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Transparenz und Transaktionskosten des Corporate Bond Marktes

Transparenz und Transaktionskosten des Corporate Bond Marktes

          
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About the Book

Diplomarbeit aus dem Jahr 2009 im Fachbereich BWL - Investition und Finanzierung, Note: 1,3, Universität zu Köln, Sprache: Deutsch, Abstract: Seit Mitte der neunziger Jahre hat sich der Markt für Unternehmensanleihen zu einer zunehmend bedeutenden Finanzierungsquelle des privatwirtschaftlichen Sektors entwickelt. Jedoch sind die Märkte einzelner Nationen und Regionen dabei durchaus abweichenden Entwicklungspfaden gefolgt und haben bisher unterschiedliche Reifegrade erreicht. So ist der Corporate Bond Markt der USA, der als einer der fortschrittlichsten und aktivsten gilt, durchaus in Kontrast zu denen in Entwicklungsländern zu sehen, wobei auch bei letzteren eine rasante Entwicklung zu beobachten ist. Auch der Corporate Bond Markt in Europa und speziell in Deutschland spielte lange Zeit im Vergleich zu den USA eine eher untergeordnete Rolle. Im Zuge der europäischen Währungsunion haben sich die einzelnen nationalen Märkte in Europa jedoch massiv gewandelt. Sie wuchsen durch die Einführung des Euro im Jahr 1999 zusammen und gewannen an Liquidität. Emittenten und Investoren gleichermaßen begannen den europäischen Corporate Bond Markt als Einheit wahrzunehmen, wodurch dieser in den letzten Jahren einen bis dato unerreichten Aufschwung erfahren hat. Dieser starke Anstieg ist neben der Einführung einer einheitlichen Währung auch auf die Auswirkungen von Basel II und den Technologieboom Ende der neunziger Jahre zurückzuführen, was zum einen die Kreditvergabe an Unternehmen erschwerte und zum anderen den Finanzierungsbedarf von Unternehmen erhöhte. Zusätzlich kam es seit 1993 mit Beginn der fünften Merger-Welle zu einem Anstieg von Unternehmensübernahmen, was die Nachfrage nach dieser Finanzierungsform weiter förderte. In Kontrast zum Aktienmarkt werden Unternehmensanleihen deutlich seltener und dabei von weitaus weniger Marktteilnehmern gehandelt. Aus diesem Grund und zusätzlich durch die vom Aktienmarkt abweichenden Marktstrukturen für Unternehmensanleihen sind diese we


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Product Details
  • ISBN-13: 9783640538522
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 5 mm
  • Width: 148 mm
  • ISBN-10: 3640538528
  • Publisher Date: 20 Feb 2010
  • Height: 210 mm
  • No of Pages: 80
  • Series Title: German
  • Weight: 113 gr


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