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Investitionsvolumen und Risikoallokation

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Neus, W., Nippel, P. Investitionsvolumen und Risikoallokation. Credit and Capital Markets – Kredit und Kapital, 24(1), 85-106. https://doi.org/10.3790/ccm.24.1.85
Neus, Werner and Nippel, Peter "Investitionsvolumen und Risikoallokation" Credit and Capital Markets – Kredit und Kapital 24.1, 1991, 85-106. https://doi.org/10.3790/ccm.24.1.85
Neus, Werner/Nippel, Peter (1991): Investitionsvolumen und Risikoallokation, in: Credit and Capital Markets – Kredit und Kapital, vol. 24, iss. 1, 85-106, [online] https://doi.org/10.3790/ccm.24.1.85

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Investitionsvolumen und Risikoallokation

Neus, Werner | Nippel, Peter

Credit and Capital Markets – Kredit und Kapital, Vol. 24 (1991), Iss. 1 : pp. 85–106

2 Citations (CrossRef)

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Werner Neus, Köln

Peter Nippel, Köln

Cited By

  1. Investitionsvolumen und Risikoallokation: Einige Anmerkungen

    Neus, Werner | Nippel, Peter

    Credit and Capital Markets – Kredit und Kapital, Vol. 25 (1992), Iss. 3 P.406

    https://doi.org/10.3790/ccm.25.3.406 [Citations: 0]
  2. Besonderheiten der Finanzierung kleiner und mittlerer Unternehmen

    Kaufmann, Friedrich

    Credit and Capital Markets – Kredit und Kapital, Vol. 30 (1997), Iss. 1 P.140

    https://doi.org/10.3790/ccm.30.1.140 [Citations: 0]

References

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  11. Albach, Horst (1988): Ertragslage und Kapitalstruktur kleiner und mittlerer Unternehmen des verarbeitenden Gewerbes in der Bundesrepublik Deutschland.  Google Scholar
  12. Albach, Horst u.a. (1988): Deregulierung des Aktienrechts. Das Drei-Stufen-Modell.  Google Scholar
  13. Arnold, Wolf gang (1989): Finanzierungsziele. Anforderungen mittelständischer Unternehmungen an Beteiligungskapital.  Google Scholar
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  16. DeAngelo, Harry /DeAngelo, Linda/Rice, Edward M. (1984): Going Private: Minority Freezeouts and Stockholder Wealth, in: Journal of Law and Economics, Vol. 27, S. 367 – 401.  Google Scholar
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Abstract

Volume of Investment and Risk Allocation

It is argued in the course of the equity capital gap discussion that equity capital, where insufficient in amount, impedes investment in risky ventures. This contribution, however, emphasizes not so much the adequacy of amount, but the risk allocation associated with equity capital investment. Where the amount of equity is very large, but the allocation of risks is poor, the risk premium may become so great that the net value of the investment turns negative. In such cases, an investment does not fail over inadequate equity capitalization, but over an inappropriate exploitation of the capital market's willingness to accept risks. It is demonstrated on the basis of a simple model that, in the light of this consideration, the spreading of risks in the form of equity financing has a positive effect on investment acitivity. From that angle, the promotion of equity financing is helpful in the stimulation of risky investments. Where drawbacks of external equity financing are taken into consideration, which result especially from an asymmetrical spread of information, the positive evaluation is overcast by an element of relativity. The model variants as presented here suggest an impairment of just the advantages of equity financing; however, the inclusion of further drawbacks may also mean that equity financing is rejected altogether.