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Der Gang an die Börse und das Underpricing-Phänomen

Author

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  • Uhlir Helmut

    (Dr.rer. comm., Universitätsprofessor der Universität Gießen)

Abstract

In den Jahren 1983-1987 erlebte der deutsche Aktienmarkt eine Going-Public-Welle. Die durchschnittliche Differenz zwischen Emissionspreis und erstem Börsenpreis betrug dabei ca. 20 °/o. Diese in der Literatur als Underpricing-Phänomen bezeichnete Beobachtung wird im vorliegenden Beitrag analysiert. In einem theorieorientierten Abschnitt wird versucht, das Underpricing über bestehende Informationsasymmetrien zu erklären. In einem zweiten empirischen Teil werden deutsche Unternehmen, diezwischen 1977 und 1987 den Gang an die Börse vollzogen haben, sowie die Struktur des Emissionsmarktes näher untersucht

Suggested Citation

  • Uhlir Helmut, 1989. "Der Gang an die Börse und das Underpricing-Phänomen," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 1(1), pages 2-16, March.
    • Handle: RePEc:bpj:zfbrbw:v:1:y:1989:i:1:p:2-16:n:3
    DOI: 10.15375/zbb-1989-0103
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    Cited by:

    1. Ljungqvist, Alexander P., 1997. "Pricing initial public offerings: Further evidence from Germany," European Economic Review, Elsevier, vol. 41(7), pages 1309-1320, July.
    2. Hujer Reinhard & Grammig Joachim & Kokot Stefan, 2000. "Time Varying Trade Intensities and the Deutsche Telekom IPO / Zeitvariable Handelsintensitaten und die Deutsche Telekom IPO," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 220(6), pages 689-714, December.

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