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Analyse beobachtbarer Renditen von aktivistischen Investoren: Market Outperformer oder viel heiße Luft um nichts?

Analyse beobachtbarer Renditen von aktivistischen Investoren: Market Outperformer oder viel heiße Luft um nichts?

          
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About the Book

Studienarbeit aus dem Jahr 2018 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Hochschule Pforzheim, Veranstaltung: Managementseminar, Sprache: Deutsch, Abstract: Das Ziel der Analyse ist eine kritische Hinterfragung, ob Aktivisten mit ihrer Vorgehensweise eine tatsächliche Erhöhung der Rendite erreichen. Renditen berech-nen sich aus dem Unterschiedsbetrag zwischen dem Anfangswert der Aktie und dem Endwert zum Zeitpunkt der Veräußerung zuzüglich Dividendenzahlungen. Um signifikante Steigerungen zu ermöglichen, greifen Aktivisten in die Höhe der Dividendenausschüttung ein. Dies kann ermöglicht werden, indem überschüssige Liquidität in den Zielunternehmen umgewandelt und in Form von Dividenden ausgeschüttet wird. Eine Beeinflussung des Aktienkurses erfolgt durch zwei wesentliche Eingriffsarten: Zum einen nutzen die Aktivisten Medien um den Erwerb von Anteilen an einem Unternehmen zu kommunizieren und bekanntzumachen. Diese Bekanntmachung hat zur Folge, dass private Anleger ebenfalls Anteile erwerben, was zu einer ersten hohen Steigerung der Aktie führt. Durch Anwendung der entsprechenden Strategie erfolgt der Angriff auf das Unternehmen. Änderungen in der vorherrschenden Führung werden dem Management vorgestellt und aufgrund der Argumentationskraft der Aktivisten umgesetzt. Änderungen im operativen Geschäft und Umstrukturierungen des Anlagevermögens und der Finanzen führen dadurch zu einer Steigerung des Shareholder Values. Das Ergebnis der Untersuchung zeigt, dass eine deutliche Steigerung der Renditen im Vergleich zum Benchmark erkennbar ist. Damit stellen sie tatsächlich Market Outperformer dar.


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Product Details
  • ISBN-13: 9783668790261
  • Publisher: Grin Verlag
  • Publisher Imprint: Grin Verlag
  • Height: 210 mm
  • No of Pages: 32
  • Spine Width: 2 mm
  • Weight: 54 gr
  • ISBN-10: 3668790264
  • Publisher Date: 13 Sep 2018
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Sub Title: Market Outperformer oder viel heiße Luft um nichts?
  • Width: 148 mm


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