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Marktreaktionen und Bilanzstruktur bei Kapitalerhöhungen am Neuen Markt
Grunert, Jens | Schiereck, Dirk
Credit and Capital Markets – Kredit und Kapital, Vol. 35 (2002), Iss. 3 : pp. 400–436
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Jens Grunert, Mannheim
Dirk Schiereck, Witten
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Abstract
Market Response and Balance-sheet Structure with Capital Increases in the Neuer Markt
Characteristic of the segment of the German stock exchange named Neuer Markt (new market) are shares expected to show especially dynamic growth perspectives. To fund their operations, fast growing enterprises require additional equity fairly often, by comparison. As a result, a large number of capital increase operations must be expected for enterprises belonging to this segment of the market, and - indeed - there is corresponding evidence to this effect.
On the one hand, this analysis shows the way share prices respond when newmarket enterprises announce capital increases as well as the performance of these shares before and after the implementation of the measure. On the other hand, the analysis addresses the balance-sheet structure in a period close to the capital increase and examines inter alia the question to what extent a targeted use is made of balance sheet-political instruments in order to communicate an image of the borrowing enterprise that is as attractive as possible for the purposes of the capital increase.