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Verwässerungsschutz bei Finanzierungsinstrumenten mit Optionselementen am Beispiel von Wandelanleihen

Author

Listed:
  • Timo Greggers

    (Christian-Albrechts-Universität zu Kiel, beide Institut für Betriebswirtschaftslehre)

  • Peter Nippel

    (Christian-Albrechts-Universität zu Kiel, beide Institut für Betriebswirtschaftslehre)

Abstract

Zusammenfassung Bei einer Kapitalerhöhung eines Unternehmens kommt es zu einer Verwässerung des Aktienkurses, wenn der Bezugspreis der neuen Aktien unter dem Börsenkurs liegt. Infolge einer solchen Aktienkursverwässerung sinkt der Wert von hybriden Finanzierungsinstrumenten mit Optionselementen, wie zum Beispiel Wandelanleihen. Daher gilt es, die Inhaber derartiger Finanzierungstitel durch geeignete Maßnahmen zu schützen. Wir bestimmen hier zunächst analytisch, wie ein sinnvoller Verwässerungsschutz für Wandelanleihen gestaltet werden muss, und vergleichen dies dann mit den Regelungen in den Bedingungen aktuell umlaufender Wandelanleihe-Emissionen. Wir zeigen, dass bis auf eine Variante alle vorgesehenen Regelungen zum Schutz der Wandelobligationäre nicht den Zweck erfüllen, die Wandelobligationäre gegenüber einer Aktienkursverwässerung zu immunisieren.

Suggested Citation

  • Timo Greggers & Peter Nippel, 2012. "Verwässerungsschutz bei Finanzierungsinstrumenten mit Optionselementen am Beispiel von Wandelanleihen," Schmalenbach Journal of Business Research, Springer, vol. 64(5), pages 494-521, August.
    • Handle: RePEc:spr:sjobre:v:64:y:2012:i:5:d:10.1007_bf03373699
    DOI: 10.1007/BF03373699
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    References listed on IDEAS

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    1. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-654, May-June.
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    More about this item

    Keywords

    G12; G13; G32;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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