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Overpricing: Ein österreichisches Phänomen für die Jahre 1995 - 2004?

Overpricing: Ein österreichisches Phänomen für die Jahre 1995 - 2004?

          
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About the Book

Inhaltsangabe: Zusammenfassung: Für Anleger und Emittenten ist bei der Börseneinführung von Aktien die Entwicklung der Emissionsrendite von zentraler Bedeutung. Es ist empirisch vielfach belegt, dass Aktien von Unternehmen, die erstmals den Schritt auf das Börsenparkett wagen - so genannte Going Publics - meist durch hohe positive Zeichnungsrenditen (Underpricing) gekennzeichnet sind. Diese positive Performance erfreut die Anleger, geht allerdings auf Kosten der Emittenten. Im umgekehrten Fall sind jedoch auch negative Renditeentwicklungen von Aktien-Neuemissionen möglich. Dieses Phänomen wird als Overpricing bezeichnet und tritt vor allem langfristig, mehrfach allerdings auch schon kurz nach dem Börsengang auf. Eine solche Situation ist aber für Anleger und auch für Emittenten unbefriedigend. Diese Arbeit widmet sich dem Overpricing sowohl von der theoretischen als auch von der empirischen Seite. Es wird das Overpricing näher beleuchtet, da dieses Phänomen bisher theoretisch und empirisch sowohl international als auch am österreichischen Kapitalmarkt nur eingeschränkt untersucht wurde. Dabei wird eine Zusammenfassung bisheriger empirischer Untersuchungen zur Entwicklung der Emissionsrenditen von Aktien-Neuemissionen gegeben. Darüber hinaus wird ein Beitrag zur Erklärung des Phänomens Overpricing geleistet. In einem empirischen Teil wird die Entwicklung der Emissionsrenditen von Going Publics in Österreich, Deutschland und der Schweiz im Zeitraum zwischen 1995 und 2004 untersucht. Dabei wird einerseits ermittelt, ob sich das kurzfristig vielfach festgestellte Underpricing an den drei Kapitalmärkten im Untersuchungszeitraum bestätigt oder ob vielmehr ein Overpricing feststellbar ist. Andererseits wird geklärt, ob sich Aktien-Neuemissionen längerfristig tatsächlich schlechter als ausgewählte Vergleichsportefeuilles entwickeln. Unter der Emissionsrendite (Zeichnungsrendite) einer Aktie versteht man ganz allgemein die Rendite zwischen dem Emissionspreis und dem Aktien


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Product Details
  • ISBN-13: 9783838692326
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 7 mm
  • Weight: 172 gr
  • ISBN-10: 3838692322
  • Publisher Date: 10 Jan 2006
  • Height: 210 mm
  • No of Pages: 122
  • Series Title: German
  • Sub Title: Ein österreichisches Phänomen für die Jahre 1995 - 2004?
  • Width: 148 mm


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