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Das Underpricing-Phänomen am deutschen Kapitalmarkt und seine Ursachen

Author

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  • Kaserer Christoph

    (Dr. rer. pol., Hochschulassistent am Lehrstuhl für Allgemeine Betriebswirtschaftslehre, Bank- und Kreditwirtschafi der Universität Würzburg)

  • Kempf Volker

    (Student der Betriebswirtschafislehre an der Universität Würzburg. Wir danken Herrn Prof. Dr. Hartmut Schmidt, Hamburg, für wertvolle Anregunge)

Abstract
Es ist aus einer Vielzahl empirischer Untersuchungen bekannt, daß die Emissionspreise bei erstmaligen Aktienplazierungen an der Börse systematisch unter ihren späteren Sekundärmarktpreisen liegen. Diese als Underpricing bezeichnete Differenz lag für die in dieser Arbeit untersuchten 171 Erstemissionen je nach Haltedauer zwischen 12 % und 14%. Die Ursachen dieses Phänomens werden im vorliegenden Beitrag untersucht. Gleichgewichtsgeleitete Ansätze versuchen das Underpricing-Phänomen als notwendige Folge der Informationsasymmetrien zwischen Emittenten, Banken und Anlegern zu erklären. Demgegenüber sehen Ad-hoc-Erhlärungshypothesen die Ursachen eher in Marktunvollkommenheiten. Sie weisen auf spekulative Preisbildung, mangelnden Wettbewerb zwischen den Emissionshäusern und neuerdings auch auf mögliche Kurspflegeaktivitäten seitens der Emissionsbanken hin. Beide Ansätze werden im theoretischen Teil diskutiert und - soweit möglich - im empirischen Teil untersucht. Dabei erhärtet sich der Verdacht, daß ein großer Teil des empirisch zu beobachtenden Underpricing eine Folge von mangelndem Wettbewerb und von Kurspflegeaktivitäten sein könnte.

Suggested Citation

  • Kaserer Christoph & Kempf Volker, 1995. "Das Underpricing-Phänomen am deutschen Kapitalmarkt und seine Ursachen," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 7(1), pages 45-68, March.
  • Handle: RePEc:bpj:zfbrbw:v:7:y:1995:i:1:p:45-68:n:5
    DOI: 10.15375/zbb-1995-0105
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    Citations

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    Cited by:

    1. Steib, Stefan & Mohan, Nancy, 1997. "The German reunification, changing capital market conditions, and the performance of German initial public offerings," The Quarterly Review of Economics and Finance, Elsevier, vol. 37(1), pages 115-137.
    2. Christoph Kaserer & Marcus Kraft, 2003. "How Issue Size, Risk, and Complexity are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(3‐4), pages 479-512, April.
    3. Franzke, Stefanie A. & Grohs, Stefanie & Laux, Christian, 2003. "Initial public offerings and venture capital in Germany," CFS Working Paper Series 2003/26, Center for Financial Studies (CFS).
    4. Tobias Schmidt & Michael J. Dowling & Christian Lechner, 2006. "The Impact of Initial Public Offerings on the External Growth Strategies of Entrepreneurial Firms," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 11(2), pages 95-110, Summer.
    5. Oehler, Andreas & Rummer, Marco & Smith, Peter N., 2004. "The Existence and Effectiveness of Price Support Activities in Germany: A Note," Discussion Papers 30, University of Bamberg, Chair of Finance.

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