanleihen zu beobachten, hinter denen die vornehmliche Bemühung von Unternehmen vermutet werden kann, Beteiligungen zu veräußern. Anhand eines Datensatzes, der 57 europäische Transaktionen der Jahre 1997 bis 2003 enthält, zeigen wir, dass auch geringere Transaktionsgebühren und Ankündigungseffekte (−1,52% im Durchschnitt) im Vergleich zu direkten Sekundärplatzierungen den Einsatz von Umtauschanleihen rechtfertigen können. Die beobachteten adversen Ankündigungseffekte lassen sich durch die mögliche Konzentrationsreduktion der Aktionärsstruktur des Umtauschunternehmens erklären, die durch die Verminderung des Kontrolleinflusses des Emittenten für die übrigen Aktionäre erhöhte Monitoringkosten nach sich zieht.

Abstract

In their attempt to divest non-core stakes in other corporations, European firms have commonly relied on exchangeable bonds during the past years. Analyzing 57 European exchangeable bond issues that occur from 1997 to 2003, we show that lower transaction costs and higher announcement effects (–1,52% on average) in comparison to direct secondary distributions may explain the use of exchangeable bonds. We attribute the negative abnormal returns to a reduction in the efficiency of shareholders’ ability to monitor the management of the exchange company.

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Authors and Affiliations

  1. Department of Finance, Accounting and Real Estate, European Business School, International University Schloss Reichartshausen, 65375, Oestrich-Winkel, Deutschland

    Benjamin Kleidt

  2. Unternehmensentwicklung Ing-DiBa AG, Theodor-Heuss-Allee 106, 60486, Frankfurt, Deutschland

    Eckhard Scharmer

  3. Lehrstuhl für Unternehmensfinanzierung, Technische Universität Darmstadt, Hochschulstraße 1, 64289, Darmstadt, Deutschland

    Dirk Schiereck

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  1. Benjamin Kleidt
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  2. Eckhard Scharmer
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  3. Dirk Schiereck
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Die Autoren bedanken sich für hilfreiche Kommentare und Anmerkungen bei Yakov Amihud, Martin Ahnefeld, Martin Bohl, Julia Dreyer, Markus Mentz und zwei anonymen Gutachtern. Alle verbleibenden Fehler verantworten die Autoren.

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Kleidt, B., Scharmer, E. & Schiereck, D. Desinvestitionen von Aktienpaketen — Eine Analyse von Exchangeable Bonds. Schmalenbachs Z betriebswirtsch Forsch 61, 738–780 (2009). https://doi.org/10.1007/BF03373667

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