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Erklären unternehmensspezifische Faktoren den Kursunterschied von Stamm- und Vorzugsaktien?

Author

Listed:
  • Kruse Hermann

    (Cand. sc. pol., Universität Kiel)

  • Berg Erik

    (Dipl.-Kfm., Universität Kiel)

  • Webe Martin

    (Dr. rer. pol., Universitätsprofessor in Kiel)

Abstract

Auf dem deutschen Aktienmarkt notieren die Stammaktien im Regelfall deutlich über den Vorzugsaktien. Als Grund wird häufig das fehlende Stimmrecht der Vorzugsaktien angeführt, aber auch die relative Unbekanntheit und das damit verbundene geringere Umsatzvolumen der Vorzugsaktien könnte die Differenz erklären. Im Rahmen einer Untersuchung von 28 Aktiengesellschaften wird versucht, die Höhe des Kursunterschiedes mit Hilfe unternehemensspezifischer Faktoren zu erklären. Als wichtigstes Ergebnis ergibt sich, daß die relative Marktaktivität von Stamm- und Vorzugsaktien signifikanten Einfluß auf die Höhe der Kursdifferenz hat.

Suggested Citation

  • Kruse Hermann & Berg Erik & Webe Martin, 1993. "Erklären unternehmensspezifische Faktoren den Kursunterschied von Stamm- und Vorzugsaktien?," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 5(1), pages 23-31, March.
    • Handle: RePEc:bpj:zfbrbw:v:5:y:1993:i:1:p:23-31:n:4
    DOI: 10.15375/zbb-1993-0104
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    Cited by:

    1. Dittmann, Ingolf, 2004. "Block Trading, Ownership Structure, and the Value of Corporate Votes," Papers 2004,13, Humboldt University of Berlin, Center for Applied Statistics and Economics (CASE).
    2. Karin Niehoff, 2016. "Price Discovery in Voting and Non-Voting Stocks," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 17(3), pages 285-307, December.
    3. Jörg Breitung & Christian Wulff, 2001. "Non‐linear Error Correction and the Efficient Market Hypothesis: The Case of German Dual‐Class Shares," German Economic Review, Verein für Socialpolitik, vol. 2(4), pages 419-434, November.
    4. Daske, Stefan & Ehrhardt, Olaf, 2002. "Kursunterschiede und Renditen deutscher Stamm- und Vorzugsaktien," SFB 373 Discussion Papers 2002,5, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.

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