Kursrelevante Ereignisse bei Unternehmensübernahmen: Eine empirische Analyse des deutschen Kapitalmarktes

Ekkehart Böhmer () and Yvonne Löffler
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Ekkehart Böhmer: Humboldt-Universität zu Berlin
Yvonne Löffler: Humboldt-Universität zu Berlin

Schmalenbach Journal of Business Research, 1999, vol. 51, issue 4, 299-324

Abstract: Summary We analyze German takeovers between 1985 and 1993 and estimate their effect on the bidders’ market values. In particular, we examine which events have the largest information content and therefore lead to the largest share-price reactions. We use a unique data set based on filings with the German cartell office CBundeskartellamO. Like previous German studies, we document increases in the bidders’ market values when they acquire a majority stake in another firm. We show, however, that this is primarily due to transactions during the economy’s expansion phases. We also show that the capital-market reaction strongly depends on the degree of regulation imposed by the German cartell office. The tighter the regulation, the more comprehensive are the disclosure requirements, and the earlier information about the transactions reaches the capital market.

Date: 1999
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DOI: 10.1007/BF03371568

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