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Nennwertrückzahlungen am Schweizer Aktienmarkt und ihre Auswirkungen auf den Unternehmenswert

Author

Listed:
  • Manuel Ammann
  • Ralf Seiz
  • Martin Zulauf

Abstract

Die Arbeit untersucht den Ankündigungseffekt und die Outperformance von Schweizer Unternehmen, die zwischen 1992 und 2003 eine Nennwertrückzahlung ausgeschüttet haben und stellt die erste empirische Untersuchung von Nennwertrückzahlungen dar. Es konnte gezeigt werden, dass die Aktienkursreaktion in der Zeitperiode [-1,0] auf die Ankündigung von Nennwertrückzahlungen +1.0% beträgt. Eine weitere Analyse weist darauf hin, dass Nennwertrückzahlungen anstelle Dividendenzahlungen höhere Preisreaktionen bei Ankündigung verursachen. Zudem wurde festgestellt, dass eine Ausschüttungserhöhung mittels einer Nennwertrückzahlung zu einer stärkeren Kursreaktion führt als eine Dividendenerhöhung. Dies unterstützt die Hypothese, dass bei einer Nennwertrückzahlung im Vergleich zu einer Dividendenzahlung die steuerliche Behandlung und die stärkere Signalwirkung ausschlaggebender sind.

Suggested Citation

  • Manuel Ammann & Ralf Seiz & Martin Zulauf, 2006. "Nennwertrückzahlungen am Schweizer Aktienmarkt und ihre Auswirkungen auf den Unternehmenswert," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 142(IV), pages 447-477, December.
    • Handle: RePEc:ses:arsjes:2006-iv-1
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    References listed on IDEAS

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    Cited by:

    1. Isakov, Dušan & Weisskopf, Jean-Philippe, 2015. "Pay-out policies in founding family firms," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 330-344.
    2. Isakov, Dusan & Weisskopf, Jean-Philippe, 2013. "Do not wake sleeping dogs: Pay-out policies in founding family firms," FSES Working Papers 443, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.

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    More about this item

    Keywords

    Nennwertrückzahlungen; Ankündigungseffekt;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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