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Aktionärsaktivismus durch Hedge Funds: Performance Von Hedge Funds Attackierter Unternehmen

Aktionärsaktivismus durch Hedge Funds: Performance Von Hedge Funds Attackierter Unternehmen

          
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About the Book

Hedge Funds haben in den letzten Jahren viel Aufmerksamkeit erfahren, sei es durch die hohen erzielten Renditen, die eindrucksvollen Gehälter der Manager oder die milliardenschwere Pleite des mit zwei Nobelpreisträgern der Wirtschaftswissenschaften besetzen Hedge Funds LTCM im Jahre 1998. Bis dahin waren Hedge Funds als Profiteure des Aufspürens von Marktineffizienten mittels hochkomplexer Methoden bekannt, die sich im Zeitverlauf wieder korrigieren sollten. Dieser gewissermaßen passiven Strategie stehen aktivistische Investoren als rege Einfluss nehmende Aktionäre entgegen. In den Medien werden aktivistische Hedge Funds als die "New Raider" dargestellt, in Anspielung an die sog. Corporate Raider. Im Amerika der 80er Jahre hatten diese, angeführt von Carl Icahn, den zweifelhaften Ruhm durch das Attackieren von unterbewerteten Unternehmen erlangt. Aktivistische Hedge Funds der Neuzeit haben wenig mit diesen gemein. Unter der Nutzung moderner Finanzinstrumente kaufen sie über den Kapitalmarkt Minderheitsbeteiligungen an vermeintlich unterbewerteten Unternehmen. In der Folge fordern sie unter anderem weit reichende Änderungen der Unternehmensstrategie und drohen ihre Aktionärsrechte mit aller Kraft durchzusetzen. Wenngleich der Anteil der aktivistischen Hedge Funds am gesamten Hedge Fund-Universum eher gering ist, sorgen sie in ihrer Rolle nicht nur für mediales Aufsehen. In Deutschland sind aktivistische Hedge Funds erstmals durch den Fall der Deutschen Börse AG einer breiteren Öffentlichkeit bekannt geworden. Im Frühjahr 2005 verhinderte eine Gruppe von Hedge Funds die Übernahme der Londoner Börse LSE, woraufhin der Vorstand und Aufsichtsrat das Unternehmen verlassen mussten. Die vorliegende Studie beschäftigt sich mit dem Phänomen des Hedge Fund-Aktivismus und dessen Auswirkungen insbesondere auf den europäischen Kapitalmarkt. Hierzu werden die Ursachen des Aktionärsaktivismus sowie die Interaktion des Unternehmens mit den Aktionären näher betrachtet und Investoren
About the Author: Marko Graßmann, Diplom-Kaufmann, ist nach dem Abschluss des Studium der Betriebswirtschaftslehre an der Universität Bayreuth und der University of California, Santa Barbara im Asset Management in München tätig.


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Product Details
  • ISBN-13: 9783836671521
  • Publisher: Diplomica Verlag Gmbh
  • Publisher Imprint: Diplomica Verlag Gmbh
  • Height: 254 mm
  • No of Pages: 104
  • Series Title: German
  • Sub Title: Performance Von Hedge Funds Attackierter Unternehmen
  • Width: 178 mm
  • ISBN-10: 3836671522
  • Publisher Date: 14 Jan 2009
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 6 mm
  • Weight: 195 gr


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