Der optimale Bezugspreis bei Kapitalerhöhungen mit Bezugsrechten
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Der optimale Bezugspreis bei Kapitalerhöhungen mit Bezugsrechten
Credit and Capital Markets – Kredit und Kapital, Vol. 42 (2009), Iss. 3 : pp. 353–376
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Dr. Sven Meincke, Commerzbank AG, ZCM Equity Derivatives Trading, D-60261 Frankfurt/M.
Prof. Dr. Peter Nippel, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre, Lehrstuhl für Finanzwirtschaft, D-24098 Kiel.
Cited By
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Verwässerungsschutz bei Finanzierungsinstrumenten mit Optionselementen am Beispiel von Wandelanleihen
Greggers, Timo
Nippel, Peter
Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung, Vol. 64 (2012), Iss. 5 P.494
https://doi.org/10.1007/BF03373699 [Citations: 0]
Abstract
Optimal Subscription Price in Rights Offerings
When planning to raise new equity capital listed firms in Germany almost always buy insurance against the risk of failure by signing an underwriting agreement with a bank, even in case of rights offerings. We calculate the fair price for this insurance and for the rights which can be considered as call options. We show that for arbitrage free valuation of the underwriting contract and the rights the subscription price is irrelevant for shareholders wealth. This holds notwithstanding the fact that the fair value of the underwriting contract rises with an increasing rate if a higher subscription price is chosen. Not until the analysis is extended by considering some market imperfections and taxes we make a case for a „high" subscription price.