Equity carve-outs in Germany: the ECO Puzzle
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | German |
| Published: |
Köln
Eul
2012
|
| Edition: | 1. Aufl. |
| Series: | Reihe: Finanzierung, Kapitalmarkt und Banken
81 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXII, 249 S. graph. Darst. |
| ISBN: | 9783844101362 |
Staff View
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Record in the Search Index
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| adam_text | IMAGE 1
XIII
TABLE OF CONTENTS
*V
LIST O F FIGURES XVII
LIST OF TABLES XIX
LIST O F ABBREVIATIONS XXI
1. INTRODUCTION - . 1
1.1. INTRODUCTION 1
1.2. MOTIVATION AND AIM O F DISCUSSION 6
1.3. STRUCTURE O F THE STUDY 8
2. EQUITY CARVE-OUTS - AN OVERVIEW 11
2.1. DEFINITION AND CHARACTERISTICS O F EQUITY CARVE-OUTS 11
2.2. COMPARISON O F EQUITY CARVE-OUTS AND OTHER DISPOSAL INSTRUMENTS 12
2.2.1. EQUITY CAPITAL MARKETS 12
2.2.1.1. EQUITY CARVE-OUTS 12
2.2.1.2. TRACKING STOCK 14
2.2.2. MERGERS & ACQUISITIONS 14
2.2.2.1. SALE O F SHARES 14
2.2.2.2. SALE O F ASSETS 16
2.2.2.3. STATUTORY MERGER 16
2.3. MOTIVES FOR EQUITY CARVE-OUTS 17
2.3.1. NEGATIVE SYNERGIES AND FOCUS 20
2.3.2. MANAGERIAL DISCRETION AND MANAGEMENT INCENTIVE CONTRACTS 24
2.3.3. SIGNALLING 26
2.3.4. FINANCING FOR DISTRESSED PARENTS 28
2.3.5. INTERNAL CAPITAL MARKET 29
2.4. EMPIRICAL EVIDENCE FOR EQUITY CARVE-OUTS IN GERMANY 34
2.5. SAMPLE SELECTION AND DATA 40
2.5.1. SAMPLE SELECTION 40
2.5.2. SAMPLE O F EQUITY CARVE-OUTS IN GERMANY 42
2.5.3. DESCRIPTIVE STATISTICS 43
HTTP://D-NB.INFO/1028545487
IMAGE 2
XIV
2.5.4. SUMMARY 54
3. THE ECO PUZZLE - INITIAL RETURNS AND LONG-TERM PERFORMANCE OF
SUBSIDIARIES O F EQUITY CARVE-OUTS IN GERMANY 57
3.1. INTRODUCTION 57
3.2. INITIAL RETURNS O F EQUITY CARVE-OUTS IN GERMANY 60
3.2.1. INTRODUCTION 60
3.2.2. THEORIES ON THE UNDERPRICING O F IPOS AND ECOS 61
3.2.2.1. UNDERPRICING THEORIES BASED ON ASYMMETRIC INFORMATION 62
3.2.2.1.1. INVESTORS ARE MORE INFORMED THAN THE ISSUER 63
3.2.2.1.2. I F THE UNDERWRITER IS BETTER INFORMED THAN THE ISSUER 67
3.2.2.1.3. I F THE ISSUER IS BETTER INFORMED THAN INVESTORS 70
3.2.2.2. UNDERPRICING THEORIES BASED ON SYMMETRIC INFORMATION 74
3.2.2.3. UNDERPRICING THEORIES IN THE CONTEXT O F IRRATIONAL MARKETS 80
3.2.3. ANALYSIS O F INITIAL RETURNS O F EQUITY CARVE-OUTS IN GERMANY 84
3.2.3.1. DATA AND METHODOLOGY 84
3.2.3.2. DESCRIPTIVE STATISTICS 85
3.2.3.3. HYPOTHESIS 87
3.2.3.4. EMPIRICAL ANALYSIS AND RESULTS 88
3.2.4. SUMMARY 93
3.3. LONG-TERM PERFORMANCE O F EQUITY CARVE-OUTS IN GERMANY 94
3.3.1. INTRODUCTION 94
3.3.2. THEORIES ON THE LONG-TERM PERFORMANCE O F IPOS AND ECOS 96
3.3.2.1.1. THE LONG-TERM PERFORMANCE O F IPOS AND ECOS 96
3.3.2.1.2. METHODOLOGY TO DETERMINE THE LONG-TERM PERFORMANCE OF
SECURITIES 99
3.3.3. ANALYSIS O F THE LONG-TERM PERFORMANCE O F EQUITY CARVE-OUTS
IN GERMANY 130
3.3.3.1.1. DATA AND METHODOLOGY 130
3.3.3.1.2. DESCRIPTIVE STATISTICS 133
3.3.3.1.3. HYPOTHESIS 135
3.3.3.1.4. EMPIRICAL ANALYSIS AND RESULTS 138
IMAGE 3
XV
3.3.4. SUMMARY 139
3.4. CONCLUSION 142
4. ECO SHORT-TERM AND LONG-TERM PERFORMANCE AND MARKET EFFICIENCY 145
5. THE ECO PUZZLE - SHORT-SALE CONSTRAINTS AND THE DIVERGENCE O F
OPINION 151
5.1. INTRODUCTION 151
5.2. MERTON (1987) MEETS MILLER (1977) 151
5.2.1. SHORT-SALE CONSTRAINTS 153
5.2.1.1. SHORT-SALE CONSTRAINTS 153
5.2.1.1.1. SHORT INTEREST AND OPTIONS 154
5.2.1.1.2. SHORTING COST 157
5.2.1.1.3. INSTITUTIONAL OWNERSHIP AND BREADTH O F OWNERSHIP 159
5.2.1.1.4. SHORT-SALE CONSTRAINTS IN THE CONTEXT O F IPOS AND ECOS 160
5.2.1.2. SUMMARY 164
5.2.2. INVESTOR S DIVERGENCE O F OPINION ON THE VALUE O F FIRMS 165
5.2.2.1. PROXIES FOR THE DIVERGENCE O F OPINION 166
5.2.2.1.1. EARNINGS FORECAST DISPERSION 166
5.2.2.1.2. VOLATILITY AND VOLUME IN THE FIRST TRADING MONTH 172
5.2.2.1.3. BID-ASK SPREAD 175
5.2.2.1.4. TIMING O F THE FIRST TRADE ON ADMISSION DAY 177
5.2.2.2. EMPIRICAL ANALYSIS O F UNCERTAINTY AND DIVERGENCE O F OPINION
179
5.2.2.2.1. TRADING VOLUME IN THE FIRST TRADING MONTH 179
5.2.2.2.2. INCREASE O F RESEARCH ANALYST COVERAGE 183
5.2.2.2.3. TIMING O F FIRST TRADE ON ADMISSION DAY 185
5.2.2.3. SUMMARY 186
5.3. INITIAL RETURNS AND THE LONG-TERM PERFORMANCE O F EQUITY CARVE-OUTS
IN GERMANY IN THE CONTEXT O F SHORT-SALE CONSTRAINTS AND THE
DIVERGENCE O F OPINION 188
5.3.1. FIRM CHARACTERISTICS IN THE CONTEXT O F DIVERGENCE O F OPINION
189
5.3.1.1. AGE O F THE SUBSIDIARY 190
5.3.1.2. INDUSTRY O F THE SUBSIDIARY 191
IMAGE 4
XVI
5.3.1.3. FOCUS - NUMBER O F DIVISIONS O F THE PARENT COMPANY PRIOR TO
THE ECO 193
5.3.2. INITIAL RETURNS O F EQUITY CARVE-OUTS IN GERMANY IN THE CONTEXT
OF
UNCERTAINTY AND DIVERGENCE O F OPINION 194
5.3.3. LONG-TERM PERFORMANCE O F EQUITY CARVE-OUTS IN GERMANY IN
THE CONTEXT O F UNCERTAINTY AND DIVERGENCE O F OPINION 199
5.3.4. SUMMARY 206
6. CONCLUSION 211
APPENDICES 221
APPENDIX I: LIST O F EQUITY CARVE-OUTS IN GERMANY, 1984-2010 221
APPENDIX II: EQUITY CARVE-OUTS BY INDUSTRY SECTOR, 1984-2010 223
APPENDIX III: BUY-AND-HOLD-ABNORMAL RETURNS FOR THE ECO SUB- SAMPLES 226
BIBLIOGRAPHY 229
|
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| discipline | Wirtschaftswissenschaften |
| edition | 1. Aufl. |
| format | Thesis Book |
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| isbn | 9783844101362 |
| language | German |
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| spelling | Gellrich, Stephan Verfasser (DE-588)1046543253 aut Equity carve-outs in Germany the ECO Puzzle Stephan Gellrich 1. Aufl. Köln Eul 2012 XXII, 249 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Reihe: Finanzierung, Kapitalmarkt und Banken 81 Zugl.: Freiburg im Breisgau, Univ., Diss., 2011 Equity Carve-out (DE-588)4874711-7 gnd rswk-swf Going Public (DE-588)4219438-6 gnd rswk-swf Performance Kapitalanlage (DE-588)4219415-5 gnd rswk-swf Restrukturierung (DE-588)4335640-0 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Restrukturierung (DE-588)4335640-0 s Equity Carve-out (DE-588)4874711-7 s Going Public (DE-588)4219438-6 s Performance Kapitalanlage (DE-588)4219415-5 s DE-604 Reihe: Finanzierung, Kapitalmarkt und Banken 81 (DE-604)BV013664459 81 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024996079&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Gellrich, Stephan Equity carve-outs in Germany the ECO Puzzle Reihe: Finanzierung, Kapitalmarkt und Banken Equity Carve-out (DE-588)4874711-7 gnd Going Public (DE-588)4219438-6 gnd Performance Kapitalanlage (DE-588)4219415-5 gnd Restrukturierung (DE-588)4335640-0 gnd |
| subject_GND | (DE-588)4874711-7 (DE-588)4219438-6 (DE-588)4219415-5 (DE-588)4335640-0 (DE-588)4011882-4 (DE-588)4113937-9 |
| title | Equity carve-outs in Germany the ECO Puzzle |
| title_auth | Equity carve-outs in Germany the ECO Puzzle |
| title_exact_search | Equity carve-outs in Germany the ECO Puzzle |
| title_full | Equity carve-outs in Germany the ECO Puzzle Stephan Gellrich |
| title_fullStr | Equity carve-outs in Germany the ECO Puzzle Stephan Gellrich |
| title_full_unstemmed | Equity carve-outs in Germany the ECO Puzzle Stephan Gellrich |
| title_short | Equity carve-outs in Germany |
| title_sort | equity carve outs in germany the eco puzzle |
| title_sub | the ECO Puzzle |
| topic | Equity Carve-out (DE-588)4874711-7 gnd Going Public (DE-588)4219438-6 gnd Performance Kapitalanlage (DE-588)4219415-5 gnd Restrukturierung (DE-588)4335640-0 gnd |
| topic_facet | Equity Carve-out Going Public Performance Kapitalanlage Restrukturierung Deutschland Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024996079&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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