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Werteffekte strategischer Desinvestitionen — Eine empirische Untersuchung am deutschen Kapitalmarkt

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  • Daniel Bartsch

    (Heinrich-Heine-Universität Düsseldorf)

  • Christoph J. Börner

    (Heinrich-Heine-Universität Düsseldorf)

Abstract

Zusammenfassung Obwohl Entscheidungen über den Verkauf von Unternehmensteilen sehr häufig auf der strategischen Ebene begründet werden, finden sich Untersuchungen zu den Kapitalmarkteffekten strategischer Desinvestitionen nur in Ansätzen. Im vorliegenden Beitrag werden die Aktienkurseffekte strategischer Desinvestitionen im Zuge einer Ereignisstudie über 140 Desinvestitionen deutscher Unternehmen im Zeitraum von 1997 bis 2003 untersucht. Es zeigt sich, dass der Kapitalmarkt strategische Desinvestitionen erkennt und positiv bewertet.

Suggested Citation

  • Daniel Bartsch & Christoph J. Börner, 2007. "Werteffekte strategischer Desinvestitionen — Eine empirische Untersuchung am deutschen Kapitalmarkt," Schmalenbach Journal of Business Research, Springer, vol. 59(1), pages 2-34, February.
    • Handle: RePEc:spr:sjobre:v:59:y:2007:i:1:d:10.1007_bf03372779
    DOI: 10.1007/BF03372779
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    References listed on IDEAS

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    Cited by:

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    More about this item

    Keywords

    G14; G32; G34;
    All these keywords.

    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
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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