Skip to main content
SpringerLink
Log in

Desinvestitionen von Aktienpaketen — Eine Analyse von Exchangeable Bonds

  • Umtauschanleihe
  • Published:
Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung Aims and scope Submit manuscript

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.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Subscribe and save

Springer+ Basic
$34.99 /Month
  • Get 10 units per month
  • Download Article/Chapter or eBook
  • 1 Unit = 1 Article or 1 Chapter
  • Cancel anytime
Subscribe now

Buy Now

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Literaturverzeichnis

  • Achleitner, Ann-Kristin (2001), Handbuch Investment Banking, 2. Auflage, Wiesbaden.

    Google Scholar 

  • Ammann, Manuel/ Fehr, Martin/ Seiz, Ralf (2004), New Evidence on the Announcement Effect of Convertible and Exchangeable Bonds, Working Paper, Swiss Institute of Banking and Finance, University of St. Gallen.

    Google Scholar 

  • Ammann, Manuel/ Kind, Axel/ Wilde, Christian (2003), Are Convertible Bonds Underpriced? An Analysis of the French Market, in: Journal of Banking and Finance, Vol. 27, S. 635–653.

    Article  Google Scholar 

  • Armitage, Seth (1995), Event Study Methods and Evidence on their Performance, in: Journal of Economic Surveys, Vol. 9, S. 25–52.

    Article  Google Scholar 

  • Asquith, Paul/ Mullins, David (1986), Equity Issues and Offering Dilution, in: Journal of Financial Economics, Vol. 15, S. 61–89.

    Article  Google Scholar 

  • Baker, Malcolm/ Wurgler, Jeffrey (2002), Market Timing and Capital Structure, in: Journal of Finance, Vol. 57, S. 1–32.

    Article  Google Scholar 

  • Bamber, Linda S. (1987), Unexpected Earnings, Firm Size, and Trading Volume Around Quarterly Earnings Announcements, in: The Accounting Review, Vol. 62, S. 510–531.

    Google Scholar 

  • Banerjee, Saugata/ Leleux, Benoit/ Vermaelen, Theo (1997), Large Shareholdings and Corporate Control: An Analysis of Stake Purchases by French Holding Companies, in: European Financial Management, Vol. 3, 23–43.

    Article  Google Scholar 

  • Barber, Brad (1993), Exchangeable Debt, in: Financial Management, Vol. 22, S. 48–60.

    Article  Google Scholar 

  • Barber, Brad M./ Lyon, John (1997), Detecting Long-run Abnormal Returns: The Empirical Power and Specifications of Test-Statistics, in: Journal of Financial Economics, Vol. 43, S. 341–372.

    Article  Google Scholar 

  • Barclay, Michael J./ Holderness, Clifford G. (1991), Negotiated Block Trades and Corporate Control, in: Journal of Finance, Vol. 46, S. 861–878.

    Article  Google Scholar 

  • Bayless, Mark/ Chaplinsky, Susan (1996), Is There a Window of Opportunity for Seasoned Equity Issuance, in: Journal of Finance, Vol. 51, S. 253–278.

    Article  Google Scholar 

  • Bechmann, Ken L. (2004), Short Sales, Price Pressure, and the Stock Price Response to Convertible Bond Calls, in: Journal of Financial Markets, Vol. 7, S. 427–451.

    Article  Google Scholar 

  • Bernard, Victor L. (1987), Cross-Sectional Dependence and Problems in Inference in Market-based Accouting Research, in: Journal of Accouting Research, Vol. 25, S. 2–48.

    Google Scholar 

  • Binder, John J. (1985), On the Use of the Multivariate Regression Model in Event Studies, in: Journal of Accounting Research, Vol. 23, S. 370–383.

    Article  Google Scholar 

  • Black, Fischer/ Scholes, Myron (1973), The Pricing of Options and Corporate Liabilities, in: Journal of Political Economy, Vol. 81, S. 637–654.

    Article  Google Scholar 

  • Brown, Stephen J./ Warner, Jerold B. (1980), Measuring Security Price Performance, in: Journal of Financial Economics, Vol. 8, S. 205–258.

    Article  Google Scholar 

  • Brown, Stephen J./ Warner, Jerold B. (1985), Using Daily Stock Returns–The Case of Event Studies, in: Journal of Financial Economics, Vol. 14, S. 3–31.

    Article  Google Scholar 

  • Bühler, Wolfgang/ Koziol, Christian (2002), Valuation of Convertible Bonds with Sequential Conversion, in: sbr, Vol. 54, S. 302–334.

    Google Scholar 

  • Bundesministerium der Finanzen (2000), Steuerreform 2000: Steuerfreiheit von Dividenden und Beteiligungsveräußerungen bei Kapitalgesellschaften, http://www.bundesfinanz-ministerium.de/Aktuelles/Neue/Weite-Veroeffentlichungen-.393.12228/PureHtml/.htm, Abrufdatum: 15.01.2004.

    Google Scholar 

  • Burkart, Mike/ Gromb, Denis/ Panunzi, Fausto (2000), Agency conflicts in Public and Negotiated Transfers of Corporate Control, in: Journal of Finance, Vol. 55, S. 647–677.

    Article  Google Scholar 

  • Campbell, John Y./ Lo, Andrew W./ MacKinlay, A. Craig (1997), The Econometrics of Financial Markets, Princeton.

    Google Scholar 

  • Corrado, Charles J. (1989), A Nonparametric Test for Abnormal Security-Price Performance in Event Studies, in: Journal of Financial Economics, Vol. 23, S. 385–395.

    Article  Google Scholar 

  • Danielova, Anna (2003), When Do Firms Issue Exchangeable Debt, Working Paper, Indiana University.

    Google Scholar 

  • Danielova, Anna/ Smart, Scott B./ Boquist, John (2004), Deciphering the Motives for Exchangeable Debt Offerings, Working Paper, McMaster University.

    Google Scholar 

  • Dann, Larry Y./ Mikkelson, Wayne H. (1984), Convertible Debt Issuance, Capital Structure Change and Financing-Related Information: Some new Evidence, in: Journal of Financial Economics, Vol. 13, S. 157–186.

    Article  Google Scholar 

  • Dyck, Alexander/ Zingales, Luigi (2004), Private Benefits of Control: An International Comparison, in: Journal of Finance, Vol. 59, S. 537–600.

    Article  Google Scholar 

  • Dyckman, Thomas/ Philbrick, Donna/ Stephan, Jens (1984), A Comparison of Event Study Methodologies Using Daily Stock Returns: A Simulation Approach, in: Journal of Accounting Research, Vol. 22, S. 1–30.

    Article  Google Scholar 

  • Eckbo, B. Espen (1986), Valuation Effects of Corporate Debt Offerings, in: Journal of Financial Economics, Vol. 15, S. 119–151.

    Article  Google Scholar 

  • Eckbo, Espen B./ Masulis, Ronald W. (1995), Seasoned Equity Offerings: A Survey, in: Jarrow, Robert A./ Maksimovic, Vojislav/ Ziemba, William T. (Hrsg.), Handbooks in Operations Research and Management Science, Vol. 9: Finance, Amsterdam.

  • Entrup, Ulrich (1995), Kapitalmarktreaktionen auf Optionsanleihen, Wiesbaden.

    Book  Google Scholar 

  • Fama, Eugene F. (1970), Efficient Capital Markets: A Review of Theory and Empirical Work, in: Journal of Finance, Vol. 15, S. 383–417.

    Article  Google Scholar 

  • Gebhardt, Günther (2002), Announcement Effects of Financing Decisions by German Companies: Synthesis of an Empirical Research Program, in: sbr, Special Issue 1, S. 107–134.

    Google Scholar 

  • Gebhardt, Günther/ Entrup, Ulrich (1993), Kapitalmarktreaktionen auf die Ausgabe von Optionsanleihen, in: zfbf, Sonderheft 31, S. 1–22.

    Google Scholar 

  • Gebhardt, Günther/ Heiden, Stefan/ Daske, Holger (2001), Determinants of Capital Market Reactions to Seasoned Equity Offers by German Corporations, Working Paper, Johann-Wolfgang Goethe Universität Frankfurt.

    Google Scholar 

  • Gentry, William/ Schizer, David (2002), Frictions and Tax-Motivated Hedging: An Empirical Exploration of Publicly-Traded Exchangeable Debt, in: Journal of Law & Policy, Vol. 13, S. 9–74.

    Google Scholar 

  • Ghosh, Chinmoy/ Varma, Raj/ Woolridge, J. Randall (1990), An analysis of exchangeable debt offers, in: Journal of Financial Economics, Vol. 28, S. 251–263.

    Article  Google Scholar 

  • Holderness, Clifford G./ Sheehan, Dennis P. (1985), Raiders or Saviors: The Evidence on Six Controversial Investors, in: Journal of Financial Economics, Vol. 14, S. 555–579.

    Article  Google Scholar 

  • Holderness, Clifford G./ Sheehan, Dennis P. (1988), The Role of Majority Shareholders in Publicly Held Corporations: An Exploratory Analysis, in: Journal of Financial Economics, Vol. 20, S. 317–346.

    Article  Google Scholar 

  • Jensen, Michael C./ Meckling, William (1976), Theory of the Firm: Managerial Behaviour, Agency Costs, and Capital Structure, in: Journal of Financial Economics, Vol. 3, S. 305–360.

    Article  Google Scholar 

  • Jung, Kooyul/ Kim, Yong-Cheol/ Stulz, René M. (1996), Timing, investment opportunities, managerial discretion, and the security issue decision, in: Journal of Financial Economics, Vol. 42, S. 159–186.

    Article  Google Scholar 

  • Kaiser, Kevin M./ Stouraitis, Aris (2001), Agency Costs and Strategic Considerations Behind Sell-Offs: The UK Evidence, in: European Financial Management, Vol. 7, S. 319–349.

    Article  Google Scholar 

  • Kang, Jun-Koo/ Lee, Yul W. (1996), The Pricing of Convertible Debt Offerings, in: Journal of Financial Economics, Vol. 41, S. 231–248.

    Article  Google Scholar 

  • Kleidt, Benjamin/ Schiereck, Dirk (2004), Mandatory Convertibles, in: Zeitschrift für Bank- und Kapitalmarktrecht, 4. Jg., S. 18–21.

    Google Scholar 

  • Korajczyk, Robert A./ Lucas, Deborah J./ McDonald, Robert L. (1991), The effect of information releases on the pricing and timing of equity issues, in: Review of Financial Studies, Vol. 4, S. 685–708.

    Article  Google Scholar 

  • Korajczyk, Robert A./ Lucas, Deborah J./ McDonald, Robert L. (1992), Equity Issues with Time-Varying Asymmetric Information, in: Journal of Financial and Quantitative Analysis, Vol. 27, S. 397–417.

    Article  Google Scholar 

  • Krasker, William (1986), Stock Price Movements in Response to Stock Issues under Asymmetric Information, in: Journal of Finance, Vol. 41, S. 93–105.

    Article  Google Scholar 

  • Lewis, Craig M./ Rogalski, Richard J./ Seward, James K. (2003), Industry conditions, growth opportunities and market reactions to convertible debt financing decisions, in: Journal of Banking & Finance, Vol. 27, S. 153–181.

    Article  Google Scholar 

  • Lewis, Craig M./ Rogalski, Richard J./ Seward, James K. (2001), The Long-Run Performance of Firms That Issue Convertible Debt: An Empirical Analysis of Operating Characteristics and Analyst Forecasts, in: Journal of Corporate Finance, Vol. 7, S. 447–474.

    Article  Google Scholar 

  • Loughran, Tim/ Ritter, Jay R. (1995), The Operating Performance of Firms Conducting Seasoned Equity Offerings, in: Journal of Finance, Vol. 52, S. 1823–1850.

    Article  Google Scholar 

  • Loughran, Tim/ Ritter, Jay R. (1997), The New Issues Puzzle, in: Journal of Finance, Vol. 50, S. 23–51.

    Article  Google Scholar 

  • MacKinlay, A. Craig (1997), Event Studies in Economics and Finance, in: Journal of Economic Literature, Vol. 35, S. 13–39.

    Google Scholar 

  • Mann, Steven V./ Moore, William T./ Ramanlal, Pradipkumar (1999), Timing of convertible debt issues, in: Journal of Business Research, Vol. 45, S. 101–105.

    Article  Google Scholar 

  • Marsh, Paul (1982), The Choice Between Equity and Debt: An Empirical Study, in: Journal of Finance, Vol. 37, S. 121–144.

    Article  Google Scholar 

  • Masulis, Ronald W. (1983), The Impact of Capital Structure Change on Firm Value: Some Estimates, in: Journal of Finance, Vol. 38, S. 107–126.

    Article  Google Scholar 

  • Mikkelson, Wayne H./ Partch, M. Megan (1985), Stock Price Effects and Costs of Secondary Distributions, in: Journal of Financial Economics, Vol. 14, S. 165–194.

    Article  Google Scholar 

  • Mikkelson, Wayne H./ Partch, M. Megan (1986), Valuation Effects of Security Offerings and the Issuance Process, in: Journal of Financial Economics, Vol. 15, S. 31–60.

    Article  Google Scholar 

  • Mikkelson, Wayne H./ Ruback, Richard S. (1985), An Empirical Analysis of the Interfirm Equity Investment Process, in: Journal of Financial Economics, Vol. 14, S. 523–553.

    Article  Google Scholar 

  • Mikkelson, Wayne H./ Ruback, Richard S. (1991), Targeted Repurchases and Common Stock Returns, in: Rand Journal of Economics, Vol. 22, S. 544–562.

    Article  Google Scholar 

  • Miller, Merton H./ Rock, Kevin (1985), Dividend Policy under Asymmetric Information, in: Journal of Finance, Vol. 40, S. 1031–1051.

    Article  Google Scholar 

  • Myers, Stewart C./ Majluf, Nicholas S. (1984), Corporate Financing and Investment Decisions when Firms have Information that Investors do not have, in: Journal of Financial Economics, Vol. 13, S. 187–221.

    Article  Google Scholar 

  • o.V. (2008), KfW platziert Umtauschanleihe auf Deutsche Telekom, in: Börsen-Zeitung, 14.05.2008, S. 11.

    Google Scholar 

  • Pound, John (1988), Proxy Contests and the Efficiency of Shareholder Oversight, in: Journal of Financial Economics, Vol. 20, S. 237–265.

    Article  Google Scholar 

  • Ross, Stephen A. (1977), The determination of financial structure: the incentive-signalling approach, in: Bell Journal of Economics, Vol. 8, S. 23–40.

    Article  Google Scholar 

  • Schäfer, Henry (2002), Renaissance der Wandelanleihen–Neuere Kontraktstrukturen und deren Kapitalmarktrelevanz, in: Finanz Betrieb, 4. Jg., S. 514–524.

    Google Scholar 

  • Shleifer, Andrei/ Vishny, Robert W. (1986), Large Shareholders and Corporate Control, in: Journal of Political Economy, Vol. 94, S. 461–488.

    Article  Google Scholar 

  • Shyam-Sunder, Lakshmi/ Myers, Stewart C. (1999), Testing Static Trade-Off against Pecking Order Models of Capital Structure, in: Journal of Financial Economics, Vol. 51, S. 219–244.

    Article  Google Scholar 

  • Slovin, Myron B./ Sushka, Marie E./ Ferraro, Steven R. (1995), A Comparison of the Information Conveyed by Equity Carve-Outs, Spin-Offs, and Asset Selloffs, in: Journal of Financial Economics, Vol. 37, S. 89–104.

    Article  Google Scholar 

  • Spiess, Katherine D./ Affleck-Graves, John (1995), Underperformance in Long-Run Stock Returns Following Seasoned Equity Offerings, in: Journal of Financial Economics, Vol. 38, S. 243–268.

    Article  Google Scholar 

  • Spiess, Katherine D./ Affleck-Graves, John (1999), The Long-Run Performance of Stock Returns Following Debt Offerings, in: Journal of Financial Economics, Vol. 54, S. 45–73.

    Article  Google Scholar 

  • Stein, Jeremy C. (1992), Convertible Bonds as Backdoor Equity Financing, in: Journal of Financial Economics, Vol. 32, S. 3–21.

    Article  Google Scholar 

  • Stein, Jeremy C. (1996), Rational Capital Budgeting in an Irrational World, in: Journal of Business, Vol. 69, S. 429–455.

    Article  Google Scholar 

  • Stienemann, Marc (2003), Wertsteigerung durch Desinvestitionen, Dissertation, Cuvillier Verlag Göttingen.

    Google Scholar 

  • Strong, Norman (1992), Modelling Abnormal Returns: A Review Article, in: Journal of Business Finance & Accounting, Vol. 19, S. 533–553.

    Article  Google Scholar 

  • Veld, Chris/ Veld-Markoulova, Yulia V. (2004), Do Spin-Offs Really Create Value?, in: Journal of Banking and Finance, Vol. 28, S. 1111–1135.

    Article  Google Scholar 

  • Vijh, Anand M. (2002), The Positive Announcement-Period Returns of Equity Carve-Outs: Asymmetric Information or Divesture Gains?, in: Journal of Business, Vol. 75, S. 153–190.

    Article  Google Scholar 

  • Wheatley, Clark M./ Brown, Robert M./ Johnson, George A. (1997), Accounting Disclosure and Valuation Revisions Around Voluntary Corporate Spin-Offs, Working Paper, Florida International University.

    Google Scholar 

  • Wruck, Karen Hopper (1989), Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings, in: Journal of Financial Economics, Vol. 23, S. 3–28.

    Article  Google Scholar 

Download references

Author information

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

Authors
  1. Benjamin Kleidt
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Eckhard Scharmer
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Dirk Schiereck
    View author publications

    You can also search for this author in PubMed Google Scholar

Additional information

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.

Rights and permissions

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

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

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/BF03373667

JEL-Classification

Keywords

Schlüsselwörter

Search

Navigation