Analyse der Übernahmen von Dual-Class-Unternehmen

Analyse der Übernahmen von Dual-Class-Unternehmen

Umang Chaddha

55,04 €
IVA incluido
Disponible
Editorial:
KS OmniScriptum Publishing
Año de edición:
2025
Materia
Banca
ISBN:
9786208770433
55,04 €
IVA incluido
Disponible

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Wir untersuchen die Auswirkungen der Dual-Class-Struktur auf die Übernahmeaktivitäten von Unternehmen. Wir analysieren auch die Auswirkungen der Diskrepanz zwischen den Cashflow-Rechten und den Kontrollrechten. Bei der Analyse einer Stichprobe von 2233 Unternehmensübernahmen zwischen 1995 und 2012 stellen wir fest, dass sich die Dual-Class-Struktur kurzfristig negativ auf die abnormalen Renditen der Unternehmen auswirkt, während eine größere Abweichung zwischen Kontrollrechten und Cashflow-Rechten innerhalb der Dual-Class-Teilstichprobe einen inkrementellen Effekt auf die abnormalen Renditen hat. Es gibt jedoch keine Belege für die Hypothese, dass Manager langfristig die Struktur mit zwei Klassen nutzen, um unrentable Übernahmen zu sanktionieren, da unsere langfristigen Querschnittstests keine signifikanten Ergebnisse liefern. Unsere Ergebnisse werden auf Selbstselektionsprobleme getestet und die für die Mills-Quoten erstellten Koeffizienten waren nicht signifikant.

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