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| Author: | Sondhof, H. Hofmann, R. |
| Title: | Unternehmenswert und Regulierung: Shareholder Value-Szena- rien für die Deutsche Telekom AG |
| Journal: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1999 : VOL. 51:2, p. 148-164 |
| Index terms: | TELECOMMUNICATIONS INDUSTRY GERMANY PRIVATIZATION SHAREHOLDER VALUE |
| Language: | ger |
| Abstract: | In determining the price of the initial private offering of Deutsche Telekom, the former telecommunications monopolist, much weight was given to the growth potential of the tele- communications industry in general and to the overall busi- ness outlook of Deutsche Telekom. Surprisingly little atten- tion, however, was received by an additional important value driver: the actual regulation of the German telecommunica- tions market. It is argued here that the interpretation of the new Telecommunications Law can take different forms, leading to different competitive developments. The article describes and quantifies the regulatory risks for the value of Deutsche Telekom under different regulatory scenarios. It is shown that the shareholder value of Deutsche Telekom varies by a factor of three depending on the future course of regulation and the room which is given to competition. |
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