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Hedgefonds-Aktivismus. Ziele und Strategien einer neuen Hedgefonds-Stilrichtung

Hedgefonds-Aktivismus. Ziele und Strategien einer neuen Hedgefonds-Stilrichtung

          
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About the Book

Facharbeit (Schule) aus dem Jahr 2014 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,0, Sprache: Deutsch, Abstract: Mit dem rasanten Wachstum der Hedgefonds-Branche entwickelte sich seit der Jahrtausendwende der Hedgefonds-Aktivismus, eine Strategie, bei der Hedgefonds-Manager Veränderungen in ihren Portfolio-Unternehmen bzgl. ihrer Struktur herbeiführen, um den Wert der Zielgesellschaft zu steigern und somit von höheren Renditen zu profitieren. Bereits Mitte der 80er Jahren kauften sich Investoren unter Ausschluss der Öffentlichkeit in ein unterbewertetes Unternehmen ein. Sie erhöhten kontinuierlich ihren Aktienanteil, so dass sie am Ende so viel Macht hatten, um Entscheidungen des Vorstandes bzgl. der Unternehmenspolitik zu ihren Zwecken beeinflussen zu können. Diese sogenannten "Corporate Raiders" haben durch unbeliebte Maßnahmen, wie z.B. die Filetierung eines Konzerns, das Ziel verfolgt, den Wert des Unternehmens zu erhöhen und darauffolgend ihre Anteilspakete zumeist zu einem wesentlich höheren Preis zu verkaufen. Während zu dieser Zeit Hedgefonds ausschließlich mit Wertpapieren handelten, werden seit der Jahrtausendwende auch Anteile am Unternehmen gehandelt. Diese neue Ausprägung der Hedgefonds ist eine Verbesserung der "Corporate Raiders" und wird als Hedgefonds-Aktivismus bezeichnet. Dieser entwickelte sich in den USA und gewann kontinuierlich an Bedeutung. Das Phänomen des Hedgefonds-Aktivismus wird anhand der Ziele und Strategien der aktivistischen Investoren sowie der Eigenschaften deren Zielgesellschaften erläutert. Darauffolgend wird die Entwicklung des Hedgefonds-Aktivismus sowie seine Auswirkungen auf die Zielunternehmen analysiert und es wird untersucht, ob sich der Aktivismus als Lösung für das Prinzipal-Agent-Problem eignet.


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Product Details
  • ISBN-13: 9783668032163
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 2 mm
  • Width: 148 mm
  • ISBN-10: 3668032165
  • Publisher Date: 20 Aug 2015
  • Height: 210 mm
  • No of Pages: 36
  • Series Title: German
  • Weight: 59 gr


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