Ertragswert Und Börsenwert Book by Martin Weimann
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Ertragswert Und Börsenwert

Ertragswert Und Börsenwert


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About the Book

Diese Studie zur quantitativen empirischen Justizforschung untersucht die Kursentwicklung an der Börse auf die Ankündigung eines Delisting. Dazu wertet sie 111 Delisting-Verfahren im Zeitraum vom 8. Oktober 2013 (FRoSTA-Entscheidung des Bundesgerichtshofs - II ZB 26/12) bis zum 31. Dezember 2019 aus. Bis zum 25. November 2015 gab es 57 Delisting-Verfahren, danach 54. Für weitere 9 Delisting-Verfahren gibt es kein belastbares Datenmaterial.

Wesentliche Ergebnisse:

  • § 39 Börsengesetz verlangt seit dem 25. November 2015 für ein Delisting vom Regulierten Markt ein Übernahmeangebot. Das betrifft 7 Verfahren. Für die anderen 47 Delisting aus dem Freiverkehr galt der Rechtsstand aus der FRoSTA-Entscheidung.
  • Unmittelbar nach Ankündigung des Delisting-Verfahrens koppelt sich der Kurs, teilweise ganz deutlich, von der allgemeinen Marktentwicklung ab.
  • Die gleichzeitig steigenden Umsätze lassen vermuten, dass Großaktionäre mit unternehmerischen Zielsetzungen dann Aktien nachkaufen.
  • Bei 26 Gesellschaften kam es nach dem Delisting zu einer kompensationspflichtigen Strukturmaßnahme. In ca. 75 % aller Fälle lag die Abfindung dann über den Delisting-Werten.
  • Weil der Börsenwert unter der Stollwerck-Entscheidung keine Informationen zum Ertragswert mehr einpreist, kann er auch den von der Feldmühle-Entscheidung geschützten (inneren) Wert am arbeitenden Unternehmen nicht reflektieren.
  • Die verfassungsrechtlichen Gewährleistungen zum Aktieneigentum - Vermögensschutz und Rechtsschutz - sind daher bei börsennotierten Gesellschaften um die Handelbarkeit und einen Anspruch auf kursrelevante Informationen zu erweitern.

Über die datentechnischen Einzelergebnisse hinaus versteht sich diese Studie als ein wesentlicher Beitrag zu den Fragen,

  • wie sich nach der Effizienzmarkthypothese Informationen auf die Kursentwicklung auswirken,
  • wie sich hier der "irrationale Überschwang darstellt (Nobelpreis 2013) und
  • ob der Börsenwert gleichermaßen wie der Ertragswert dazu geeignet ist, den von der Verfassung geschützten wahren Vermögenswert abzubilden.

About the Author:

Martin Weimann, Berlin


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Product Details
  • ISBN-13: 9783110627053
  • Publisher: De Gruyter
  • Publisher Imprint: de Gruyter
  • Height: 244 mm
  • No of Pages: 428
  • Spine Width: 28 mm
  • Weight: 911 gr
  • ISBN-10: 3110627051
  • Publisher Date: 01 Oct 2020
  • Binding: Hardback
  • Language: German
  • Returnable: Y
  • Sub Title: Empirische Daten Zur Preisfindung Beim Delisting
  • Width: 178 mm


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