Bezugsrechtsemissionen in optionspreistheoretischer Sicht
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Bezugsrechtsemissionen in optionspreistheoretischer Sicht
Credit and Capital Markets – Kredit und Kapital, Vol. 19 (1986), Iss. 1 : pp. 110–121
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Lutz Kruschwitz, Lüneburg
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Emissionspreis und Bezugsrechtswert bei Aktienemissionen
Zimmermann, Heinz
Credit and Capital Markets – Kredit und Kapital, Vol. 20 (1987), Iss. 2 P.236
https://doi.org/10.3790/ccm.20.2.236 [Citations: 0]
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Abstract
Rights Issues from the Standpoint of Option Price Theory
Rights issues serve to protect old shareholders against asset losses. The amount of such an asset loss, i.e., the value of the subscription right, comprises in the traditional view the difference between the price of the old share and the “mixed price”. However, the idea of the mixed prices is tenable only if it is assumed that the rights will be definitely exercised by those who acquire them. Hence the classical rights formula is based on the assumption that the placing of new shares involves no risks or at least is possible regardless of the issuing price. In this context, also take-over transactions between issuers and underwriting banks have no raison d’ötre. This article sets out to overcome the weaknesses of the traditional viewpoint with the help of option-price approaches. The analysis leads to the conclusion that even on perfect capital markets and under homogeneous expectations the issue prices of new shares are not irrelevant