JOURNAL ARTICLE
Cite JOURNAL ARTICLE
Style
Format
Aktienrückkauf, Kapitalverwässerung und die Bedeutung von Transferable Put Rights
Meincke, Sven | Nekat, Kai | Nippel, Peter
Credit and Capital Markets – Kredit und Kapital, Vol. 39 (2006), Iss. 4 : pp. 551–572
Additional Information
Article Details
Author Details
Sven Meincke, Kiel
Kai Nekat, Kiel
Peter Nippel, Kiel
References
-
Dann, Larry Y. (1981): Common Stock Repurchases: An Analysis of Returns to Bondholders and Stockholders, Journal of Financial Economics, Vol. 9, S. 113-138.
Google Scholar -
De Matos, Joao Amaro (2001): Theoretical Foundations of Corporate Finance, Princeton.
Google Scholar -
Gay, Gerald D./Kale, Jayrant R./Noe, Thomas H. (1991): Share Repurchase Mechanisms: A comparative Analysis of Efficacy, Shareholder Wealth, and Corporate Control Effects, Financial Management, Vol. 20, S. 44-59.
Google Scholar -
Gerke, Wolfgang/Fleischer, Jörg/Langer, Martin (2003): Kurseffekte durch Aktienrückkäufe - eine empirische Untersuchung für den deutschen Kapitalmarkt, in: Börsig, C., Coenenberg, A. G. (Hrsg.), Bewertung von Unternehmen: Strategie - Markt - Risiko, Kongress-Dokumentation 56. Deutscher Betriebswirtschafter-Tag 2002, Stuttgart, S. 275-304.
Google Scholar -
Hax, Herbert (1971): Bezugsrecht und Kursentwicklung von Aktien bei Kapitalerhöhungen, Zeitschrift für betriebswirtschaftliche Forschung, 23. Jg., S. 157-163.
Google Scholar
Abstract
Stock Repurchase, Capital Dilution and the Importance of Transferable Put Rights
We examine Transferable Put Rights (TPRs) which can be issued as part of a fixed price tender offer to repurchase shares. In general, TPRs are the mirror image of the rights issue in a seasoned equity offering. We start our analysis by showing how to value TPRs and what impact they have on shareholders' wealth in a very general framework, highlighting the analogy to a rights issue. Moreover we show that under the German tax code repurchasing shares by an issue of TPRs always leads to a Pareto improvement. At least some shareholders gain, compared to repurchasing shares by a fixed price tender offer without TPRs. Therefore, companies planning a share repurchase by means of a fixed price tender offer should seriously consider the usage of TPRs for the repurchase.